The yellow metal continues to rise... and dealers are active in selling bullion

19.5 dirhams, the price of a gram of gold increased in 5 weeks

The price of a gram of 24 karat gold amounted to 233.25 dirhams.

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Gold prices continued their rise for the fifth week in a row, recording increases at the end of last week, in their indices between 2 and 6.25 dirhams for various karat, compared to their prices at the end of the previous week, according to the price indices announced in Dubai and Sharjah, while the total value of the yellow metal’s rise in five weeks for about 19.5 dirhams.

Officials of outlets for the gold and jewelry trade indicated to Emirates Today that the markets recently witnessed activity in the interest of a number of dealers to sell alloy products to stores to take advantage of the high gold prices, pointing out that the yellow metal finally recorded the largest series of consecutive increases since more than Nine months, which contributed to the slowdown in the demand for sales of new handicrafts.

In turn, the sales director of the “Al-Sarraf Jewelry” store, Abdullah Muhammad Al-Tohamy, said that “the continuation of gold prices in rising, which is the largest series of consecutive increases in about nine months, was reflected in the activity of the markets, which turned to sales of a number of dealers of bullion products, In addition to the used artifacts, and a very limited demand for the purchase of new gold artifacts, with most dealers postponing the purchase decision, in anticipation of the return of prices to record stimulating declines.

He added, "The market is witnessing a limited demand for new artifacts, and it is limited to gifts of small weight categories."

For his part, the director of the “Rakesh Jewelers” company, Rakesh Dahnak, explained that “the most popular activity in the gold market today is the interest of dealers to sell their possessions of bars of different sizes to stores, to take advantage of the high rates of gold recorded during the recent period, especially with The price increases continued for five consecutive weeks.

And the director of the “Mashoum Jewellery” store, Raj Bahi, considered that “the market shift towards dealers selling used bullion and artifacts to stores coincided with the large rises in gold prices during the recent period, which in turn affected a state of slow demand for new gold artifacts, especially in the absence of Occasions and seasons that motivate buying, ”noting that“ some dealers prefer to postpone the purchase decision during the current period, and wait until prices return to decline again.

In addition, the price of a 24-carat gram of gold reached 233.25 dirhams, an increase of 2.5 dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22 carat reached 216 dirhams, an increase of 6.25 dirhams, and the price of a gram of 21 carat reached 207 dirhams, an increase 2.25 dirhams, and the price of a gram of 18 karat reached 179.25 dirhams, an increase of 2.25 dirhams. 

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