Officials of outlets attributed it to dealers “hedging” from new price hikes
Traders: the return of gold to the rise stimulates the demand for artefacts
Gold prices recorded increases, with values ranging between 3 and 4 dirhams per gram.
Photography: Ashok Verma
Officials of outlets selling gold and jewelry trade said that the return of gold prices to rises, after a series of successive declines during the previous weeks, contributed to moving and stimulating the demand for gold works.
They attributed this to "Emirates Today" to the dealers' hedging against the continued rise in prices.
Yesterday, gold prices recorded increases, with values ranging between three and four dirhams per gram of various carats, compared to their prices at the end of the previous week, according to the price indicators announced in Dubai and Sharjah.
The price of a gram of 24-carat gold amounted to 223.25 dirhams, an increase of four dirhams, while the price of a gram of 22-carat gold was 209.75 dirhams, an increase of 3.75 dirhams.
The price of a gram of 21 carat reached 200.25 dirhams, an increase of 3.5 dirhams, and from 18 carats to 171.5 dirhams, an increase of three dirhams.
The manager of the "Al-Ayyam Jewelery" store, Galish Saqr, attributed the return of demand for gold jewelry to a precautionary case among a number of dealers, after prices moved upward during the past days, which prompted a large number of them to buy, after he was postponing shopping decisions.
He added that most of the purchases were concentrated in 18-carat pieces, which are the cheapest and most diverse for manufacturing models. It was a catalyst for the return of activity to the sales of goldsmiths, after it witnessed during the past periods signs of slow demand.
He explained that the behavior of dealers towards buying changes according to the conditions of prices and markets, and therefore it is not necessary that only price decreases be motivating to buy, as price increases may be an engine to stimulate sales, as it stirs feelings of concern among dealers about the continuation of price increases, especially if they They are associated with certain occasions.
For his part, the sales official at the “Regi Jewelery” store, Mangesh Balikra, indicated that the markets have recently witnessed varying rates of demand for gold jewelry after a slow state in demand during the last period, agreeing with his counterparts that the return of this activity is largely due to the return of prices. for heights.
He pointed out that the willingness of some dealers for the summer holidays, in turn, contributed to stimulating the sales of handicrafts, in addition to the desire of some dealers of Asian nationalities to buy gifts of gold coins, which have become commonly used in decorations, as well as for saving purposes.
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