The value of the gram increased by 3.75 dirhams

Traders: High prices limit demand for artifacts and bullion

The price of a gram of 24-carat gold was AED 223.75. Cinematographer: Ashok Verma

Gold prices rose, by the end of the week, between 3 and 3.75 dirhams, for various karats, compared to their prices at the end of last week, according to the price indices announced in Dubai and Sharjah.

Officials of outlets for gold and jewelry trade told Emirates Today that the return of prices to rise contributed to reducing demand for sales of new gold jewelry, pointing out that tourist sales accounted for the largest shares of sales of new gold jewelry, especially in Dubai markets.

In turn, said the director of the company «Rikesh Jewellery», Rikesh Dahan, that «the return of gold prices to rise after a series of declines during the previous weeks, contributed to reducing the demand for sales of gold jewelry», pointing out that «markets are witnessing varying rates of demand is currently limited to pieces of small and medium-weight jewelry».

He added that «the markets for bullion products and gold coins are currently witnessing a state of slow demand, with traders in that sector awaiting price indicators, whether in terms of rising at higher rates of sale or declining by large percentages to buy new products for savings or investment purposes».

For his part, the director of the company «Dahkan Jewelry», Jay Dehkan, pointed out that «most of the sales currently for gold jewelry, accounted for the largest shares of tourist groups and visitors, especially in the Dubai markets», pointing out that «sales to residents may be limited currently, but it is expected to witness an improvement at greater rates during the coming period, especially with the fact that a large number of dealers are in a state of anticipation of prices».

For his part, the sales official at the store «Damon Jewelry», Deep Sony, that «the recent price rises have limited the demand for sales of jewelry, especially with the postponement of some dealers purchase decisions during the current period, in anticipation of the return of prices to decline at stimulating rates in the coming days».

He explained that «the largest percentages of sales currently in the Dubai markets are accounted for by the sales of tourists and visitors, while the sales of residents are still limited during the current period», pointing out that «sales of bullion and coins are witnessing a slow demand currently».

In addition, the price of a gram of 24-carat gold reached 223.75 dirhams, an increase of 3.75 dirhams, compared to its prices at the end of last week. The price of a 22-carat gram was 207.25 dirhams, an increase of 3.5 dirhams. The price of a 21-carat gram reached 200.5 dirhams, up 3.25 dirhams. The price of an 18-carat gram reached 172 dirhams, an increase of three dirhams.