Gold prices reached an all-time high

At the end of last week, gold prices recorded new increases with values ​​ranging between 6.5 and 8.25 dirhams per gram of various karats, compared to their prices at the end of the previous week, to continue their increases for the fifth week in a row, according to the price indicators announced in the Dubai and Sharjah markets, While the total rise in the price of a gram during the past five weeks reached 21.5 dirhams.

Officials of gold and jewelry outlets told Emirates Al-Youm that gold prices have reached unprecedented price levels, considered the highest ever.

They confirmed that these large increases were reflected in the markets, with a remarkable decline in sales of new jewelry, and a state of anticipation, at a time when dealers in the gold bullion and coin sector hoped for additional price increases, to sell these bullion to stores and benefit from the price differences, while sales were limited to limited transactions for the sale of gold jewelry. Used coins for stores.

Historically highest

The manager of the “Dehkan Gold and Jewelery Trading” store, Ashok Poet, told “Emirates Today”: “At the end of last week, gold prices reached rates that are considered the highest historically, after achieving unprecedented successive price increases, which had some repercussions.” On the local markets, the most notable of which is the decline in demand for new gold jewelry, and the tendency of some dealers to sell used jewelry and gold coins to stores.

He explained that most dealers in the bullion sector, for the purposes of saving and investment, are monitoring changes in the markets during the current period, hoping for additional new price increases to sell their bullion and coins to stores and benefit from these price increases.

A state of anticipation

For his part, the director of the “Rakesh Gold and Jewelry Company,” Rakesh Dhanak, said, “The markets are currently witnessing a state of anticipation with the prices of the yellow metal reaching rates that are considered the highest ever, which has made many dealers postpone purchasing decisions, or even sell what they have.” Of gold products, with expectations that gold prices will continue to record further increases during the coming period.”

He expected that the markets would witness, in the coming days, a demand from dealers to sell gold bullion to sales outlets, while the slow state of demand for new gold jewelry is likely to continue.

Slow demand

In the same context, the manager of the “Mashu Gold and Jewelry” store, Raj Bahi, agreed that the rise in gold prices to unprecedented rates contributed to the slow demand for new gold jewelry, and the sales outlet transactions were limited to limited sales of old-style coins and gold jewelry.

He pointed out that dealers in the bullion sector do not prefer to immediately sell the bullion they have, as they prefer to wait in the hope that the market will record additional price increases.

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Gold prices

At the end of last week, the price of a gram of 24-carat gold reached 336 dirhams, an increase of 8.25 dirhams, compared to its price at the end of the previous week, while the price of a gram of 22-carat gold reached 311.25 dirhams, an increase of 7.75 dirhams.

In turn, the price of a gram of 21-carat gold reached 301.25 dirhams, an increase of 7.5 dirhams, and the price of a gram of 18-carat gold reached 258.25 dirhams, an increase of 6.5 dirhams.

• The significant increase in prices contributed to a significant decline in sales of new gold jewelry.