The high price of gold stimulates the sale of used artifacts and gold currencies

Gold prices increased by the end of the week between 2.75 and four dirhams for love from various calibers, compared to their prices at the end of last week, according to the price indicators announced in Dubai and Sharjah.

Gold and jewelry ports officials told «Emirates Today» that the return of yellow metal prices to record new heights recently, limit the demand for the sales of the artifacts, and contributed to the concentration of purchases in small pieces, while the increases motivated some dealers to sell gold currency products and artifacts used for stores.

The price of 24 gram of gold was 391.75 dirhams, with a height of four dirhams, compared to its prices at the end of the previous week, while the price of a 22 -carat gram recorded 362.5 dirhams, an increase of 3.25 dirhams. The price of a 21 -karat gram reached 347.75 dirhams, with a height of 2.75 dirhams. The price of a 18 -karat gram reached 298 dirhams, an increase of 2.75 dirhams.

“The return of gold prices to rise, has limited the demand for the sales of new artifacts, and made him limitations to some pieces of small weights, in addition to the demand of some dealers to sell products in their possession of used artifacts, and gold currencies of small weights.”

He pointed out that «the high prices did not motivate customers in the alloys sector to sell alloys products, while watching more price increases, and made some people go to buy products with medium weights, with the expectation that gold prices will continue.

For his part, Adtan Singh, director of the international jewelry department at Titan, said that “the rise in gold prices at the present time had repercussions on the markets, during the recent period, as many consumers have become planning to buy jewelry, according to a pre -determined budget, and often allocate a certain amount annually for this purpose, and with the continuation of gold prices at high levels, this financial awareness has become an impressive factor. In purchasing decisions, instead of choosing heavy and traditional pieces, many are heading towards smaller designs that do not exceed the budget limits.

“The markets have witnessed several variables during the recent period, which appeared clearly with the return of gold prices to rise, as the demand rates for new artifacts, especially from the pieces of large weights, decreased, and the demand for limited rates has decreased on some pieces of small weights, while the markets witnessed a continuation of demand for alloys products with different weights.”

He explained that «the rise in prices was a stimulating factor for some dealers to sell some products from used artifacts and gold currencies for the sales outlets, to benefit from the prices of prices to the last record limits, which are the highest in the history of the yellow metal.