“Dividing” and summer holidays are motivated to buy gold

Gold and jewelry trading outlets told «Emirates Today» that the markets are witnessing the demand for the purchase of artifacts and gold currencies, referring to that demand to buy gifts before summer holidays, and “coding” from price increases with greater proportions.

And the gold prices, at the end of last week, recorded a valuable rises between dirhams and two dirhams for love from various calibers, compared to their prices at the end of the previous week, according to the price indicators announced in the Dubai and Sharjah markets.

The price of a gram of 24 karat gold was 404.5 dirhams at the end of last week, with a high value of two dirhams, compared to its price at the end of the week before, while the price of a 22 -carat gold gram recorded 374.5 dirhams, an increase of 1.5 dirhams.

In turn, the price of a 21 -carat gram reached 359 dirhams, with a height of 1.5 dirhams, and the price of a 18 -carat gold to 307.75 dirhams, an increase of one dirham.

“Many dealers expect significant price rises in the prices of yellow metal during the coming periods, based on the indicators of the price increases that the gold has previously recorded, which leads some to buy currently, especially dealers who have obligations on social occasions.”

Dahak added that “the summer season and the willingness of many customers to travel, is considered a motivation to buy gold, whether in the form of artifacts, currencies or alloys, for gifts or savings.”

For his part, the Director of Sales at the Dimo Gold and Jewelery Trading Station, Daily Sun, agreed with this opinion that there is a demand for gold markets currently. He said: «The markets are currently witnessing purchases for artifacts and gold currencies, whether for gifts before customers travel during summer holidays, or in the context of hedging, with expectations of a high price of gold at large rates during the coming period.

He continued: «The markets witness during the limited price increases, in the usual, asking the customers, with expectations that these altitudes will be provided to a series of price increases at greater rates.

As for the sales official at the “Gold and Jewelery Trading”, Manji Balik, he said: “The summer season stimulates many dealers to buy products from golden artifacts currently, despite the limited price rises,” due to the connection of some dealers with several occasions during the summer season, such as marriage occasions, which drives them to buy in order to move from any future price rises.

He added, “Some currently buy different gold products, whether as gifts for their families during the summer holidays, or for savings.”