Dealers accept the sale of gold bars to take advantage of the large price rises

Gold prices recorded new standard heights by the end of last week at values ​​that ranged between 11.25 and 15.25 dirhams per gram of various calibers compared to its prices at the end of the previous week, according to the price indicators announced in Dubai and Sharjah.

While prices continued their increases for the seventh week in a row, and the total price increases for a gram of gold reached 66.25 dirhams within seven weeks.

Officials of the gold and jewelry trading ports to «Emirates Today», that the continuation of gold prices to record new record heights and with large values ​​for the seventh week in a row, made many dealers accept the sale of products for gold bars to benefit from price increases, while the markets witnessed a state of slow demand for the purchase of new gold jewelry.

In addition, the price of a gram of 24 carat gold reached 468.5 dirhams, with an increase of 15.25 dirhams, compared to its prices at the end of the previous week. While the price of a 22 -karat gram recorded 433.75 dirhams, an increase of 13.75 dirhams.

The price of a 21 -karat gram reached 415.75 dirhams, a height of 13.25 dirhams. The price of a 18 -karat gram reached 356.5 dirhams, with an increase of 11.25 dirhams.

“The continuation of the prices of yellow metal in recording new standard heights reached its highest historically rates, many dealers stimulated during the recent period to sell gold bars products to take advantage of these increases.”

He pointed out that «the large price rises of gold has limited the demand for the purchase of new golden artifacts, while postponing some dealers for the purchase decision in the hope of returning gold prices to decline during the coming period».

For his part, Raj Bahi, director of the “Macho Gold and Jewelery Trading”, said that “gold prices have reached unprecedented historical rates during the recent period, and increased increases with great values ​​during a short period, which made many dealers accept the sale of products for alloys and gold coins in their possession to stores.”

He added that «although price increases motivated many dealers to sell products for alloys, at the same time made some dealers buy alloys, but in medium sizes, with the expectation that prices will continue to rise, especially since it recorded increases that lasted for seven consecutive weeks.

The sales officer at the “Reggity of Gold and Jewelery Trading”, Manji Balik, said that “the great heights recorded by gold during the recent period raised the direction of some dealers to sell products for alloys and cautiously, while price increases from the levels of demand to buy new gold jewelry, with the postponement of many dealers to purchase decisions in order to anticipate the decline in prices so that they accept the purchase.”