108.25 dirhams increase in the price of a gram of gold within 9 weeks

Gold prices rose at the end of the week at record rates ranging between 20 and 26.25 dirhams per gram of various karats compared to its prices at the end of the previous week, according to the price indicators announced in Dubai and Sharjah. These weekly increases are the largest value for the yellow metal since 2008, according to international reports, while gold continued to rise for the ninth week in a row, bringing the total price increases per gram to 108.25. Dirhams within nine weeks.

Officials of gold and jewelry trading outlets told Emirates Today that the continued rise in gold prices for nine consecutive weeks in an unprecedented manner has motivated many traders to resort to hedging by purchasing bullion and jewelry, while increasing their confidence in the possibility of recording more increases during the coming period.

In addition, the price of a gram of 24-carat gold reached 510.5 dirhams, an increase of 26.25 dirhams, compared to its prices at the end of the previous week. While the price of a 22-carat gram was 472.75 dirhams, an increase of 24.5 dirhams. The price of a 21-carat gram reached 453.25 dirhams, an increase of 24 dirhams. The price of a gram of 18-carat gold reached 388.5 dirhams, an increase of 20 dirhams.

The manager of the “Ricky Gold and Jewelry Trading” store, Ricky Dahna, said, “The yellow metal’s continuation of recording record increases contributed to raising the confidence of many dealers in the possibility of gold continuing to record further increases, and thus some dealers began turning to hedging by purchasing gold bullion or their jewelry needs.”

He pointed out that “bullion rates are concentrated in medium sizes, and many dealers who have become more preferable to saving through gold bullion resort to it.”

For his part, the sales official at the “Reg Gold and Jewelery Trading” store, Mang Balik, said, “The recent increases recorded by the yellow metal in large record values ​​were reflected in the markets in an increase in demand for selling bullion to stores, or a number of dealers, on the other hand, went to buy bullion for the purposes of saving and investment.”

He added, “A number of dealers have begun to purchase jewelry gifts they need according to different occasions, as a hedge against expectations that gold will continue to record more price increases, especially since the recent rises have continued for a long period and at high price rates.”

The director of Dehkan Gold and Jewelry Trading Company, Jay Dehkan, considered that “gold’s continuation of recording record highs for a long period contributed to strengthening the tendency of dealers to rely on buying gold bullion as a means of saving,” pointing out that “some dealers are currently hedging by buying bullion, with many of them anticipating the possibility of recording more highs, according to the history of the variables recorded during previous periods.”

The unprecedented rise in gold prices has prompted traders to resort to hedging by purchasing bullion and jewelry.