39.5 dirhams increase in the price of a gram of gold within 3 weeks

Gold prices recorded new record highs at the end of last week, with values ​​ranging between 14 and 23.5 dirhams per gram of various karats, compared to their prices at the end of the previous week, according to price indicators announced in Dubai and Sharjah, so that the yellow metal continued to rise for the third week in a row, achieving increases of up to 39.5 dirhams per gram in three weeks.

Officials of gold and jewelry trade outlets told Emirates Al-Youm that the large increases recorded in gold prices reduced the demand for bullion and currencies, while craft products witnessed limited growth and activity in demand supported by the start of a number of dealers purchasing gifts with the “Christmas” celebrations.

In addition, the price of a gram of 24-carat gold reached 546.25 dirhams, an increase of 23.5 dirhams, compared to its prices at the end of the previous week. While the price of a 22-carat gram was 505.75 dirhams, an increase of 21.75 dirhams. The price of a 21-carat gram reached 485 dirhams, an increase of 21 dirhams. The price of an 18-carat gram reached 415.75 dirhams, an increase of 18 dirhams, and the price of a 14-carat gram reached 324.25 dirhams, an increase of 14 dirhams.

For his part, the manager of the Mutiola Gold and Jewelry Trading Store, Ali Motiye, said, “The markets are currently witnessing a slowdown in demand for bullion and currencies following the large record price increases recorded by the yellow metal during the recent period,” pointing out that “the demand of some resident and tourist dealers to buy gold gifts on the occasion of Christmas celebrations has contributed to an improvement and limited growth in demand for sales of gold jewelry.”

He explained that “many dealers, after they were buying bullion, postponed purchasing decisions during the current period, following the recent increases that brought gold prices to their highest rates historically.”

For his part, Director of Dehkan Gold and Jewelry Trading Company, Jay Dehkan, said, “The recent price increases recorded by gold at record levels reached the highest price levels ever, contributed to a state of calm and slow demand in the bullion and currency sector and limited the demand for jewelry, which witnessed limited activity by supporting the demand of a number of dealers, especially tourists, to buy gifts of gold jewelry on the occasion of Christmas celebrations.” He pointed out that “with the achievement of weekly rises in large values, some dealers also prefer not to sell their bullion during the current period, in anticipation of other expected additional rises.”

Dilip Patni, the sales manager at Al Fanan Gold and Jewelery Trading, said that “the yellow metal’s record of increases that are considered the largest ever has made many dealers cautiously accept purchases by focusing on small pieces and reducing the demand for buying bullion compared to previous weeks.” He added, “The Christmas season supported limited rates of demand for handicrafts, not similar to demand rates during the same season last year.”

. The significant increases recorded in gold prices reduced the demand for bullion and currencies.

. The price of a gram of 24-carat gold reached 546.25 dirhams, an increase of 23.5 dirhams.