Current data shows that gold prices have set new records at the end of last week. The prices for a gram of gold of different purity levels increased to 3.25-3.75 dirhams compared to the previous week. This marks the sixth consecutive week that gold prices continue their rise, with a total increase over six weeks amounting to 25.5 dirhams.
According to a representative of the gold and jewelry trading sector in an interview for "Emirates Today", the increase in gold prices has prompted people to sell their items made of alloys and coins in stores in order to take advantage of rising prices.
The director of "Dehkan Trading in Gold and Jewelry" Jay Dehkan expressed that the decline in sales of new gold items amidst continued rising prices for precious metals is a natural occurrence in the market. He added that the current demand is concentrated on souvenir products for tourists, expecting a gradual increase in demand for gold ingots in the coming days.
Ricky Dahank, director of "Ricky Trading in Gold and Jewelry", confirmed that "the continued rise in gold prices for six consecutive weeks has prompted some individuals to sell alloys and coins in stores". He also noted that sales of ingots are only just beginning and he anticipates their gradual recovery in the coming days.
A representative of the "Daimo Jewelry" store Deli Sun pointed out that current sales are focused on gold jewelry for tourist groups, while during this time the primary trading operations are centered on selling alloys and coins, especially in medium weights in stores. He also predicts that sales of ingots will increase at a faster pace in the coming days.
Gold prices at the end of last week: for a gram of 24-carat gold, the price reached 339.75 dirhams, which is 3.75 dirhams higher than the previous week. The price of a gram of 22-carat gold reached 314.75 dirhams, increasing by 3.5 dirhams. The cost of a gram of 21-carat gold reached 304.5 dirhams, rising by 3.25 dirhams, while 18-carat gold was priced at 261 dirhams, increasing by 3.25 dirhams.
