Officials of gold and jewelry trading outlets reported that the gold markets witnessed remarkable activity during the recent period, supported by the demand of traders of Asian nationalities to buy gifts on the occasion of “Diwali”, or the day of the Festival of Lights.
They pointed out to “Emirates Today” that “Diwali” revived the activity of sales of new jewelry, after a state of slowness due to the successive large price increases of gold, pointing out that the yellow metal’s continued price increases, finally, did not noticeably affect the demand that focused on products. 18 and 21 carat jewelry, and gold coin products.
Gold prices rose at the end of last week between 1 and 1.25 dirhams per gram of various karats, compared to their prices at the end of the previous week, according to the price indicators announced in Dubai and Sharjah, so that the yellow metal continued its rise for the third week in a row, and the total increase per gram reached 13.5 dirhams within three weeks. .
The price of a gram of 24-carat gold reached 334 dirhams, an increase of 1.25 dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22-carat gold reached 309.25 dirhams, an increase of one dirham. The price of a 21-carat gram reached 299.25 dirhams, an increase of one dirham. The price of an 18-carat gram reached 256.5 dirhams, an increase of one dirham.
The director of the “Ricky Gold and Jewelry Trading” Company, Ricky Dahna, said that the gold markets have witnessed, during the recent period, activity in demand for gold jewelry, with dealers of Asian nationalities eager to buy gifts of jewelry on the occasion of the (Diwali) festival, or what is known as the Day of the Festival of Lights. .
He added, “Dealers prefer to buy gold gifts during this occasion, as part of the customs associated with it, which also contributed to increasing the demand for gold coin products.”
Manji Palekar, the sales official at the “Regi Gold and Jewelery Trading” store, explained that “the occasion of Diwali remarkably restored activity to sales of gold jewelry, following the slow demand with the large price increases recorded by the yellow metal during the previous weeks.” He pointed out that “the continued rise in gold did not significantly affect demand rates recently, with dealers accustomed to buying gold jewelry and currencies during the occasion of (Diwali).”
For his part, Dilip Soni, sales manager at Diamond Jewellery, said, “The markets are witnessing an activity in demand during the occasion of Diwali, due to its association with the purchase of various gold gifts,” pointing out that “the occasion has stimulated many dealers to buy, regardless of Regardless of the recent rises in gold prices. He considered that “18- and 21-karat jewelry is the one that accounts for the largest percentage of sales during that period, in addition to gold coin products of small and medium weights.”
• The yellow metal continued to rise for the third week in a row, bringing the total increase per gram to 13.5 dirhams within three weeks.
Follow our latest local and sports news and the latest political and economic developments via Google news
