At the end of last week, gold prices achieved rises ranging between 1.5 and two dirhams per gram of various karat, compared to their prices at the end of the previous week, according to price indicators announced in Dubai and Sharjah.
Officials of gold and jewelry trade outlets confirmed to Emirates Today that the markets witnessed different rates of demand for dealers to sell coins and bullions in small and medium sizes to stores, to take advantage of the price limits of gold, especially with the return of the yellow metal prices to the rise, pointing out that the outlets witnessed rates Limited interest in buying new artifacts.
In turn, dealers said that they concentrated their selling operations in small and medium-sized currencies and bullion, in the context of hedging and anticipating new highs in the future.
In detail, the dealer, Abdullah Abdul Waqqas, said, “The tendency to sell gold coins and bullion of small weights aims to obtain financial liquidity and benefit from the continuation of prices at high price limits.”
The dealer, Muhammad Bashir, added that he sold gold coins of medium weights to a store in the gold market recently, to obtain cash to pay for some of his family’s needs, while he decided to postpone the sale of some of his bullions at large weights, in the context of anticipating new price hikes for gold during the coming period.
The dealer, Ahmed Abadi, indicated that he sold an ingot weighing 50 grams to take advantage of the high price limits of gold, and preferred to postpone the sale of two bars weighing 100 grams, for each, for subsequent periods, as part of a precaution and anticipation of expected price increases during the coming period.
In turn, Mushtaq Muhammad, a sales official at the Sabaa Jewelery store, said, “The continuation of prices at high price limits, in addition to the recent addition of new increases for gold, motivated some dealers to sell bars and currencies in their possession to stores, to take advantage of the rises and obtain financial liquidity.” , Pointing out that «sales are concentrated in the categories of small and medium weights, indicating the state of caution among dealers, and the expectation of additional heights, motivating them to sell their bars and currencies of large weights».
For his part, the sales official at the Crown Princess Jewelery store, Amir Hadid, confirmed that “some dealers preferred to sell coins and bars of medium weights to the stores, to take advantage of the high prices of gold, which in turn had impacts on the limited demand for the purchase of new gold artifacts.” Noting that «the absence of occasions and seasons, in addition to the absence of significant price declines, factors that do not stimulate demand for buying».
In turn, the director of the Rikish Jewelery Company, Rikesh Dahkan, said that “the recent period witnessed a turnout of dealers selling bars and coins in their possession to stores, especially of medium and small weights, with dealers anticipating new increases in gold prices,” pointing out that “sales of artifacts Al Jadidah has witnessed signs of slowdown recently, with dealers waiting for price declines stimulating, in addition to the fact that the current period, which precedes the salary delivery date, often witnesses a slowdown in demand.
The price of a gram of 24-carat gold was 232 dirhams, an increase of two dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22 carat gold was 218 dirhams, an increase of 1.75 dirhams. The price of the 21-carat gram reached 208 dirhams, an increase of 1.75 dirhams. The price of a gram of 18 carat gold reached 178.25 dirhams, an increase of 1.5 dirhams.
The US stimulus enhances the stability of gold in the world
Global gold prices stabilized yesterday, as expectations of an eventual US stimulus package offset the impact of pressures imposed by the strong dollar.
There was no significant change in gold in immediate trading at 1903.36 dollars an ounce, after it had fallen more than 1% in the previous session. US gold futures rose 0.01% to $ 1,905.8.
Gold, which is considered a hedge against potential inflation, is up 0.3% for the week.
Cameron Alexander, director of commodity research at Refinitiv Metals Research, said: “Fears about the rise in (Covid-19) infections and the increased likelihood of a democratic victory in the US elections, which is likely to result in greater stimulation and a weaker dollar, help gold to Height”.
He added, “Indicators of a possible deal (of stimulus in the US) earlier may have provided some upward momentum.”
The dollar index rose 0.1% against a basket of major currencies, which increases the cost of gold for holders of other currencies.
As for the other precious metals, silver fell 0.9% to 24.54 dollars an ounce, but it is heading for a weekly increase of 1.5%. Platinum fell 0.3% to $ 882.4, and palladium rose 0.6% to $ 2,387.02. London ■ Reuters
Consumers await new hikes in gold prices during the coming period.
The absence of occasions and seasons and the absence of significant price declines do not stimulate the demand for purchases.
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