Traders: The decline in gold prices supports the sales of "bullion" | tellerreport.com

Traders: The decline in gold prices supports the sales of “bullion” | tellerreport.com

Dealers buy for savings and investment purposes

Traders: The decline in gold prices supports the sales of “bullion”

The price of a gram of 24 carat gold was 209.25 dirhams.

Gold prices fell at the end of last week between 50 fils and 1.5 dirhams per gram of various calibers, 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 told “Emirates Today” that the price declines significantly supported the return of demand for gold bullion, especially with the interest of dealers to buy now, for fear of high prices, especially since the current price limits are the lowest compared to their rates last month. Noting that the markets witnessed continued demand for gold jewelry.

In turn, dealers confirmed that they have bought parts of gold bullion for savings and investment purposes, with a focus on average weights of 20 grams.

Gold bars

In detail, the trader Ibrahim Al-Sayed said that he “bought two pieces of gold bullion, weighing 20 grams each, in order to benefit from the current low prices of gold, especially with expectations of an increase in the coming period.”

The trader, Muhammad Nasser, pointed out that “gold prices are at low levels during the recent period, which motivated him to buy more than one piece of bullion, the weights of which ranged from small to medium.”

The dealer, Ahmed Salah El-Din, added, “He decided to buy three pieces of gold bullion with medium weights of 20 grams, for fear of a rise in prices during the coming period.”

Rising prices

In turn, Director of Hayat Jewelry store, Dilip Dahkan, said that “the fear of a number of dealers that prices may rise during the coming period, in addition to the recent price declines, among the factors that had an impact on the return of activity at great rates to buy gold bullion, especially since the period The previous one witnessed a state of anticipation for dealers in that sector, ”noting that“ the markets witnessed continued improvement in demand for the purchase of gold jewelry. ”

Investment purposes

Rikesh Dahnak, director of the Rikesh jewelry store, said, “Most of the recent purchases have focused on the demand for gold bullion for investment and savings purposes,” considering that “the recent price declines had a psychological factor that helped motivate dealers to buy. Especially since some dealers prefer to buy a large number of pieces, especially for investment goals, ”adding that“ the purchase of bullion is focused on medium weights, especially for savings purposes, which has become a common pattern for a large number of dealers recently. ”

The Director of Sales at De Diamond Jewelers, Dilip Sony, indicated that «the markets are currently witnessing an activity in buying bullion and artifacts, supported by the price drops of gold, and some dealers have directed to take advantage of the current price limits for fear of higher prices during the coming period, according to what is reported. In the market according to global reports ».

gold prices

The price of a gram of 24-carat gold was 209.25 dirhams, down 1.5 dirhams, compared to its prices in the previous week, while the 22-carat gram price recorded 196.5 dirhams, down 1.5 dirhams.

The price of the 21-carat gram reached 187.5 dirhams, down one dirham.

The price of a gram of 18 carats reached 160.75 dirhams, down 50 fils.

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