Urgent UAE.. Reasons for citizens and expatriates selling gold bullion and coins to stores

The price of gold has experienced a consistent upward trend for the third consecutive week, resulting in an increase in its indicators by the end of this week. The values of gold, measured in various karats, have ranged between 1.75 and 2.25 dirhams, surpassing their prices at the end of the previous week. This information has been reported by price data released in Dubai and Sharjah. Furthermore, the total price increase for a gram of gold has reached 22 dirhams over the course of three weeks.

According to statements from officials in the gold and jewelry trade sector, as reported by Emirates Today, the persistent upward trend in gold prices over the past three weeks has incentivized traders to sell bullion and gold coins to retail stores. This strategy allows them to capitalize on the price surge. It is worth noting that the jewelry market has experienced relatively low levels of activity in terms of purchases, as some dealers express concerns regarding the potential for further price escalations.

According to Mangesh Palikra, the sales official at the "Reggie Jewellery" store, there has been a notable surge in the demand from traders to sell bullion and gold coins to stores. This trend is driven by the desire to capitalize on the observed price increases in gold, which are influenced by international economic factors and the growing demand for this precious metal. In the context of international marketplaces.

The individual highlighted that there was a decrease in transactions made by jewelry dealers at sales outlets. This decrease was attributed to concerns regarding the continuous rise in gold prices anticipated in the near future.

According to Raj Bahi, the manager of the "Mashu Jewelry" store, there has been a decrease in demand for jewelry due to the rising prices of gold. Additionally, there has been a noticeable trend among traders to sell bullion and gold coins to stores in order to take advantage of the significant price increases in the metal. The color yellow.

According to Rikesh Dhanak, the manager of the "Rikesh Jewellery" store, there is a notable trend in the markets where traders are selling bullion products and currencies to stores due to the substantial price increases observed in the yellow metal. Consequently, there has been a significant decline in the purchase of jewelry.

According to his statement, dealers are currently engaging in the acquisition of bullion and currencies of moderate and small weights. It is anticipated that the prices of gold will reach unprecedented levels, as gold is being sought as a secure investment option amidst the prevailing global economic instability. The cost of one gram of 24-carat gold has risen to 243 dirhams, reflecting a 2.25 dirham increase from its previous value at the conclusion of the previous week. Similarly, the price of one gram of 22-carat gold has reached 225 dirhams, also experiencing a 2.25 dirham gain. The cost of a gram of 21-carat gold rose to 217.75 dirhams, representing a 2 dirham rise, while the price of a gram of 18-carat gold rose to 186.75 dirhams, reflecting a 1.75 dirham increase.

Read also: Urgent UAE.. Statement regarding individual deposits in state banks

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