Gold rate in UAE rose again including ranges between 4.25 and 5.5 dirhams to various gold carats, according gold prices in Dubai and Sharjah, compared to prices last week, thus achieving hikes totaling 19.5 dirhams since the beginning of January.
According to officials shops gold artifacts and jewelery in Dubai and Sharjah, that the continuing rise of gold prices over the slow sales, to active movement in the replacement market and used gold.
They estimated the size of a decline in sales since the beginning of January until now rate ranged between 30 and 60% in Dubai and Sharjah.
The price of a gold (24) carat yesterday 204.5 dirhams, an increase of 5.5 dirhams, and (22) carats 192.25 dirhams, an increase of 5.25 dirhams for its price late last week. Record gold (21) carat 183 dirhams, an increase of five dirhams, and gold (18) carats 156.75 dirhams, up 4.25 dirhams compared with the end of last week.
The official estimated sales in the shop «Jewelry days, Saqr Jalish, a decline in sales since the beginning of January by about 60% compared to the previous month, as a result of new rises in the price of gold, which amounted to about 19 dirhams per gram.
He added that «the movement currently mostly concentrated in the sale of used gold, which increases with a rise in gold prices.
For his part, the director shop «Jewelry Dhecan», Jay Dhecan, and there is a significant decline in the rates of sales in the jewelery trade outlets rate ranged between 20 and 30% compared to the corresponding period of last month.
He said that «traders fear the continued slow sales, and increased severity in the event of another rise for gold prices, which reflected negatively on the market.
In the same that «Gold prices rose significantly, what reducing demand, whether resident or tourist groups», pointing out that the majority of consumers are turning now to sell Mchgullachm in the face of rising gold prices, at a time when postpone buying in the hope of a similar decline in prices for the past two months.
