Great demand for buying bullion and raw gold locally – the...

Great demand for buying bullion and raw gold locally – the...
Great demand for buying bullion and raw gold locally – the...

The local gold market witnessed strong activity during the period that followed the reopening of economic sectors in the country with the beginning of last June. The increasing demand for gold in the local market came with the continued rise in prices, which reached 27% from the beginning of 2020 until the end of the first third of October, according to the daily prices approved in the retail stores operating in the market.

The data obtained from the market show that individuals are more focused on buying gold bullion, in addition to gold ore, with the aim of investing, especially with the continuing rise in prices.

Hamad Al-Awadhi, a member of the Abu Dhabi Chamber of Commerce and Industry Board of Directors, said that the demand for buying gold after the reopening of the markets witnessed a great growth, as it was noticed that the purchases were focused on rough gold, which was matched by individuals selling their old gold, in order to achieve the greatest gains after The high price of the yellow metal.

He added that there are those who resorted to buying gold, in order to speculate and take advantage of the continuous rise in the prices of the yellow metal most of the time to achieve quick gains.

He explained that all indicators that contributed to the rise in gold prices over the past months are still valid, stressing that access to a vaccine for the “Covid 19” virus may contribute to the return of stability to the markets, including the gold market, whether at the local or global level. Returning to the price movement in the local market, the price of a kilo of gold rose to 227 thousand 511 dirhams at the end of the first third of this year, compared to 179 thousand and 180 dirhams at the end of 2019.

Regarding the price of an ounce of gold, it rose during the same monitoring period from 5573 dirhams to 7,076 dirhams, while the price of a gram of 24-carat gold rose from 179.18 dirhams to 224.51 dirhams, and from 156.78 dirhams to 199.08 dirhams for a 21-carat gold gram.

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