The price of an ounce of gold (31.1 grams), yesterday, reached a record high this year at 7250 dirhams, compared to 6,937 dirhams 10 days ago, specifically on the day following the ongoing war between Russia and Ukraine on February 25, with an increase of 4.5%.
All gold calibers witnessed similar increases of 4.5% during the same period, affected by political events and a hedge once morest other investment risks. The price of a gram of 22 karat is regarding 213.7 dirhams, compared to 204.49 dirhams, and a difference of 9.2 dirhams.
The price of a gram of 21 karat gold, the most requested, was 203.99 dirhams, a difference of regarding 8.8 dirhams from its price 10 days ago, which recorded 195.2 dirhams. Similarly, the price of a gram of 18 karat gold today was 174.85 dirhams, compared to 167.31 dirhams, and an increase of 7.5 dirhams.
Officials in gold shops saw that the past 10 days witnessed a demand of more than 30% of consumers, whose transactions were concentrated in buying gold bars, specifically ounces weighing 31.1 grams, in the hope of a future rise in prices in light of the continuation of the ongoing crisis between Russia and Ukraine, or selling their holdings. of gold to take advantage of the price hikes taking place.
safe shelter
The economist, Dr. Jamal Al-Saidi, said that with the continuation of the political tensions taking place in the world, it is expected that gold prices will continue to rise to record new records, pointing out that large and small investors and investment funds are all heading towards investing in gold as a safe haven for investment at the present time.
Al-Saidi pointed out that the transactions on gold at the present time can be classified into two types, the first is the purchase of gold bullion because there are expectations of rises during the coming days and weeks through hot liquidity that buys large quantities, or the sale of excess holdings by consumers to take advantage of the rises that approach the 5 % in just 10 days.
diversification of investment
For his part, former Abu Dhabi Chamber of Commerce and Industry board member Hamad Al-Awadi agreed with Al-Saeedi that there is currently a demand for gold bullion purchases by specialized investment funds and individual investors, noting that no one can expect gold prices to rise or fall in the period The future level is higher than its current level, because setting prices is linked to the outcome of political tensions in the coming period.
Al-Awadi added that diversifying investment at the present time is required for any investor, whether large or small, as betting on investing in gold only or placing all investments in the gold basket only increases the risks significantly, pointing out that it is better to invest 30 to 35 percent. % of the capital is in gold, and put the rest of the investments in other areas.
high demand
In turn, an employee in a gold store in the Abu Dhabi Gold Market confirmed that during the past 10 days, consumer demand for the market increased by at least 25-30%, pointing out that consumer requests were largely concentrated on buying ounces of gold bullion, in anticipation of them to register Short term rallies, then take advantage of the spreads.
Naji pointed out that few consumers are now going to sell redundant gold collectibles to take advantage of the rise that occurred during the past 10 days, which is estimated at 5% and a good percentage in a short period of time, explaining that it is not possible to expect what will happen in the coming days, whether recording More rise, stability or decline in the price of the precious metal.
