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The gold price rise encouraged consumers to sell old jewelry
The increasing demand of consumers to sell their gold to take advantage of high prices
Contributed to the rising gold price, increased consumer demand in the local market to sell their gold products, according to dealers ‘ gold and jewelry shops in Abu Dhabi owners, have a slice of consumers await further rise in prices to sell their belongings.
And gold prices rise unprecedented in the local and international market, after gold prices touched worldwide levels of 1,100 dollars per ounce, driven by rising demand and declining US dollar.
Abbas Jaffer, who works in one of the gold shops in Abu Dhabi, that in the current situation where the price of gold is high, the market is experiencing an increase in resale operations by consumers for their gold, adding that many investors in gold waiting other price hikes so decide to sell their gold.
This comes while the impact of high gold prices on the sale of many stores, declined to purchase during the past few days, while some traders that the wedding season contributed to the relative reduction of impact on sales, which created a reasonable balance in the market, given the current circumstances.
Ahmed Mohamed said, Deputy Director of one of the largest shops in Abu Dhabi gold gold prices reached unprecedented prices globally, and is reflected, of course, on the local market for the first time at GR gold 24 of current levels over the past few days, adding: “but this did not significantly affect sales of gold in Abu Dhabi, there is a kind of balance between buying and selling”.
On the other hand, reduced Abdul Aziz Al Sayegh, Director of the place, of the importance of low turnout on the gold market in the State, pointing to low turnout these days and is a natural result of high global prices.
It is known that gold prices are linked to the global market, but there are other costs added to the sale price including the cost of workers and brand and also the gold quality and reputation and the country of origin, as record gold prices new accessible by making consumers less reluctant to buy on sale, Al-jarida newspaper.
On the other hand, says Reza Mesbah, Director of the jewelry store that high prices had an impact on the purchase, but a season of weddings to create some sort of balance, and reduced the loss of gold traders as a result of weak demand, pointing out that there are selling used gold, many consumers resorted to selling belongings of gold taking advantage of the profit margin that’s pains of rising prices in the world market, noting that this on selling gold does not include jewelry or other precious items.
The lamp that the reason for the rise in gold prices came as a result of a decline in the dollar and the decline in real estate prices as well as add, pointing to a Chinese Gold demand amid increasing demand for gold as a way of investment or savings after many world markets financial crises make gold more secure means of savings investment.
Says Abbas Jaafar, a dealer in Abu Dhabi went, that many consumers use to buy gold bullion and gold coins in particular to investment, especially after the spread of this kind of investment in the world and a major global shops selling gold bullion holds its brand even if they are not specialized in the sale of jewelry, but do so to satisfy the desire of consumers save money on valuable collectibles check them long-term gains and save their money from financial crises which are not banks or real estate Or even currency able to counter them.