Gold dealers pin expects sales rebound .. Lowest prices in a month



Manal Ahmadi of Jeddah

Local gold traders abuse hope that gold prices will drop significantly in order to revive long-term sales.
They said that prices in the market have fallen sharply in the past week, as the price of 146,000 rials in Kilu compared to 148,000 riyals in the previous week, which is reflected in the prices of pieces.
Ahmed Al-Sharif, a specialist in gold and jewelry, said the price drop for two thousand riyals in a week suggests further price cuts by the end of the year.
He explained that prices in the fourth quarter of this year continue to decline, which excludes all possibilities for a sudden rise in prices.
He pointed out that the value of production for the price of gold was still between 10 and 12 rpm, indicating that the relationship between prices and diamonds in reverse relation, the high prices of gold are lowering the prices of diamonds and precious stones.
He explained that purchasing power is associated with seasons, low gold prices and social events, and a global role simulation that wants to be innovative and gives color a shine.
Saleh Salman, a gold dealer, said that the registration of a stamp and the stamping of all products would remove counterfeit and counterfeit items under the new regulation of the Precious Metals and Precious Stones Rulebook.
According to Salman, it prohibits the sale of precious metals and non-branded non-branded and non-tradable materials that the regulation allowed the buyer to keep accounts for recovery or replacement for a long time when he discovered a defect in his hair.
"Gold trading is on the path to recovery at declining prices, and many investors have turned to investing in them, especially at the exchange rates they have become very volatile and unstable, which has become a successful investment channel in the near and long term."
He pointed out that the fall in prices is due to external factors, of which the most important is the dollar and its negative impact on gold prices in terms of an increase or fall in interest rates and lending costs.
At yesterday's session, prices fell to a one-month arrears as the dollar strengthened, with the expectation that federal reserves would exacerbate borrowing costs.
The subsequent gold price at 07:46 GMT was 0.3 percent lower than $ 1205.86 per ounce, after reaching a one-month low of $ 1205.
According to Reuters, "said Harish F. Director of GeoGet Financial Services Research on commodity exchanges," After the last week of the Fed meeting and the positive data for the US economy, the dollar is getting stronger, pushing for unprofitable assets like gold. "
The dollar index, which measures the power of debt to the basket of six major currencies, rose by 0.5 percent, while the currency rose to a 16-month high-ranking session, more expensive than other currencies.

Source link