Gold prices increased during the month of Ramadan to reach 31.2 dinars, which led to a decrease in the demand for purchase compared to previous years, according to what traders confirmed, while some traders began to offer their stores for sale, but a number of traders explained that the holy month revived the movement of the market by 50%.
In statements to “Al -Watan”, the owners of Gaed attributed this rise to the fluctuations of global markets and the increase in demand for yellow metal in light of the unstable economic and political conditions. Although gold is considered one of the traditional gifts on Ramadan occasions, consumers have become more conservative in purchase, with a focus on basic priorities, as gold traders expect prices to witness a greater rise in the coming days, expecting the market to recover during “Qaraqoun Ramadan” and “Mother’s Day”.
The official of the “Alaa Jewelry” store, Saleh Al -Shehri, stated that the gram of gold reached 31.2 dinars, pointing out that the turnout is simple compared to the month of Ramadan in the past years, indicating that the reason is due to the high price of gold and the presence of taxes.
And that the most purchases are on the small popular sets that are appropriate to the occasions of the holy month of Ramadan, expressing his hope that there will be a period of allowing the tax on the gold market to revive the gold market.
For his part, the owner of the “Abu Ali” store, Kazem Al -Shihabi, confirmed the decrease in the demand for the purchase of gold due to the significant rise in its prices, indicating that there are some stores in the Gidefs Gold Market that started offering their stores for sale.
He pointed out that the market is expected to recover during the descendants of Ramadan and Mother’s Day, as it is certain that the people buy gold to their mothers during this period.
Al -Shihabi indicated that he is currently his daily selling rate of up to 100 grams, while the sale rate was 3 years ago to 400 grams.
In turn, an official of “Al -Hadb” jewelry, Mohamed Mansour, stated that the gram of gold is constant during these days at 31.2 dinars, indicating that the reports indicate its rise more during the coming period.
He explained that the gold market is witnessing a humble demand, but the holy month of Ramadan revived the movement of the market by 50%, expecting to increase the recovery during Mother’s Day.
