Gold prices recorded decreases between 1.5 dirhams and two dirhams per gram of different caliber at the end of last week, compared to previous weekend prices, according to the price indicators announced in the Dubai and Sharjah markets.
Officials of the outlets for the sale of jewelery and goldsmiths emphasized that despite the decline in the price of gold, the prices are still at high limits, which constituted a demand from dealers to sell bullion and gold coins, as a hedge from recording further declines.
For his part, the director of "Rikesh Jewelery Company," Rikesh Dahkan, said that the markets witnessed a slow demand for buying the new gold jewelry, compared to the demand from some dealers to sell their holdings of alloys and gold coins to the stores, to take advantage of the continuation of prices at high rates, As a hedge against a further decline in gold during the coming period.
He pointed out that gold coins accounted for the largest share of dealers' sales, as well as the offer of bullion concentrated in the category of 50 and 100 grams.
In turn, the sales official of the "Rigi Jewelery Store", Manjish Palikra, said that despite the recent gold declines, it remained at high levels, which motivated a number of dealers to sell their bullion and gold coins to the stores.
He pointed out that the markets witnessed slow manifestations in the demand for buying new gold works, due to the persistence of prices at high rates, and affected by the absence of tourists from the markets today, expecting that bullion and currency trading operations will be activated in greater proportions during the coming period.
As for the director of "Hayat Jewelry Store", Dileep Dhanak, he saw that the decline in gold prices was not significantly affecting the purchase of new artifacts, as prices continue at high price limits, agreeing that there is a demand from the dealers to sell bullion and coins, as a hedge from a greater decline For the price of gold.
gold prices
The price of a gram of 24 carat gold reached 206.75 dirhams, a decrease of 1.75 dirhams, while the price of a gram of 22 carat gold recorded 194 dirhams, a decrease of two dirhams. The price of a 21-carat gram reached 185.25 dirhams, a decrease of 1.75 dirhams, and a gram of 18-carat gold reached 158.75 dirhams, down 1.5 dirhams.