Dealers: Pullback supports buying of new artefacts
A drop in gold prices exceeding 14 dirhams per gram in a week
The price of a gram of 24 carat gold was 234 dirhams. Photography: Eric Arazas
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At the end of last week, gold prices recorded significant declines, ranging between 11 and 14.25 dirhams per gram of various karat, compared to their prices at the end of the previous week, according to price indicators announced in Dubai and Sharjah.
Dealers indicated that they preferred to buy gifts from the crafts, now, to take advantage of the price cuts, and for fear of returning prices during the coming period to record increases of greater proportions.
In turn, officials of gold and jewelry trade outlets told Emirates Today that the price declines recently recorded by gold contributed to an improvement in demand indicators for the purchase of new artifacts, while the markets witnessed a decline in the sale of bullions and artifacts used by dealers.
New work
In detail, the dealer, Muhammad Hazem, said that he preferred to buy gifts from the new artifacts during the current period, in order to benefit from the rates of large drops in prices, with his association with a family occasion during a recent period, which requires the purchase of gifts from the artifacts, pointing out that he bought 18 carats. Being the most versatile in models, and the least expensive, compared to other carat gold.
The dealer, Samir Ibrahim, added that the current time is suitable for buying gold jewelry gifts, with the price of gold falling in large proportions, compared to previous prices a week ago, which motivated him to buy now, in preparation for his travel in a short time, for a vacation with his family, and his fear of the return of prices, During the coming period, to record significant increases.
The dealer, Muhammad Bashir, indicated that he decided to buy gifts from the artifacts after the price drop, at last, in large proportions, due to its connection to the date of completing his marriage contract during the coming period, explaining that the large increases, which were recorded by gold prices during the previous weeks, prompted him to postpone the purchase decision.
The client, Shesta Abdel-Khaleq, added that the recent declines in gold prices motivated her to buy gifts of crafts, of 18 and 21 carats, and that she was following the price changes during the past period, until the declines reached appropriate large rates, so she decided to buy, especially with the expectations of the return of prices to rise, during the periods Coming.
Prices fall
For his part, the director of the Baghdad Jewel of Gold and Jewelery Trading Company, Intisar Ward, said that “gold prices have decreased significantly, finally, after reaching high price limits during the past three weeks, which contributed to the revitalization and improvement of the indicators of demand for the purchase of new artifacts from some dealers. , Who decided to seize the opportunity of lower prices to buy their supplies, fearing that prices would return to record higher rates of higher rates during the coming weeks, in light of the continuing Corona pandemic.
He pointed out that «the price declines reduced the turnout rates of dealers to sell used artifacts, or bullions and currencies to stores, while anticipating the return of prices to rise again».
Limited improvement
In turn, Director of the "Roots Jewelery" store, Musa Saad, pointed out that "the markets have recently witnessed limited signs of improvement in dealers’ appetite for buying new craft gifts, supported by large declines in gold prices. Finally, in addition to some cautious purchase of products from Bullion and currencies, and benefiting from these products in reselling them in times of great price rises, which are expected to occur during the coming period, with a number of investors resorting to international markets to buy gold as a safe haven, in light of the repercussions of the (Corona) crisis on international economies.
Buy gifts
Rikesh Dahnak, director of the Rikesh Jewelery Company, said that “the fear of a number of dealers about the rise in gold prices during the coming period, motivated them, finally, to buy handcraft gifts, to take advantage of the significant price drops, which exceeded 14 dirhams per gram. In a week », pointing out that« some dealers are still awaiting price indicators, hoping for additional new declines, to demand the purchase of artifacts ».
The markets witnessed a decline in the sale of bullion and artifacts used by dealers.
Demand for gifts, at present, to take advantage of the falling price of gram.
gold prices
The price of a gram of 24 carat gold was 234 dirhams, a decrease of 14.25 dirhams, compared to its prices at the end of the previous week. While the price of a gram of 22 carat gold was 233.25 dirhams, down 13.5 dirhams. The price of a 21-carat gram reached 222.5 dirhams, a decrease of 12.75 dirhams, and the price of an 18-carat gram of gold reached 190.75 dirhams, down by 11 dirhams.