The price of gold at the end of the week recorded price declines of between 4.25 and 6 dirhams per gram of different caliber, compared to the end of the previous week, according to the prices announced in the Dubai and Sharjah markets.
Officials of gold outlets told Emirates Today that the price declines recorded by gold have a slight impact on the purchase of new items in the market, with prices still at high price levels, despite the decline in large percentages, in addition to the absence of incentives to buy , And most dealers are busy with the commitments of the new school year.
Price indicators
The price of gold at the end of last week declines ranging between 4.25 and 6 dirhams per gram of various carats, compared to prices at the end of the previous week.
The price of a gram of 24-carat gold was 181 dirhams, a decrease of six dirhams compared to the previous week, while the price of a gram of 22-carat gold 170 dirhams, a decline of 5.5 dirhams. The price of a gram of 21-carat reached 162.25 dirhams, a decline of 5.25 dirhams, while the price of grams of 18-carat gold 139 dirhams, a decline of 4.25 dirhams.
Gold falls
Ashwin Shawnee, sales officer at Imperial Jewelers, said gold prices had recently fallen by large proportions, which could be the highest in more than two months, although they had no noticeable effects that prompted traders to buy.
He pointed out that most of the dealers are currently busy with the obligations of the new school year, and that the current prices are still at high limits despite the recent decline.
He pointed out that dealers in the sector of bullion and gold coins are in a state of anticipation, whether for further declines to buy, or to rise further to sell their possession, which led to a state of calm in that sector.
Absence of stimuli
As for Ashok Boyit, the director of the Dahken Jewelery store said the recent price declines in gold have had no major impact on the purchase of new items.
He explained that although the price declines are significant, they were not stimulating for dealers, given the absence of occasions or seasons that encourage dealers to buy, and the fact that prices are still at high price limits.
He said that the continued decline in prices during the coming period may motivate dealers to return to buy new items, pointing out that the recent price decline has reduced the appetite of dealers to sell gold handicrafts used for stores.
Tagas Hidayatzadeh, director of Famas Jewelers, agreed that recent price declines in gold, which came in large proportions, had some minor effects on motivating traders to buy some souvenirs.
He expected demand for new items to improve over the coming period as tourism activity in the markets began to be popular at the end of this month.