Gold markets have recently witnessed a limited demand from dealers to buy new goldsmiths, especially from the small weights categories, and the 18-carat, which is the most versatile and cheaper.
Officials attributed the outlets of jewelery and goldsmiths to «Emirates Today», the limited improvement, to the relative decline in gold prices recently, and a number of dealers hedged from the registration of gold price increases during the coming period, which made them buy.
The price of gold at the end of last week recorded declines of between AED 1 and AED 1.25 per gram of different caliber, compared to the prices at the end of the previous week, according to the prices announced in the Dubai and Sharjah markets.
Dealers Movement
The trader Ahmed Samih, said that he preferred to buy now, after the relative decline in gold prices compared to the previous weeks, and hedging the recording of new price increases during the coming period.
Samir Alian, a trader, said that he preferred to buy during the current period with prices being lower than mid-last month, pointing out that he preferred to buy one piece of gold jewelry instead of two pieces.
Trader Rakesh Chan said that he had been waiting for a long time for gold prices to buy gifts from goldsmiths, and found the current time to buy, especially with no expectation of further declines in the coming period, and the possibility of significant price rises, pointing out that he preferred to buy two pieces Small sizes now, having planned to buy four gold pieces.
Limited improvement
Yahya al-Yafie, director of the fine-touch jewelery store, said retail outlets have recently seen limited improvement in the appetite for new goldsmiths, especially from small pieces.
He pointed out that some dealers prefer to buy now, with the relative decline in prices, and hedging against the recording of gold price rises new large rates during the coming period.
18 carats
Ashok Sagher, Director of Classic Diamonds, said that the limited decline in gold prices has prompted some traders to buy new goldsmiths, especially small pieces, which reflected positively on the improvement in demand, which is expected to rise gradually during the period. Upcoming, supported by the movement of tourists, whether for entertainment purposes, holidays or exhibitions and events. He pointed out that most of the purchases during the current period is concentrated in the 18-carat, which is the lowest price and the most varied in terms of models, making it the most suitable option for dealers in the purchase of small gifts. Dilip Dehkan, director of Hayat Jewelery, agreed that the current period is suitable for some traders to buy, as prices are witnessing a relative decline compared to the previous two weeks, in addition to the majority of dealers are afraid of further increases during the coming period.
He considered that it is normal for some dealers to reduce purchases, or focus on the demand for limited pieces and small weights, especially on the 18-carat, which is the most requested because of its price, and suitable for small gifts and multiple models and shapes.
gold prices
Gold prices recorded declines last week between AED 1 and AED 1.25 per gram of different caliber.
The price of grams of 24-carat gold was 181.5 dirhams, down by 1.25 dirhams, compared to the prices at the end of the previous week, while the price of gram of 22-carat gold 170.5 dirhams, a decline of 1.25 dirhams.
The price of a gram of 21-carat reached 162.75 dirhams, a drop of one dirham, and the price of grams of 18-carat gold to 139.5 dirhams, a decline of AED.