Gold and jewelery outlets posted a further recovery in new sales, after traders bought wedding gifts from some Asian and Arab nationalities in the coming month, boosted by record new declines in gold prices. Officials at the outlets told Emirates Today that traders of Arab and Asian nationalities prefer to hold weddings during the end of the calendar year next December, pointing out that most of the sales were concentrated in the 18 and 21 carat caliber. The price of gold at the end of last week fell between two dirhams and 2.5 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.
The director of «Mashum Jewelry», Raju Bahi, that the markets have recently registered a turnout from dealers of Asian and Arab nationalities to buy gold crafts for weddings, pointing out that some dealers prefer December next to hold weddings, with a time close to the end of the calendar year and the beginning of a new year .
He added that some dealers tried to take advantage of the price declines of gold recently through limited purchases of gold currencies, for purposes related to savings and investment, especially since the prices are the lowest since more than two months.
The outlet has seen significant improvements in demand for new gold jewelery, boosted by Christmas celebrations next month and the wedding season of some nationalities at the start of a new year, said Kalish Kumar, director of the beautiful Gold and Jewelery company. He pointed out that gold prices continue to record new declines, and by large rates, a new catalyst and supportive of the recovery of sales of new goldsmiths, pointing out that the price declines motivated some dealers to buy currencies and bullion weights for saving purposes, especially with the expectation of prices to return to high rates during the The coming weeks.
In the same context, the Director of «Dehkan Jewelery», Jay Dehkan, said that the continuation of the recent price declines of gold, which is the lowest in its indices in more than two months, is the main factor to support the sales movement in the market on new goldsmiths at additional rates, especially with keeping pace The period of weddings during the next two months with dealers of Asian and Arab nationalities. He added that the recent price declines also contributed to the increase in sales of tourists gifts of new crafts.
gold prices
The price of gold recorded declines last week, ranging between two dirhams and 2.5 dirhams per gram of various carats.
The price of a gram of 24-carat gold was 177.5 dirhams, a decrease of 2.5 dirhams, compared to the prices at the end of the previous week, while the price of a gram of 22-carat gold was 166.75 dirhams, a decline of 2.25 dirhams, and the price of a gram of 21-carat to 159 The price of a gram of 18-carat gold reached 136.25 dirhams, down 2 dirhams.