Manafeth Gold and Jewelery Trade officials reported that the recent price declines in gold have contributed to supporting the boom in demand for jewelery sales, in addition to an improvement in demand for gold coin sales.

They pointed out to «Emirates Today» that the price declines that reached the value of three dirhams at the end of last week, compared to the previous week, were a catalyst for the high demand for crafts and jewelry, as well as boosted the growth of demand for gold coins as gifts, especially from dealers from tourist groups.

And at the end of last week, gold prices recorded declines that ranged between 2.5 and 3 dirhams per gram of different calibers, according to the prices announced in the Dubai and Sharjah markets, while those are the first declines after rises that lasted two weeks, and it is the largest by value in five weeks.

High demand

In detail, the director of the «Seroia Jewelry» company, Shando Seroya, said that “the markets have recently witnessed an increase in the demand for sales of gold jewelry, stimulated by the price declines he recently recorded,” noting that “the markets have also recorded a growth in demand for sales of gold coins , Whether for gift or savings purposes. ”

He pointed out that «the largest shares of currency sales were concentrated in tourists, especially European and Asian nationalities who prefer to buy currency gifts from Dubai markets, with lower prices compared to most global markets.

Artifacts sales

Malek Imam, sales manager at Al-Shahid Jewelry store, said that “the price decline of gold recently was one of the catalysts for increasing demand for jewelery sales, especially 18-carat, which is the most varied in model designs, in addition to being cheaper compared to other gold caliber "Noting that" the markets began to witness a growth in the demand for gifts of gold coins, with the support of declining prices and the tendency of some dealers to buy gifts to families from those currencies, as they are suitable for use in decorative purposes, as they are also used as a saving method that can be sold when necessary. " .

Tourists sales

For his part, the director of the "Dahkan Jewelery" company, Vishal Dahkan, pointed out that "one of the prominent indicators in the markets recently is the remarkable growth in demand for sales of gold coins, especially from European tourists or residents of Asian nationalities," noting that "declines The price is among the factors that contributed to the growth in demand for these products, in addition to the positive effects of the declines in stimulating the demand for sales of gold jewelry ».

Price indicators

In addition, at the end of last week, gold prices recorded decreases that ranged between 2.5 and 3 dirhams per gram of various gauges.

The price of a gram of 24 carat gold reached 188.25 dirhams, a decrease of three dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22 carat gold recorded 176.75 dirhams, a decrease of three dirhams, and the price of a 21-carat gram reached 168.75 Dirhams, down 2.75 dirhams, and the price of a 18-carat gold gram reached 144.5 dirhams, down 2.5 dirhams.

Gold is heading for the largest weekly decline in 3 months

Gold prices stabilized yesterday, after rising for two days with the decline in stocks, while the coronary virus, "Corona", which appeared in China, is showing no signs of abating amid mounting fears of a wider impact on economic growth. But the metal remains in its biggest weekly decline in three months, as strong data for the US economy continued, including a decline in jobless claims and a strengthening of the dollar. The spot price of gold was stable, little changed, at $ 1566.33 an ounce, but down 1.5% for the week. US gold futures settled at $ 1569.3 an ounce. "The focus is on whether we are going to get a strong enough economic shock (from the virus) to push central banks to cut interest rates further," said Elia Spivac, foreign exchange analyst at DailyFX. London ■ Reuters

- A remarkable growth in demand for sales of gold coins from European tourists and Asian nationalities.

Increased demand for more than 18 carat craftwork in designs.