Gold prices recorded significant declines at the end of last week, with values ​​ranging between 15.25 and 20 dirhams per gram of various gauges, according to the prices announced in the Dubai and Sharjah markets.

Manafeth gold and jewelery trade officials told Emirates Today that gold prices recorded stimulating decline rates and are the largest on a weekly basis for more than four years, but their repercussions were slight and not affecting the markets, and did not contribute to an improvement in the demand for purchasing new artifacts, especially with The decline in tourist purchases.

Weekly rates

In detail, Ashok Poet, the manager of the "Dahkon Jewelry" shop, said that "despite the significant decline in gold prices, which is the largest in terms of weekly rates for more than four years, the declines were very slight, and were not effective in re-activity. The demand for sales of new artifacts, and the slowdown indicators dominated the markets, pointing out that it is expected that these declines will be reflected in stimulating the demand for bullion and currency purchases in the coming days.

Slow request

For his part, Abdulaziz Al-Khatib, head of the Annan Jewelry store, said that “the markets witnessed a continuation of the slowdown in demand for new crafts, and the significant price declines were not reflected in them in a significant way, especially with the significant decline in tourist purchases and the lack of preference for a large number of dealers. From the markets during the current period, and wait and see for more price falls for gold in the coming period. ”

Decline indicators

In turn, the director of the "Roots for Jewelry" shop, Moussa Saad, said that "the large price falls of gold, which are the highest in the weekly decline indicators for more than four years, were not significant in re-energizing the demand for the purchase of new artifacts, which were affected by large proportions of decline Tourist purchases, postponing a large number of dealers to buy during the current period and anticipating further price declines for gold during the coming period ».

gold prices

In addition, the prices of gold recorded at the end of last week in the state markets, significant declines in values ​​ranging between 15.25 and 20 dirhams per gram of various calibers.

The price of a gram of 24-carat gold was 179.25 dirhams, a decrease of 20 dirhams compared to its prices at the end of the previous week. While the price of a 22-carat gold gram was 168.5 dirhams, down 18.75 dirhams. The gram price of 21 carats reached 160.75 dirhams, down 17.75 dirhams. The price of a gram of 18 carat gold reached 137.75 dirhams, a decrease of 15.25 dirhams.

"Buy on the margin" is pushing gold globally to decline

Gold prices rose yesterday, as demand for safe haven assets outperformed after a stampede towards liquidity in light of concerns about the economic damage caused by the Corona virus, but the yellow metal is heading towards the second weekly decline at a time when investors sold the metal to cover positions to margin in other assets .

And gold gained in spot transactions 2% to $ 1499.92 an ounce after falling 1% in the previous session and headed towards recording a drop in the week. And gold rose in US futures 0.6% to 1487.9 dollars.

Asian stocks sought breathtaking after gains on Wall Street, while the dollar crossed a three-year high as the epidemic caused a rush towards liquidity.

For other precious metals, palladium rose 3% to $ 1701.53 an ounce.

Platinum jumped 4.6% to $ 613.54, but it is on track for the biggest weekly drop ever.

Analysts said that platinum and palladium will continue to record turmoil in the coming months after huge losses sparked by the outbreak of the Corona virus, before embarking on a temporary recovery supported by a supply gap in palladium and the link of platinum to gold.

And silver won in immediate transactions 5% to $ 12.72, but it headed towards recording the second weekly decrease of about 15% since September 2011. London ■ Reuters

Prices fell within a week, at a value of up to 20 dirhams per gram.

168.5

Dhs a gram price of 22 carat gold.