Gold prices recorded at the end of last week, limited declines, which ranged between 75 fils and dirhams per gram of different calibers, compared to their prices at the end of the previous week, according to the prices announced in the Dubai and Sharjah markets.
The price declines come after large increases recorded by the yellow metal, the previous week, exceeding 14 dirhams per gram, at a time when two officials at two gold outlets confirmed an activity in e-commerce operations after the markets are currently temporarily closed.
The price of a gram of 24 carat gold reached 192.5 dirhams, with a decrease of one dirham, while the price of a gram of 22 carat gold recorded 180.75 dirhams, a decrease of dirhams. The price of a 21-carat gram reached 172.5 dirhams, a decrease of dirhams as well, and the price of a gram of 18-carat gold reached 148 dirhams, a decrease of 75 fils.
The manager of «Rikesh Jewelery Company», Rikesh Dhanak, said that gold prices, despite their decline, have continued at very high limits, due to the lack of record prices in large proportions due to the continued demand for gold in global markets, as a safe haven for investment, in light of the repercussions Corona virus emerging.
He added that activity in local markets is currently limited to e-commerce for companies affiliated sites, or through social networking pages in "Instagram" and "Facebook", stressing that the closure of gold stores activated e-commerce in the gold and jewelry sector.
In turn, the general manager of the «Dahkan Jewelery Company», Jay Dahkan, expected that gold prices will continue at high limits during the current period, and demand was focused in large proportions on the yellow metal, as it is the safest haven during crises and turmoil globally. He agreed with his counterpart that the e-commerce of gold and jewelry witnessed a growth in different proportions with the continued closure of the gold markets, as part of the procedures followed to limit the spread of the Corona virus.