Gold traders expected that the indicators of market demand for gold jewelery will improve in the coming period, especially before Eid Al Fitr.
And gold prices recorded locally at the end of last week, declines that ranged between two and 2.75 dirhams per gram of various calibers, after three consecutive weeks of gains.
The price of a gram of 24-carat gold was 207.5 dirhams, a decrease of 2.75 dirhams, while the price of a gram of 22-carat gold amounted to 195 dirhams, down 2.5 dirhams. The price of a gram of 21 carats reached 186 dirhams, a decrease of 2.25 dirhams, and the price of a gram of 18 carat gold reached 159.5 dirhams, a decrease of two dirhams.
The director of the Dahkan Jewelery Company, Jay Dahkan, said that despite the reopening of the gold stores, the slow demand for gold jewelry dominated the markets, due to the entry into the month of Ramadan, and the accompanying calm in demand.
Dahkan expected that the demand indicators in the market will improve further during the coming period, especially before Eid Al Fitr.
For his part, Director of the Roots Jewelry Company, Musa Saad, said that the reopening of the gold markets after a period of more than four weeks, is one of the positive steps, despite the current slow state in the markets, expected that their positive effects will appear more during the coming period and before Eid Al-Fitr.
Saad attributed the slow state to entering the month of Ramadan, the absence of tourist groups from the markets, and the weak purchasing movement locally.
In the same context, the sales manager of "Riji Jewelry Stores", Manjish Palikra, expected markets to see improvement in the coming period, as dealers are accustomed to the return of natural shopping aspects, especially during the period leading up to Eid Al Fitr.