Gold prices continued to decline for the second week in a row, registering at the end of last week declines that ranged between 1.5 and 1.75 dirhams per gram of various titers, compared to their prices at the end of the previous week, so that the total value lost by the gram of gold during the past two weeks amounted to five dirhams. Gold traders said that a large number of dealers are currently waiting for prices to fall back in greater proportions, pointing to very limited transactions currently on selling gold bars and small-weight currencies.
Stay tuned
The director of «Rikesh Jewelery Company», Rikesh Dhannak, said that a large number of dealers are currently waiting for the return of prices to decrease in more proportions, and they are satisfied with inquiring about gold prices and the expectations of future traders.
Dahnak pointed out that it is the first time in more than seven weeks, in which gold records decline rates for two consecutive weeks, given that the repercussions of the emerging Corna virus (Covid-19) were causing gold prices to rise most of the time, with a temporary retreat sometimes for a week. One before rising again.
He pointed out that there are very limited transactions currently on the sale of gold bars and small-weight currencies, with concern expressed by traders who own these products about the continuing decline in prices and their desire to obtain financial liquidity in exchange for selling them.
Further declines
In turn, the sales official at Ashwin Shawnee's Imperial Jewelry store attributed the lack of influence of gold price declines on the movement of demand to two factors: The first is that a large number of dealers are looking for more price declines, especially after the series of highs recorded by gold in the last period The second factor is that most dealers are not accustomed to returning to buy from the market, given the current circumstances, and this will take time.
He stressed that registering gold for new declines during the coming period will be a strong incentive for traders to return to buying and stimulate markets.
High boundaries
In the same vein, the manager of the "Dahken jewelry" store, Ashok Poit, said that the gold prices are still at high limits. He added, "It is expected, according to international reports, that prices will record additional declines, especially as business sectors return to start their activities gradually."
gold price
The price of a gram of 24 carat gold reached 205.75 dirhams, a decrease of 1.75 dirhams, while the price of a gram of 22 carat gold amounted to 193.25 dirhams, a decrease of 1.75 dirhams. The price of a gram of 21 carats reached 184.50 dirhams, a decrease of 1.5 dirhams, and the price of a gram of 18 carat gold reached 158 dirhams, a decrease of 1.5 dirhams.