Gold prices recorded, at the end of last week, declines ranging between 1.25 dirhams and two dirhams per gram of various calibers, compared to the prices of the previous weekend, according to the price indicators announced in Dubai and Sharjah.
Officials of gold and jewelry outlets told Emirates Today that the decline in prices after two weeks of consecutive increases stimulated a number of dealers to buy gold coins for saving purposes, and as a hedge from the return of gold prices to record large expected increases during the coming period, noting that the conditions The current relative change in consumption patterns for gold market dealers.
Buying currencies
In detail, Ashwin Shawnee, the sales official at the "Imperial Jewelry" shop, said that the gold price declines recently, supported the demand of traders to buy gold coins for savings purposes, and as a hedge against recording large price increases expected in the markets during the coming period. Shawnee pointed to limited transactions on buying gold bars with small weights, but the biggest demand is focused on currencies, as they are easily resale and can be used for decorative purposes.
New artifacts
For his part, the director of "Hayat Jewelry" company, Dilip Dahkan, said that despite the gold recorded price declines after two consecutive weeks of increases, the price decline did not affect the purchase of new gold items, while the resale of used jewelry declined, with the expectation of dealers To new heights in prices.
He agreed with Shawnee that the price declines supported some dealers ’willingness to buy gold coins for saving purposes, and to hedge the gains in large proportions during the coming period.
Dahkan said that the currencies are easily resale, and that they can be used later in the form of gifts or for decoration, especially for dealers from the nationalities of Asian countries, pointing out that some dealers believe that the currencies are more suitable for saving during the current conditions, unlike the alloys that are kept for investment purposes, which makes The demand for it is currently very limited, with a preference to buy it during the big price declines.
Consumer patterns
In the same context, the director of the «Rikesh Jewelery» company, Rikesh Dhannak, said that the current conditions have changed a relative pattern of consumption patterns for dealers in the gold markets, which made some of them looking to buy coins for savings.
Dahnak pointed out that the recent price declines in gold did not affect the purchase of new artifacts, due to the absence of incentive occasions to buy now, and most traders are awaiting further price declines.
gold prices
The price of a gram of 24 carat gold reached 208.25 dirhams, a decrease of two dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22 carat gold amounted to 195.5 dirhams, down 1.75 dirhams.
The price of a 21-carat gram reached 186.75 dirhams, a decrease of 1.5 dirhams, and a gram of 18-carat gold reached 160 dirhams, down 1.25 dirhams.