Traders: Lower prices reflected positively on the markets
Purchases by tourists support the demand for new gold jewelry
Gold prices fluctuated over the past week. Photography: Ashok Verma
Gold prices continued their declines for the second week in a row, recording limited declines of 25 fils per gram of various karat yesterday, compared to their prices at the end of the previous week, according to price indicators announced in Dubai and Sharjah.
Gold prices witnessed fluctuations in their indicators over the past few days, before ending the week with a decline, after recording a decline of more than 14 dirhams the previous week.
In addition, officials of gold and jewelry trade outlets told "Emirates Today" that despite the recent fluctuation in gold prices, its conclusion of the week with declines reflected positively on the markets, in addition to the emergence of signs of gradual improvement in tourists' demand to buy, which supported the demand for handicrafts. The new gold.
In detail, the dealer, Mahmoud Saleh, said that the gold prices remained at low rates, motivated him to buy a gift of gold jewelry of 21 carats, but he is waiting for new drops so that he can buy other pieces.
For his part, the trader, Abbas Reda, stated that he intended to buy more than one piece of gold jewelry, but he preferred to buy one piece now, and postpone the purchase until a later time, with gold prices expected to record additional declines during the coming period.
As for the dealer, Nael Saeed, he mentioned that he bought one piece of jewelry as a gift of 18 carats, after he had intended to buy two pieces to take advantage of the lower prices, but he decided to wait until the coming days, in anticipation of new drops in gold prices.
For his part, Director of Sales at "De Diamond Jewelery", Dilip Sony, said that the recent arrival of tourist groups to local markets, especially in Dubai, contributed to the gradual improvement in sales of new artifacts, especially with the recent price declines in gold prices. Which had positive repercussions on the markets. It is expected that the gold markets will witness a greater improvement in the sales of tourists during the coming period.
In turn, Director of Sales at "Reggie Jewelery", Mangesh Balikra, said that despite the fluctuation in gold prices during the past week, its conclusion of the week with rates of decline similar to the indicators of its declines during the previous week had positive repercussions on the markets, especially with the start of The gradual improvement in sales of tourists, supported by the activity of demand for the purchase of new crafts and jewelry.
He explained that the state of volatility made some dealers accept buying cautiously, in anticipation of additional declines, especially after the great decline in gold prices during the previous week, which exceeded 14 dirhams per gram.
Jalish Saqr, director of the Al-Ayyam Jewelery store, considered that the continuation of prices at low rates for the second consecutive week is one of the positive indicators, but he pointed out that most dealers are still anticipating further declines.
He expected that the gradual improvement in the sales of tourists during the coming period would contribute to the positive transformation of activity in the markets.
the prices
At the end of last week, gold prices recorded limited declines, amounting to 25 fils per gram of various karat.
The price of a gram of 24 carat gold was 233.75 dirhams, a decrease of 25 fils, compared to its prices at the end of the previous week, while the price of a gram of 22 carat gold was 219.5 dirhams, down 25 fils, while the price of a 21-carat gram reached 209.5 dirhams , Down by 25 fils. The price of a gram of 18 carat gold reached 179.5 dirhams, down by 25 fils.