Traders await new price drops
Traders: A "cautious" demand for buying and exchanging gold
Gold recorded limited declines, ranging between 75 fils and a dirham per gram.
Emirates Today Archives
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Officials of gold and jewelry trade outlets confirmed to "Emirates Today" that the markets witnessed a demand described as "cautious" by dealers to buy gold jewelry, or replace used crafts with new ones, in anticipation of new price declines in the yellow metal.
At the end of last week, gold prices recorded limited declines, ranging between 75 fils and a dirham per gram of various calibers, compared to their prices at the end of the previous week, according to price indicators announced in the Dubai and Sharjah markets.
Traffic of shoppers
In detail, the trader, Sami Malik, said that he decided to buy one piece of gold jewelry instead of two, as he had previously planned, in anticipation of the possibility of gold registering price declines during the coming period.
In turn, the client, Abeer Mahdi, stated that she had replaced her old gold crafts with modern models, and that she had postponed the purchase of other pieces pending new declines in gold prices, according to market expectations.
As for the dealer, George Abram, he said that he intended to buy two rings and a gold chain for a family occasion, but he decided to postpone buying some of them for the next week with the spread of expectations for a further decline in gold prices, pointing out that the decision to postpone the purchase comes with being not in a hurry now.
Cautious turnout
In addition, the manager of the “Al-Shahid Jewelery” store, Malik Imam, said that the markets recorded the turnout of a number of dealers to buy or replace gold jewelry, describing that demand as “cautious”, as dealers made decisions, according to what is monitored in the shop, decisions to postpone buying Gold coins, anticipating new lows in the yellow metal, according to what is trading in the markets.
In the same context, the director of the branch of the Gold House Jewelery store, Abu Hussein Al-Yafei, confirmed that there is a demand for buying, but at limited rates and cautiously from dealers who inquire about prices, expectations of a decrease, and ultimately reduce purchases, or postpone the purchase of some gold coins for some time Expected declines.
The director of the Baghdad Jewel of Gold and Jewelery Trading Company, Intisar Ward, agreed that the markets had recently witnessed remarkable indications of replacing old artifacts with new ones, in addition to limited purchases of new gold artifacts of small weights, pointing to a cautious situation of a number of current dealers towards operations Buying, awaiting gold to record further declines during the coming period.
gold prices
At the end of last week, gold prices recorded declines ranging between 75 fils and a dirham per gram of various karat.
The price of a gram of 24-carat gold was 234.25 dirhams, with a decrease in its value, while the price of a 22-karat gold gram was 220 dirhams, a decrease of 75 fils.
The price of a gram of 21 carats reached 210 dirhams, a decrease of 75 fils, and the price of a gram of 18 carat gold reached 180 dirhams, a decrease of 75 fils.
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