Its value ranged between 2.5 dirhams and 3 dirhams per gram
Price declines improve the demand for gold jewelry
Dealers preferred the 18 karat caliber when buying the gold.
■ Emirates Today
At the end of last week, gold prices recorded decreases that ranged between 2.5 dirhams and 3 dirhams per gram of various karat, compared to their prices at the end of the previous week, according to price indicators in Dubai and Sharjah.
Officials of gold and jewelry trade outlets confirmed to Emirates Today that the declines improved the demand for sales of new gold jewelry in a limited way, at a time when dealers said that they bought gold jewelry in small sizes, with prices still at high levels in general.
In detail, the dealer, Sami Abdel-Khaleq, said that he bought a gold coin after the price finally fell, pointing out that he preferred the 18-carat carat, because it is the most diverse and the cheapest among the other calibers.
In turn, the dealer Ibrahim Al-Sayed stated that the low price of gold motivated him to buy a piece of gold jewelry of 18 karat, stressing that he postponed the purchase decision during the past days, until the prices record decreases that motivate him to buy.
As for the client, Ghada Mahmoud, she pointed out that she had bought two pieces of gold artifacts, in small sizes, considering that the prices are still at high levels in general, despite their recent decreases.
She explained that the two pieces were of 18 carat, being the most versatile, and more suited to Arab tastes.
In addition, Samir Ali, a sales official in the "Nakheel Jewelery" store, said that the recent declines in gold prices motivated some dealers to buy new artifacts, which contributed to improving purchases in the markets, but at limited rates.
He pointed out that the markets are still witnessing a turnout of dealers to sell their gold jewelry to stores, in order to benefit from the high prices and obtain financial liquidity.
Coins and bullions
Coins and bullions
Yasser Al-Yafei, the sales official at Al-Iman Jewelry store, agreed with his counterpart that the markets witnessed a limited improvement in the demand for new gold jewelry, supported by the recent price declines in gold, pointing out that the demand was concentrated in small pieces, with dealers anticipating For more price declines during the coming period.
He explained that the trade in currencies and gold bullion has witnessed a slowdown in the recent period, both buying and selling, with dealers waiting for opportunities for a significant decline in prices in order to buy, or for price rises that encourage them to sell what they have.
In the same context, Abdullah Muhammad Al-Tohami, the sales manager at the Jewelery Al-Sarraf store, considered that the recent price declines have contributed to improving the demand for new artifacts, even if at limited rates, thus breaking the great slowdown that had dominated the sector during the last period.
He pointed out that the market witnessed a retreat in the demand to buy bullions and gold coins, and there were also sales of used artifacts in the possession of dealers.
The price of a gram of 24 carat gold reached 235 dirhams at the end of last week, at a decrease of three dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22 carat gold recorded 220.75 dirhams, down by 2.75 dirhams.
The price of a gram of 21 carats reached 210.5 dirhams, a decrease of 2.75 dirhams, and the price of a gram of 18 carat gold reached 181.5 dirhams, a decrease of 2.5 dirhams.
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