Expectations of an improvement in demand in the coming days

Traders: Limited improvement in crafts sales supported by stability in gold prices

A large number of dealers are awaiting further price declines to buy.

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At the end of last week, gold prices recorded stability in their indicators of various calibers compared to their prices at the end of the previous week, according to the prices announced in Dubai and Sharjah.

Officials of gold and jewelry outlets told Emirates Today that the price stability recorded by the yellow metal, finally, supported an improvement in demand for artifact sales in a limited way, with some anticipating declines at stimulating rates, expecting that the coming days will witness a greater increase in sales. With most of the employees receiving their salaries, and the increase in tourist groups during the peak of the winter season.

In turn, dealers reported that they bought small and limited gifts from the artifacts, due to their association with family occasions, noting that the persistence of prices at high rates, despite their relative stability recently, prevented the expansion of purchases.

Buy gifts

In detail, the dealer, Mahmoud Al-Sayed, said that he bought a gift from the artifacts on the occasion of one of his family members, pointing out that "the stability of gold prices is one of the positive things, but it is still at high price limits in general."

The trader, Abdel Wahab Ahmed, added, "He was forced to reduce the purchase of gifts from artifacts, because gold prices continued at high rates despite their relative stability recently."

The dealer, Amer Bashar, said that he "is following the price of gold in order to buy a piece of gold, and that he had to buy one piece of artifacts, especially with the approaching date of his special occasion."

Price stability

In turn, Manjesh Balikra, a sales official at Regie's jewelry store, said that “the price stability of gold, finally, has supported the continued demand for artifacts and the improvement of sales in a limited way. During the next two days, in addition to the expected increase in tourist groups during the height of the winter season, especially from European countries.

For his part, the director of the Rikesh Jewelry Company, Rikesh Dahnak, said, “The markets have witnessed limited improvement rates in the sales of artisans, affected by price stability, but they are still limited, especially with some anticipating price declines, and thus sales are expected to increase at greater rates. During the coming period, with the expectation of a segment of dealers heading to buy, in addition to some dealers not receiving salaries yet, and thus better sales results will appear upon receipt of salaries.

The director of sales at Diamond Jewelery, Dilip Sony, pointed out that “the markets, despite recording limited rates of improvement, with price stability, but a large number of merchants are counting on a further recovery in sales during the coming days, which ends the state of relative calm. The year has been in the market for days, ”pointing out that“ a large number of dealers await further price declines, in order to accept buying at greater rates. ”

gold prices

The price of a gram of 24 carat gold was 225.25 dirhams, similar to its prices at the end of the previous week.

While the price of a gram of 22 carat gold is 211.5 dirhams.

The price of a gram of 21 carats reached 201.75 dirhams, and the price of a gram of 18 carat gold reached 173 dirhams.

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