Dealers expect a significant improvement in sales in the coming period

Tourists and lower prices support the demand for gold jewellery

The price of a gram of 24-carat gold decreased by 3.5 dirhams to 216.75 dirhams.

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Officials of gold and jewelry trade outlets confirmed to "Emirates Today" that the markets witnessed a limited improvement in demand for gold jewelry, with the support of the recent price drops for gold, expecting a growing demand in the event of prices stability at close limits, or their decline further, especially that some Dealers postpone the purchase decision in anticipation of further price drops for gold.

They revealed to "Emirates Today" that a large part of the sales were for tourists, considering the beginning of the improvement in demand by tourists as positive indicators that indicate the market's direction for more sales during the coming period.

In turn, traders agreed that the current prices of gold are an incentive to buy, compared to the price limits during the previous weeks, noting that their purchase decisions came to take advantage of the decline in the prices of the yellow metal.

And gold prices, recorded at the end of last week, decreased by 2.25 and 3.5 dirhams per gram of various carats, compared to their prices at the end of the previous week, according to the price indicators announced in the Dubai and Sharjah markets.

The price of a gram of 24-carat gold amounted to 216.75 dirhams, a decrease of 3.5 dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22-carat gold amounted to 203.75 dirhams, a decrease of three dirhams.

The price of a gram of 21 karat reached 194.25 dirhams, a decrease of 2.5 dirhams, and the price of a gram of 18 karat gold reached 166.5 dirhams, a decrease of 2.25 dirhams.

purchase decisions

The dealer, Naji Abdel Rahim, said that he has been following the changes in gold prices for a while, and he has now decided to buy a piece of gold jewelry, as a gift, to take advantage of the decline in the prices of the yellow metal.

For his part, the dealer, Waqas Saeed, said that he bought two pieces of gold coins, as gifts, coinciding with the decline in gold prices in the markets now.

As for the dealer, Muhammad Abbas, he said that the current prices of gold are motivating to buy compared to the price limits during the previous weeks, which made him buy a 22-carat gold gift.

tourist activity

In addition, the director of the "Machoom Jewelery Store", Raj Bahi, said that the outlets have recently witnessed indicators of a limited improvement in the demand for gold jewelry, supported by the price decline that the yellow metal recently recorded, pointing out that a large part of the sales were for tourists, with the start of Tourism activity improved.

For his part, the sales manager at Diamond Jewelery, Dilip Soni, expected that the limited improvement in sales of gold works would continue to grow during the coming period, in the event that prices stabilize at similar low limits, or a further price decline is recorded, pointing to Many dealers currently prefer to watch price indicators in the hope of additional price drops.

Sony stressed that the start of improvement in demand by tourists is one of the positive indicators that indicate the market direction for more sales during the coming period.

As for the director of “Basalt Jewelery Store”, Ali Al-Yafei, he attributed the limited improvement in sales of gold works, despite the decrease in the price of gold compared to previous weeks, to the continued travel of a large number of dealers on summer vacations, and the preoccupation of some with school season commitments.

Al-Yafei expected that the markets would witness a remarkable improvement in sales during the coming period, supported by the return of the tourist season, especially with the continuous increase in the resumption of flights with a large number of countries in the world.

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