The price of a gram records decreases of more than 8 dirhams in a week

“Eid al-Fitr” and lower prices support gold sales

The price of a gram of 24-carat gold recorded a decrease of 8.75 dirhams.

Photography: Ashok Verma

Yesterday, gold prices recorded decreases that ranged between 5.75 and 8.75 dirhams per gram of various carats, compared to their prices at the end of the previous week, according to the price indicators announced in Dubai and Sharjah.

Officials of sales outlets for the gold and jewelry trade said that the markets witnessed a growth in varying rates in the demand for sales of gold works, supported by price drops, and dealers' demand to buy gifts with the approach of Eid al-Fitr.

They expected "Emirates Today" to improve sales at greater rates in the coming days, noting that the 18- and 22-carat artifacts captured the largest proportions of sales.

gold prices

The price of a gram of 24-carat gold amounted to 227.5 dirhams, a decrease of 8.75 dirhams, while the price of a gram of 22-carat gold was 213.75 dirhams, a decrease of 8.25 dirhams.

In turn, the price of a gram of 21-carat gold reached 204 dirhams, a decrease of 7.75 dirhams, and the price of a gram of 18-carat gold reached 174.75 dirhams, a decrease of 5.75 dirhams.

gradual improvement

The director of "Rikesh Jewelery Company", Rickish Dahnak, said that the demand for sales of goldsmiths witnessed a gradual improvement, supported by the price drops recorded by the yellow metal, with dealers buying gifts on the occasion of Eid al-Fitr, pointing out that some dealers prefer to buy gifts of jewelry in a way. Early, in order to avoid crowded markets during the Eid period or to prepare for travel.

For his part, sales manager at Diamond Jewelery, Dilip Soni, said that Eid Al Fitr reflected positively on the markets, with the increasing demand, especially with the current prices of gold stimulating purchase.

He expected the demand for handicrafts and jewelry to rise in the coming days, especially with the growth of Arab tourism in the country's markets during the Eid period.

Expected heights

In the same context, Mangesh Balikra, sales manager at the "Reggie Jewelery Store", indicated that most dealers buy gifts of 18- and 22-carat gold jewelry, which accounted for the largest percentage of sales.

He stressed that most merchants are counting on an increase in sales in the coming days, especially during the Eid al-Fitr holiday.

• 18- and 22-carat artifacts captured the largest percentage of sales.

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