Affected by the absence of stimuli, buying seasons and large price drops

The market is witnessing a limited demand for gold jewelry

Expectations of an improvement in the demand for gold jewelry in greater proportions during the coming period.

Photography: Patrick Castillo

Officials of outlets selling gold and jewelry trade said that the markets have recently witnessed a limited demand for sales of gold works, affected by the absence of incentives and buying seasons, and the large price drops.

They expected to "Emirates Today" that the markets will witness greater rates of improvement in the coming weeks, with the approach of the end of the school season, and registration procedures for the new year. Yesterday, gold prices recorded decreases in values ​​that ranged between 50 fils and a dirham per gram of various calibers, compared to their prices at the end of the previous week. It is according to the price indicators announced in Dubai and Sharjah.

Limited Demand The sales manager at Al-Sarraf Jewellery, Abdullah Muhammad Al-Tohamy, said that the markets are currently witnessing slow manifestations and limited demand for sales of gold jewelry, affected by the preoccupation of a large number of dealers in the end-of-school exams and registration for the new season, in addition to the absence of strong incentives to purchase.

He pointed to the expectations of some dealers that gold will record large, motivating price drops, which made them postpone purchasing decisions and anticipate price changes.

For his part, said Ashwin Shawni, the sales official at the Imperial Jewelery store, that the outlets recorded a mixed demand for buying gold jewelry, but it remains limited so far.

It was agreed that the absence of purchase incentives, such as seasons and occasions, is one of the main factors that are reflected in the variables of demand in the markets.

He added, "Some of the demand operations that the markets witnessed were concentrated in small pieces of artifacts of 18 and 21 carats," expecting that the end of the school year period will have effects on the current demand in the markets.

And the manager of the "Mashoom Jewelery" store, Raj Bahi, agreed that the demand for gold jewelry is currently affected by factors, most notably the absence of seasons and occasions and large price drops, expecting an improvement in demand indicators in greater proportions during the coming period.

gold prices

Yesterday, the price of a gram of 24-carat gold recorded 224 dirhams, a decrease in its value, compared to its price at the end of the previous week, at a time when the price of a gram of 22-carat gold recorded 210.5 dirhams, a decrease of 50 fils.

In turn, the price of a gram of 21-carat gold reached 200.75 dirhams, a decrease of 50 fils, and the price of a gram of 18-carat gold reached 172 dirhams, a decrease of 50 fils.

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