The gram of gold records decreases of up to 3 dirhams
“Holidays” and falling prices support gold sales
Most of the sales were concentrated in small pieces of 18 and 21 carat weight.
Photography: Ashok Verma
Officials of sales outlets for the trade of gold and jewelry confirmed that sales of goldsmiths recently recorded a growth in demand, supported by the summer holiday season, and the decline in the prices of the yellow metal.
They told «Emirates Today» that the sales outlets have regained manifestations of a gradual recovery in sales, which supports the improvement in demand during the coming periods, explaining that most of the sales were concentrated in small-weight pieces of 18 and 21 carats.
gold prices
Yesterday, gold prices recorded decreases with values ranging between 2.25 and three dirhams per gram of various calibers, compared to their prices at the end of the previous week, according to price indicators in Dubai and Sharjah.
The price of a gram of 24-carat gold amounted to 221 dirhams, a decrease of three dirhams, while the price of a gram of 22-carat was recorded at 207.75 dirhams, a decrease of 2.75 dirhams.
In turn, the price of a gram of 21 karat reached 198.25 dirhams, a decrease of 2.5 dirhams, and the price of a gram of 18 karat reached 169.75 dirhams, a decrease of 2.25 dirhams.
demand recovery
The director of «Baghdad Jewel Gold Trading Company», Intisar Ward, indicated that the recovery in demand in the gold markets, supported by the willingness of dealers for the travel season and summer holidays, and the decline in the price of gold.
He added that most of the demand was concentrated in gifts of goldsmiths, while small bars and gold coins witnessed recovery rates of varying proportions.
expected improvement
In turn, the director of "Anfar Jewelery Company", Abdul Mohsen Anfar, agreed that the end of the school examination season, and the preparations of a large number of dealers to travel, revived sales of gold jewelry.
He expected that sales of gold jewelry would improve in greater proportions during the coming periods, especially in light of the anticipation of a large number of dealers for expected price drops.
Expected declines
In the same context, the director of "Dehkan Jewelery Company", Jay Dehkan, said that several outlets for the jewelry trade are counting on the current period to compensate for the periods of slow demand during the last period.
He considered that the summer holiday season and the decline in prices had positive effects in the recovery in large proportions of the goldsmiths markets.
He added that most purchases are currently concentrated in 18 and 21 carats, while a large number of dealers prefer buying small and medium pieces, with anticipation for new price drops.
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