Decreases exceeding 8 dirhams per gram of gold in a week

The decline in prices and “Al-Adha” drive the demand for gold jewelry

The price of a gram of 24-carat gold has decreased by 8.25 dirhams.

Emirates today

Yesterday, gold prices recorded decreases of between 6.5 and 8.25 dirhams per gram of various carats, compared to their prices at the end of the previous week, according to price indicators announced in Dubai and Sharjah, to record the total decline in the price of a gram of gold within two weeks of 12 dirhams, at a time he said In it, officials of outlets selling gold and jewelry trade told «Emirates Today» that the decline in gold prices and the Eid al-Adha season have moved the demand for new gold artifacts.

gold prices

The price of a gram of 24-carat gold amounted to 211.5 dirhams, a decrease of 8.25 dirhams, while the price of a gram of 22-carat gold was 198.5 dirhams, a decrease of eight dirhams.

In turn, the price of a gram of 21-carat reached 189.5 dirhams, a decrease of 7.5 dirhams, and the price of a gram of 18-carat gold reached 162.5 dirhams, a decrease of 6.5 dirhams.

demand improved

The manager of the "Al-Ayyam Jewelry" store, Galish Saqr, said that the markets have recently witnessed a remarkable improvement in the demand for sales of new gold works, supported by the price drops recorded by the yellow metal, in addition to the Eid al-Adha season.

He pointed out that the improvement in sales came after a slowdown in demand during the previous two weeks, which makes sales outlets count on the weekend, which coincides with the Eid al-Adha holiday, to stimulate sales in greater proportions.

Purchasing Decisions

For his part, the director of “Machoom” Jewelery Company, Raj Bahi, expected that the coming days will witness a greater improvement in the sales of gold works, especially with a number of dealers preferring to buy gifts during the holiday period, noting that some dealers postpone purchase decisions in the hope of additional price drops. .

He said that Eid al-Adha is one of the occasions that stimulate the buying movement in the markets, which may stimulate demand, compared to the quiet periods witnessed by the markets during the previous days, which were devoid of price incentives and occasions.

sales recovery

In the same context, the director of the "Rikesh" jewelry company, Rekesh Dahn, agreed that sales began to move gradually towards improvement, supported by the recent declines in gold prices, in addition to the demand of some dealers to buy gifts on the occasion of Eid al-Adha.

Dahn expects sales to rebound at greater rates in the coming days. 

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