Holiday gifts and price drops boosted sales
The gram of gold is down 19.5 dirhams in 4 weeks
The price of a gram of 24-carat gold decreased by 3.75 dirhams.
Photography: Ashok Verma
Gold prices continued their declines for the fourth week in a row, recording a decline of between 2.75 dirhams and 3.75 dirhams per gram of various calibers, compared to their prices at the end of the previous week, according to the price indicators announced in Dubai and Sharjah, while the total decline in the price of a gram of gold reached Within four weeks, 19.5 dirhams.
The price of a gram of 24-carat gold was 204 dirhams, a decrease of 3.75 dirhams, while the price of a gram of 22-carat gold was 191.75 dirhams, a decrease of 3.5 dirhams.
In turn, the price of a gram of 21 carats reached 183 dirhams, a decrease of 3.25 dirhams, and the price of a gram of 18 carats reached 156.75 dirhams, a decrease of 2.75 dirhams.
The director of Al-Ayyam Jewelery, Galish Saqr, said that the markets have recently witnessed a growth in demand for sales of gold jewelry, supported by the demand of dealers to buy travel gifts, pointing out that the continuation of prices at low limits contributed to the growth of that demand.
He pointed out that most of the demand was for 18-carat gold jewelery for dealers of Arab and European nationalities, while it focused on 21-carat goldsmiths for dealers of Asian nationalities.
For his part, the manager of the "Mashoom Jewelery" store, Raj Bahi, said that some dealers prefer to buy shortly before traveling, which reflected positively on the demand in the markets.
He pointed out that some dealers had been anticipating price changes for a while, to make a purchase decision, agreeing that keeping prices at low rates motivated these dealers to buy.
He pointed out that gold sales outlets in commercial centers are among the most popular, compared to their counterparts in the open markets, due to considerations related to the movement of dealers during the summer.
In the same context, the director of the "Rikesh Jewelery" company, Rickish Dhann, said that the summer holiday season and its keeping with the low price limits of gold are among the factors motivating demand in the market today.
He explained that some dealers of Asian nationalities currently prefer to mix handicraft gifts and gold coins for saving purposes, with expectations of price increases during later periods.
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