The yellow metal records the first decline after 3 consecutive weeks of gains
Merchants: Gold ware sales improve with lower prices
Dealers confirmed that the improvement in sales is still limited.
Photography: Ahmed Ardeti
Gold prices recorded declines at the end of last week, whose value ranged between 3.25 and 4.5 dirhams per gram of various carats, compared to their prices at the end of the previous week, according to the price indicators announced in the markets of Dubai and Sharjah.
Officials of the gold and jewelry trade outlets told «Emirates Today», that the sales of new goldsmiths recorded a gradual improvement, with the price declines recorded by the yellow metal after a series of successive rises, in addition to the improvement in the demand for tourists at the outlets.
In detail, gold prices in the Dubai and Sharjah markets witnessed, at the end of last week, decreases whose value ranged between 3.25 and 4.5 dirhams per gram of various carats.
The price of a gram of 24-carat gold amounted to 213.5 dirhams, a decrease of 4.5 dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22-carat gold amounted to 200.5 dirhams, a decrease of four dirhams.
The price of a gram of 21 karat reached 191.5 dirhams, a decrease of 3.5 dirhams, while the price of a gram of 18-carat gold reached 164 dirhams, a decrease of 3.25 dirhams.
Director of Al-Ayyam Jewelery, Galish Saqr, said that the markets have recently witnessed noticeable improvement in demand for sales of new gold works, following the price drops recorded by the yellow metal after a series of successive price hikes that continued during the past three weeks.
Saqr expected that sales would continue to improve during the coming period in the event that prices continued at the same price rates or continued declines, which would support the return of the recovery of sales in the markets.
For his part, the director of the "Dahkan Jewelery" company, Jay Dehkan, explained that there are several factors that have promoted the return of improvement in sales of gold jewelry during the recent period, most notably the decline in prices recorded by gold after a long series of rises in large proportions, in addition to the improvement in the turnout of tourists to outlets. .
He added that the markets were positively affected by the return of some dealers from their summer vacations, which was recently reflected in the markets significantly.
The sales official at the "Reggie Jewelery" store, Mangesh Balikra, considered that the improvement in sales of goldsmiths is still limited and is gradual.
He expected that the pace of sales would increase at greater rates in the coming days, especially during the weekend, which many stores rely on to stimulate sales.
He pointed out that the handicrafts accounted for the largest percentage of sales, while the markets witnessed the lowest rates of demand for products such as light weight bullion and gold coins, which some dealers usually resort to as gifts, and at the same time are suitable for saving.
• 200.5 dirhams, the price of a gram of 22-carat gold.
• Gold prices recorded decreases of between 3.25 and 4.5 dirhams per gram of various carats.
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