5.75 dirhams, a decrease in the price of a gram within two weeks

Gold jewelery sales rebound as prices continue to decline

Stores are currently in a boom after a long period of slow demand.

Photography: Ahmed Ardeti

Gold prices recorded new declines at the end of last week, the value of which ranged between 75 fils and 1.25 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 Dubai and Sharjah markets.

The yellow metal witnessed new price drops for the second week in a row, bringing the total value of the gram price drops to 5.75 dirhams.

Officials of gold and jewelry trade outlets told «Emirates Today», that the continuation of gold prices at low rates, revived the sales of gold and gold coins in the markets recently, expecting an increase in demand with the continued decline in prices.

In detail, the price indicators announced in the Dubai and Sharjah markets showed that gold prices recorded declines at the end of last week, their value ranged between 75 fils and 1.25 dirhams per gram of various carats.

The price of a gram of 24-carat gold amounted to 212.5 dirhams, a decrease of 1.25 dirhams, compared to its price at the end of the previous week, while the price of a gram of 22 carats was 199.75 dirhams, a decrease of 1.25 dirhams.

The price of a gram of 21 carats reached 190.5 dirhams, a decrease of one dirham, while the price of a gram of 18 carats reached 163.25 dirhams, a decrease of 75 fils.

In addition, the CEO of "Al Kalouti Jewelery", Tariq Al-Madaqah, said that the markets have recently witnessed positive indicators in the increase in demand for sales of gold jewelry, with the support of the continuation of prices at low rates compared to their price indicators during the previous weeks.

He added that the revival of demand in the market was not limited to the sales of handicrafts, whether to residents or visitors, but also included the popularity of gold coins sales of all categories, expecting continued improvement in sales, supported by low prices.

For his part, the sales manager at Hayat Jewelery, Dilip Dehkan, said that the stores are currently witnessing a boom after a long period of slow demand during successive periods of gold price hikes, but with the decline in gold prices and their continued low rates for two consecutive weeks, the turnout has returned. To take advantage of these prices to buy new artifacts.

He pointed out that the markets also witnessed varying rates of demand from dealers, especially from the nationalities of Asian countries, to buy gold coins in small and medium-weight denominations to benefit from them for saving purposes or for decoration by integrating them with gold necklaces and bracelets.

In turn, the director of the "Dhann Jewelery" company, Rickish Dahnn, said that the continued decline in gold prices due to international changes and the strength of the dollar, reflected positively on local markets and raised the rates of demand for buying new gold works, and at lower rates for gold coins of small and medium weight categories. .

• 190.5 dirhams, the price of a gram of 21-carat gold.

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