Merchants: Falling prices and "Diwali" raise the demand for handicrafts

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

Yesterday (end of last week), gold prices recorded new declines, whose value ranged between 3.25 and 4 dirhams per gram of various carats, compared to their prices at the end of the previous week, according to price indicators announced in the markets of Dubai and Sharjah, where gold prices continued to decline for the second week in a row, The total price of a gram of gold fell to 11 dirhams within two weeks.

The price of a gram of 24-carat gold, at the end of last week, was 196.5 dirhams, a decrease of four dirhams, compared to its price at the end of the previous week, while the price of a gram of 22-carat gold was 184.75 dirhams, a decrease of 3.5 dirhams.

The price of a gram of 21 karat reached 176.25 dirhams, a decrease of 3.25 dirhams, while the price of a gram of 18-carat gold reached 151 dirhams, a decrease of 3.25 dirhams.

Officials of gold and jewelry trade outlets told "Emirates Today" that the decline in gold prices and the "Diwali" festival raised the demand for gold and gold coins.

The director of the "Mashoom Jewelery" store, Raj Bahi, said that "the markets have recently witnessed an activity in demand for gold and gold coins, supported by the demand of a number of dealers of Asian nationalities to buy golden gifts on the occasion of the celebrations of the Day of Lights or the so-called (Diwali) festival, which begins in October 24, when the festival is celebrated days before and after the occasion and is famous for buying golden gifts.

He added that the decline in prices was one of the motivating factors to increase the demand for buying golden gifts, especially for gold coins, which accounted for large shares of sales.

For his part, the director of sales at the "Diamond Jewelery", Dilip Soni, indicated that "the continuation of gold prices to decline in large proportions is one of the main factors motivating the revitalization of demand for sales of works and currencies."

And Ashok Poet, the sales manager of the "Dahkin Jewelery" store, considered that the start of the celebrations of the Day of Lights during the past two days and the continuation of these celebrations beyond the day (Diwali) corresponding to the 24th of this month, has many positive effects on activating sales in the markets.

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