The price of a gram falls 4 dirhams in a week

Merchants: Limited improvement in sales of gold jewelry

The price of a gram of 24-carat gold was AED 220.75. Archival

Gold prices fell by the end of the week between 3.25 and four dirhams, for various carats compared to their prices at the end of last week, according to the price indices announced in Dubai and Sharjah.

Officials pointed out outlets for the trade of gold and jewelry, to «Emirates Today», that the decline in gold prices recently contributed to the improvement of sales at limited rates, with a number of dealers waiting for further decline in prices.

In turn, said the director of the store «jewelry days», Galish Saqr, that «the decline in gold prices recently has a positive reflection in the activation of demand for sales of jewelry», pointing out that «demand for sales is still limited, with the habit of some dealers not to buy immediately, with the decline in prices and wait for the decline in prices at greater rates». He added that «sales of gold bars and coins are still witnessing a slow demand as a result of the lack of significant rises or decreases that motivate dealers in these products, whether buying or selling». For his part, the manager of the Mashum Jewelry store, Raj Bahi, said that «the markets recorded a limited improvement in the demand for new jewelry, while the largest shares of sales were concentrated in the demand by visitors and tourists, in addition to the sales of pieces with small weights for dealers», pointing out that «dealers prefer to watch prices in the hope of greater declines stimulating».

The sales official at the store «Reg Jewelry», Mangesh Balikra, that «the recent price decline recorded by the yellow metal stimulated a number of dealers recently to buy gifts of gold jewelry, especially of small weights», pointing out that «it is expected that the pace of sales will improve at greater rates during the coming period, with the habit of some not buying immediately after the decline in prices, and therefore the markets will witness a greater improvement in sales if prices continue at similar rates or record additional new declines».

In addition, the price of a gram of 24-carat gold reached 220.75 dirhams, a decrease of four dirhams, compared to its prices at the end of last week, while the price of a gram of 22-carat carats, 204.5 dirhams, a decrease of 3.75 dirhams, and the price of a gram of 21-carat reached 198 dirhams, a decrease of 3.5 dirhams, and the price of a gram of 18-carat reached 169.75 dirhams, a decrease of 3.25 dirhams.