AED 4 decrease in the price of grams in a week

Traders: Falling gold prices improve demand for bullion and artifacts sales

The price of a gram of 24-carat gold was 243 dirhams. Archival

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

Officials of gold and jewelry outlets told Emirates Today that demand for sales of new gold jewelry has improved, with recent price declines, pointing out that the decline in the yellow metal has motivated a number of dealers to buy bullion products with small and medium weights, with expectations that prices will return to rise during the coming period.

The manager of the store «Mashu jewelry», Raj Bahi, that «the decline in gold prices contributed to the relative improvement in sales of gold jewelry, in addition to the tendency of dealers to buy products for bullion weights small and medium with expectations of a rise in the prices of the yellow metal during the coming period».

For his part, the sales official at the store «Raji Jewellery», Mangesh Bakera, that «the decline in gold prices motivated dealers, who were postponing the decision to buy, to demand the acquisition of gifts of gold jewelry for family occasions, in addition to the growth of tourist sales», pointing out that «the demand of dealers to buy bullion products comes in light of the increasing culture of saving in gold products following the price gains recorded continuously, especially since the beginning of the (Corona) pandemic until now».

In turn, the director of the Hayat Jewelry store, Dilip Dahka, said that «the markets have witnessed a gradual improvement in the demand for sales of gold jewelry, with prices declining, while it is expected that indicators of improvement in demand will continue during the coming period, whether prices stabilize at rates close to the current or record additional declines».

In addition, the price of a gram of 24-carat gold reached 243 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 recorded 225 dirhams, a decrease of 3.75 dirhams, and the price of a gram of 21-carat reached 217.75 dirhams, a decrease of 3.5 dirhams, and the price of a gram of 18-carat reached 186.75 dirhams, a decrease of three dirhams.