2023-07-29 22:03:14
At the end of this week, gold prices recorded decreases, with values ranging between 2.25 and three dirhams, for various carats, compared to their prices at the end of last week, according to the price indicators announced in the Dubai and Sharjah markets.
Officials of outlets selling gold and jewelry trade told Emirates Today that the return of gold prices to a decline boosted the demand for gold artifacts, pointing to the preference of a number of dealers to buy now, as a precaution once morest the return of prices to rise once more at large rates.
gold prices
In detail, gold prices recorded at the end of this week, declines with values that ranged between 2.25 and three dirhams for various carats. The price of a gram of 24-carat gold was 237 dirhams, a decrease of three dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22-carat gold was 219 dirhams, a decrease of three dirhams. In turn, the price of a gram of 21 karat reached 212.25 dirhams, a decrease of 2.75 dirhams, and the price of a gram of 18 karat gold reached 182 dirhams, a decrease of 2.25 dirhams.
request activity
“The markets have recently witnessed an activity in demand for gold jewelry, with the return of gold prices to finally decline, following a series of price hikes at large rates,” said Dilip Son, sales manager at the “Daemon Jewelry” store, pointing out that “most of the purchases are concentrated in jewelry.” Of 18 and 21 karat. Son expected that the pace of demand in the markets would continue in the coming days, especially if prices continued at similar rates, or when recording decreases at additional rates, according to market expectations.
Artifacts and coins
For his part, the head of the “Dahkan Gold and Jewelry Trade” company, Jay Dahkan, said, “The recent price declines for the yellow metal have stimulated dealers to buy gold jewelry, to take advantage of the decline in prices, and to hedge once morest the return of gold to price hikes at large rates during the coming period.” He explained that «the demand included handicraft products and gold coins, while gold sales outlets in commercial centers witnessed greater activity from visitors and tourist groups». In the same context, the director of the “Rakesh Jewellery” store, Rakesh Dahnak, agreed that “sales of gold jewelry witnessed an improvement with the decline in gold prices,” expecting that the markets would witness a greater demand during the coming period, with some dealers anticipating further declines. Dahnak attributed the growth in demand for gold coins to the high culture of dealers regarding buying these products for adornment and saving purposes, with increased confidence in the yellow metal as a safe haven for savings.
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