The continued decline in gold prices supports sales of jewelry and “currencies”

At the end of last week, gold prices fell again, between two and 2.5 dirhams per gram of various karats, compared to their prices at the end of the previous week, according to price indicators announced in Dubai and Sharjah, bringing the total decline in the price of a gram of gold within two weeks to 10.25 dirhams.

Officials of gold and jewelry trade outlets told Emirates Today that the continued decline in prices of the yellow metal, for the second week in a row, has strengthened dealers’ interest in purchasing products for currencies and gold jewelry, pointing out that the decline in prices was reflected positively in maintaining activity rates in sales outlets. .

The price of a gram of 24-carat gold reached 319 dirhams, a decrease of 2.5 dirhams, at the end of last week, compared to its prices at the end of the previous week, while the price of a gram of 22-carat gold reached 295.5 dirhams, a decrease of 2.25 dirhams. The price of a 21-carat gram reached 286 dirhams, a decrease of 2.25 dirhams, and the price of an 18-carat gram reached 242 dirhams, a decrease of two dirhams.

Director of Dehkan Gold and Jewelry Trading Company, Jay Dehkan, said, “The continued decline in gold prices for the second week in a row contributed to maintaining market activity after the Union Day holiday, by motivating customers to buy gifts, whether coins or gold jewelry.”

He added, “The decline in prices is expected to have a greater impact on sales during the next two days, with the expectation of further recovery in sales at outlets, whether from resident or visiting customers.”

For his part, Director of Marketing at “Tanshi Gold and Jewelery Trading”, Edita Seej, said, “The decline in the prices of the yellow metal for long periods is a good indicator that supports the desire of dealers to purchase their needs of gold jewelry and coins, especially with the increasing confidence among dealers in purchasing gold as a tool.” For decoration and savings, following the huge jumps recorded in gold prices over the past two years.”

The manager of the “Mashu Gold and Jewelry Trading” store, Raj Bahi, explained that “the impact of the decline in prices on sales is positive, but it is expected that there will be greater impacts in the coming days, especially with customers’ preference not to rush into buying, in light of the continued decline in prices.”

He pointed out, “Many customers prefer to buy currencies, as they are products from which small weights can be purchased. These products can also be used for gifts and decoration purposes by using them in necklaces or bracelets on hands.”

. Prices continued to decline for the second week in a row, which contributed to maintaining market activity following the Union Day holiday.