The decline in prices supports “a limited improvement” in the sales of golden artifacts

Gold prices recorded, at the end of last week, the remaining decreases ranged between three and 4.75 dirhams of love from various calibers, compared to their prices at the end of the previous week, according to the price indicators announced in Dubai and Sharjah.

Officials of sales outlets for gold and jewelry trade told «Emirates Today» that the decline in gold prices, after a successive series of price rises, contributed to a “limited improvement” with gold jewelry sales.

They explained that the markets are witnessing a state of anticipation of the rapid variables of prices, at a time when customers hope for more price declines for the demand for purchase at greater rates.

In detail, the director of sales at the “artist for gold and jewelry trade”, Dilip Patni, said: “The markets are witnessing during the current period a state of anticipation by customers, given the rapid variables recorded by the yellow metal under the pressure of economic turmoil in global markets.”

Patni stressed that “the price decline in gold contributed to a limited improvement in the demand for the sales of gold jewelry,” expected that the demand will improve more if the prices are transferred for further decline, according to what many dealers ahead until they accept the purchase.

For his part, the sales officer at the “Gold and Jewelery and Jewelery”, Mang Balkir, said that “the registration of gold is declining rates, after a successive and long series of price rises during the past weeks, reflected on the markets positively, as the demand for artifacts has improved.”

He added: “This is still not enough, with the price declines still limited, compared to the rates of increases that the yellow metal recorded during the last period.”

He stressed that «the anticipation of many customers at the levels of prices currently, some of them are pushing to prefer to postpone the purchase decisions until recorded price declines stimulating the purchase during the coming period».

In the same context, the director of the “Ricky Gold and Jewelery Trading Company”, Ricky Dahk, agreed that “the decline in prices during the recent period at limited rates moved the levels of demand for golden artifacts, but through cautious purchases, in light of the postponement of many customers of the purchase decisions, and anticipation of price trend to record larger price decline rates, during the coming period.”

He explained that “most of the purchases of golden artifacts are currently concentrated in 18 carats, especially from the pieces of small weights, which is called careful purchases.”

Gold prices

At the end of last week, the price of 24 karat gold reached 366.25 dirhams, a decrease of 4.75 dirhams, compared to its price at the end of the week before, while the price of a 22 -carat gold gram recorded 339 dirhams, a decrease of four dirhams.

In turn, the price of a 21 -carat gram reached 328.75 dirhams, a decrease of 3.75 dirhams, and the price of 18 karat gold to 281.75 dirhams, with a decrease of three dirhams.