Low gold restores customers to buy alloys

Gold prices recorded, at the end of last week, the remaining decreases ranged between 4.25 and 5.75 dirhams of love from various calibers, compared to their prices at the end of the week before, according to the price indicators announced in the Dubai and Sharjah markets.

Officials of sales outlets for gold and jewelry trade told «Emirates Today» that the registration of gold is the first price decline, after a successive series of standard heights, motivated dealers to buy gold bars of medium and small weights, with expectations of price return to rise during the coming periods, while markets witnessed limited purchases on small pieces of gold jewelry.

“Some dealers preferred to buy gold alloys with gold recorded his first retreat after the standard heights during the recent period,” Ricky Dahk, director of the “Ricky for Gold and Jewelery Trading”, told “Emirates Today”, pointing out that “sales were concentrated in alloys with small and medium weights.”

He added that «the decline in prices also contributed to the revitalization of very limited transactions to buy the products of golden artifacts, with many dealers awaited for more pricing decline, so that they accept to buy at greater rates.

For his part, Ashwain Shounie said: “Although some dealers accept to buy alloys during the current period, demand rates are limited, even though prices are still at high limits in general.”

He pointed out that “the demand for alloys comes supported by the high confidence of customers with the yellow metal as a safe haven for savings and investment purposes, especially after he recorded superior price rates during the recent period, which amounted to its largest limits at all.”

In the same context, the director of the “Macho Gold and Jewelery Trading” store, Raji Bahi, said that “the markets are currently witnessing a demand for alloys, but at limited rates of some dealers, after the decline in prices during the recent period”, and stressed that “the demand for alloys comes with the expectations of many dealers to register the yellow metal price heights during the coming period, especially after the price exceeded during the recent period of all expectations with pressure from the demand in global markets.”

The price of a gram of 24 karat gold was 395 dirhams, a decrease of 5.75 dirhams, while the price of a 22 -carat gold gram recorded 365.75 dirhams, a decrease of 5.5 dirhams.

In turn, the price of a gram of 21 carat gold reached 350.5 dirhams, a decrease of 5.5 dirhams, and the price of a 18 -karat gram to 300.75 dirhams, with a decline of 4.25 dirhams.