The decline in gold prices stimulates the demand for alloys … and a limited turnout on the artifacts

Gold prices decreased by the end of last week between 7.5 and 10 dirhams for love from various calibers, compared to the prices of the previous week, according to the price indicators announced in Dubai and Sharjah.

Gold and jewelry ports officials told «Emirates Today» that the return of the yellow metal prices to decline motivated customers to buy products for alloys, with a limited improvement in the demand for artifacts, expecting to grow the demand for alloys and artifacts at greater rates during the coming days.

The price of 24 gram of gold was about 394.75 dirhams, a decrease of 10 dirhams, at the end of last week compared to its prices at the end of the previous week. While the price of a 22 -karat gram recorded an amount of 365.5 dirhams, a decrease of 9.25 dirhams. The price of a 21 -karat gram reached 350.25 dirhams, a decrease in nine dirhams. The price of a 18 -karat gram reached 300.5 dirhams, a decrease of 7.5 dirhams.

“The markets are currently witnessing aspects of demand for alloys products, supported by the decline in the prices of yellow metal at stimulating rates after the standard price rises he recorded during the recent period.”

He added that «the demand for alloys comes with the increasing confidence of the customers by demanding these products for savings and investment purposes, following the continuation of gold prices in achieving significant increases during the past periods, in light of the pressures of international economic changes.

For his part, Raj Bahi, director of the “Maco for Gold and Jewelery Trading”, said that “the decline in gold prices during the recent period restored the demand to buy alloys products by some dealers, who are contemplating the prices of yellow metal to rise at significant rates during the coming periods.”

He explained that «the markets have witnessed limited transactions to demand the new golden artifacts, while it is expected to rise at greater rates during the coming days, especially if gold prices stabilize at the rates of approximate indicators.

The director of the “Ricky for Gold and Jewelery Trade”, Ricky Dahkin, said that “the price decline contributed to a movement of activity in the alloys sector, after the state of slowness and anticipation that it witnessed during the past days, after gold prices recorded record increases during the previous week.”

He added that «the demand for new golden artifacts is still limited, and it can witness an improvement at greater rates during the coming days, with many dealers preferring to wait and not to rush to buy the artifacts in order to reflect on the occurrence of declines at greater rates.

. The price of 24 karat gold is about 394.75 dirhams.