Prices decline stimulates demand for alloys and gold currencies

Gold prices decreased, at the end of last week, between two dirhams and 2.5 dirhams per gram from various calibers, compared to their prices at the end of the previous week, according to the price indicators announced in Dubai and Sharjah, and officials of sales outlets for gold and jewelry trade told «Emirates Today» that the return of the yellow metal prices to decline stimulates dealers to buy alloys and currencies, especially in light of expectations of gold registration of significant rise rates during the coming periods.

The price of a gram of 24 carat gold, at the end of last week, was 402.25 dirhams, a decrease of 2.5 dirhams, while the price of a 22 -karat gram recorded an amount of 372.25 dirhams with a decrease of 2.25 dirhams, and the price of a gram of 21 carats reached 357 dirhams, with a decrease of two dirhams, and the price of a gram of 18 karats to 305.75 dirhams. He reached two dirhams.

“The decline in the prices of the yellow metal motivated dealers to buy currency and alloys products with small and medium weights, in light of expectations in the global markets to record gold more, at large rates during the coming period”, and pointed out that “the manifestations of the demand for purchase started gradually during the past days, and increased with the decline in the decline that gold prices recorded To be a motive for the movement of purchase. ”

For his part, Jay Dahkin, director of the “Dahkin and Jewelery Trading Company”, said that “the markets are witnessing a demand for alloys products, supported by the decline in the prices of yellow metal, which is one of the incentives for the purchase, because they come at a time in which the markets are waiting for new heights in gold prices”, and added that “the demand for purchasing currencies from the prevailing directions came because these products are suitable for decorations And savings, with the ease of reselling them compared to the artifacts that come with higher manufacturers, whether mixed with precious stones or through various models.

As for the sales official at the “Gold and Jewelery Trading”, Manji Balik, he mentioned that “the demand for currencies and alloys has increased in recent days with the price of yellow metal to decline, which constituted a stimulating factor to increase the demand for these products, regardless of the value of the decline that gold recorded”, and expected that the markets will witness growth at greater rates during the coming days, with the support of the expectation of many customers expected to rise in gold prices.