“Limited” in the demand for golden artifacts

Gold prices were recorded at the end of last week, declines at values that ranged between six and 7.25 dirhams for love from various calibers, compared to their prices in the previous week, according to the price indicators announced in the Dubai and Sharjah markets.

Gold merchants told «Emirates Today» that the price declines of gold led to a limited improvement in the demand for the purchase of golden artifacts, at a time when some dealers have purchased decisions, in order to anticipate more declines during the coming period.

The price of a gram of 24 carat gold was 402.25 dirhams, a decrease of 7.25 dirhams, while the price of a 22 -karat gram recorded 372.25 dirhams, a decrease of seven of their home. In turn, the price of a gram of 21 karat gold reached 357 dirhams, a decrease of 6.75 dirhams, and the price of 18 karat gram to 305.75 dirhams, with a decline of six dirhams.

“The return of gold prices to decline after two weeks of altitudes, had positive effects in improving the demand for golden artifacts, albeit at limited rates so far.”

He added to «Emirates Today» that “the current customers’ preoccupation with preparations for the new school season was one of the factors that have limited the demand for the purchase of gold jewelry during the current period.”

For his part, the director of sales at the “Dimo Jewelry Trading”, Daily Sun said: “The recent declines in gold prices on the markets have been reflected in the improvement of demand rates for buying workbooks compared to the previous two weeks,” noting that “the improvement is still limited with some dealers postponing the purchase decisions in order to anticipate more expected declines during the coming period.”

He agreed that the limited improvement in demand is currently due to the generalization of customers in general with the preparations of the new school season and the purchase of its requirements, or the payment of expenditures related to schools.

In the same context, the sales officer at the Embry Jewelery store, Ashwain Bishu, said that “the markets are witnessing limited improvements in the demand for the purchase of new golden artifacts, while registering the yellow metal declines after its previous price rises.” He pointed out that «some consumers prefer to wait in the purchases, in the hope of additional price declines, especially in light of the rapid changes in gold prices in recent periods.