20.5 dirhams decrease in the price of a gram of gold within a week

Gold prices decreased by the end of the week by values ​​ranging between 15.5 and 20.5 dirhams per gram of various karats, compared to their prices at the end of last week, according to the price indicators announced in Dubai and Sharjah, while the decline comes after a series of unprecedented successive increases that continued for nine consecutive weeks.

Officials of gold and jewelry trading outlets told Emirates Al-Youm that the return of the pace of decline in the prices of the yellow metal in large proportions contributed to the improvement in demand activity for various gold products, whether bullion or jewelry, pointing out that many dealers are currently moving to purchase after postponing purchasing decisions during previous periods of rise, and for fear of the return of prices to increases again.

In addition, the price of a gram of 24-carat gold reached 490 dirhams, a decrease of 20.5 dirhams, compared to its prices at the end of last week, while the price of a gram of 22-carat gold reached 454 dirhams, a decrease of 18.75 dirhams. The price of a 21-carat gram reached 435.25 dirhams, a decrease of 18 dirhams. The price of an 18-carat gram reached 373 dirhams, a decrease of 15.5 dirhams.

The CEO of Layali Jewellery, Anurag Sinha, said, “The markets are currently witnessing an activity in demand for handicraft products of various kinds, with many dealers heading to buy gift products during the current period to take advantage of the decline in prices, and after some dealers postponed purchasing decisions during previous periods.”

He added, “The activity that the local markets are currently witnessing on handicrafts and jewelry products is also supported by the growth in demand from tourist groups who buy souvenirs of jewelry during their visits to the country.”

For his part, Director of the International Department of Jewelry at Titan Company, Aditya Singh, said, “The decline in prices at significant rates has reflected positively on the demand rates in the local markets, which have witnessed activity in demand for various gold products, whether of bullion or jewelry,” pointing out that “a number of dealers have tended to buy gifts from yellow metal products, coming in light of increasing confidence in the value of gold gifts and after a long series of increases recorded.” During the last period.”

The director of the “Riki Gold and Jewelry Trading Company,” Rikesh Dhanak, explained that “the yellow metal’s record of a significant decline in value motivated a number of dealers to purchase their needs of handicraft products, after postponing the purchase decision during previous periods due to the significant increase in prices during the past weeks,” pointing out that “the improvement in demand for purchasing handicrafts also comes within the framework of some dealers’ fear of a rise in prices again.”

He added, “The markets also witnessed a growth in demand for bullion products, with widespread expectations that the prices of the yellow metal will continue to rise, supporting the changes in global economies during the coming periods.”