“Valentine’s” stimulates demand for “jewelry” and a slowdown in sales of gold bullion and coins

At the end of last week, gold prices recorded increases between 5.25 and 9.25 dirhams per gram of various karats, compared to their prices at the end of the previous week, according to price indices announced in Dubai and Sharjah.

Officials of gold and jewelry trade outlets told Emirates Today that the markets witnessed activity in demand for sales of gold jewelry gifts with the support of the “Valentine’s Day” occasion, despite the price increases recorded by the yellow metal, which had an impact on the slow demand for sales of bullion and coins, pointing out that 18-carat jewelry had the most demand.

In addition, the price of a gram of 24-carat gold reached 607.5 dirhams, an increase of 9.25 dirhams, compared to its prices at the end of the previous week.

While the price of a 22-carat gram reached 562.5 dirhams, an increase of 8.5 dirhams, the price of a 21-carat gram reached 539.25 dirhams, an increase of eight dirhams, and the price of an 18-carat gram reached 462.25 dirhams, an increase of seven dirhams, and the price of a 14-carat gram reached 462.25 dirhams, an increase of seven dirhams. 360.5 dirhams, an increase of 5.25 dirhams.

For his part, Director of Dehkan Gold and Jewelry Trading Company, Jay Dehkan, said, “Despite the significant price increases in gold prices, the markets have witnessed, during the recent period, rates of activity in demand for gifts and sales of gold jewelry on the occasion of (Valentine’s Day),” pointing out that “demand rates for jewelry were not limited to residents only, but rather included demand from tourists and visitors to the country’s markets.”

He added, “The indicators of demand for jewelry were the largest percentage of 18-carat products, and included many products that were made in shapes appropriate to that occasion, whether in the shapes of hearts or the word ‘love’ in the English language.”

For his part, the director of the “Rikesh Gold and Jewelry Trading Company,” Rikesh Dhanak, said, “The rise in gold prices had its greatest impact on the sales of bullion and currency products, which witnessed a slowdown in their activity, whether in buying or selling.”

He pointed out that “despite the demand for sales of jewelry on the occasion of Valentine’s Day, it is still limited compared to demand rates during the similar time period last year, due to the significant price increases that the prices of the yellow metal reached compared to last year.”

The sales official at the “Mash Gold and Jewelry Trading” store, Raj Bahi, explained that “price increases have varying relative effects on the markets, and that the demand for gold jewelry was supported by the occasion of (Valentine’s Day), which contributed to attracting many customers to buy gifts.”

He pointed out that “the largest percentage of demand was concentrated in 18-carat jewelry, which is characterized by more diverse models and models that suit that occasion.”

Globally, gold and silver prices rebounded thanks to purchases after falling to their lowest levels in a week during the last session, when selling pressures increased after strong US jobs data limited expectations for a reduction in interest rates, and gold in spot transactions rose 1%, at the end of last week’s trading, to $4,966.83 per ounce after falling by more than 3%, last Thursday, to reach its lowest level in… Almost a week below the $5,000 level, US gold futures for April delivery gained 0.7% to $4,985.40 per ounce.

• 18-carat jewelry has the most demand.