22.5 dirhams decrease in the price of a gram of gold within two weeks

Gold prices continued to decline for the second week in a row, recording at the end of last week a decrease between 5.75 and 9.75 dirhams per gram of various karats, compared to its prices at the end of the previous week, according to price indicators announced in Dubai and Sharjah, bringing the total decline of the yellow metal to 22.5 dirhams per gram in two weeks.

Officials of gold and jewelry trade outlets told Emirates Today that gold prices continued to decline for the second week in a row, contributed to improving demand for jewelry sales and supporting the growth in demand for purchasing bullion.

In addition, the price of a gram of 24-carat gold reached 613.5 dirhams, a decrease in value of 9.75 dirhams, compared to its prices at the end of the previous week. While the price of a 22-carat gram amounted to 568.25 dirhams, a decrease of 9 dirhams. The price of a 21-carat gram reached 544.75 dirhams, a decrease of 8.75 dirhams. The price of an 18-carat gram reached 467 dirhams, a decrease of 7.5 dirhams. The price of 14 carat carat reached 364.25 dirhams, a decrease of 5.75 dirhams.

For his part, the manager of the Dehkin Gold and Jewelery Trading Store, Ashok Poet, said, “The significant decline in gold prices contributed to motivating many dealers to buy during the recent period, which in turn led to an improvement in demand rates for jewelry sales, which had witnessed a state of slow demand during previous periods.”

He explained that “the markets are also witnessing a growth in demand for purchasing bullion and currencies at greater rates, supported by the successive price declines recorded by the yellow metal.”

For his part, the manager of the “Rikesh Gold and Jewelry Trading” store, Rikesh Dhanak, confirmed that “jewelry sales are witnessing an improvement in demand, in light of the yellow metal recording a significant decline in its prices during the recent period, which has stimulated many dealers to buy their supplies of jewelry gifts.”

He added, “The price declines also contributed to supporting the growth in demand for bullion sales in various categories, in light of the expectations of a large number of dealers about the possibility of gold prices heading for further price increases.”

The sales official at the “Rej Gold and Jewelry Trading” store, Mang Balik, pointed out that “the significant decline in the prices of the yellow metal during the recent period contributed to the improvement in demand indicators for jewelry sales, especially with many dealers going to buy their needs for jewelry gifts by taking advantage of the period of price declines.”

He added, “Expectations of prices returning to record new increases in the coming periods have made some dealers tend to buy bullion for savings or investment purposes.”