54.25 dirhams decline in the price of a gram of gold within 4 weeks

Gold prices recorded a new decline at significant rates at the end of last week, with values ​​ranging between 4.75 and 8 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, while the decline continues for the fourth week in a row, bringing the total value of the decline of a gram of gold to 54.25 dirhams within four weeks.

Gold and jewelry trading outlets officials indicated to Emirates Today that the markets have witnessed a recovery and growth in demand for sales of gold products, whether jewelry or bullion, supported by the continuation of the significant declines recorded by the yellow metal, pointing out that it is expected that sales in the markets will continue to recover, especially during the continuation of prices at relatively low rates.

Gold prices

In addition, the price of a gram of 24-carat gold reached 492.75 dirhams, a decrease of 8 dirhams, compared to its prices at the end of the previous week. While the price of a 22-carat gram was 456.25 dirhams, a decrease of 7.5 dirhams. The price of a 21-carat gram reached 437.5 dirhams, a decrease of 7.25 dirhams. The price of an 18-carat gram reached 375 dirhams, a decrease of 6.25 dirhams. The price of 14 carat carat reached 292.5 dirhams, a decrease of 4.75 dirhams.

For his part, the Executive Vice President of Salem Al-Shuaibi Jewelry Company, Ahmed Anizan, said, “The decline in gold prices at significant rates has stimulated many dealers to buy gold products in general, whether of various types of jewelry or bullion, with increased awareness and confidence among dealers that the yellow metal is expected to return to its rise in the coming periods, which raises confidence in gold products for saving as a store of value, with its usual uses for decoration.”

He added, “The changes in global markets have increased the chances of a decline in the prices of the yellow metal during the past periods, which has provided more opportunities for dealers to purchase their gold requirements during the recent period, and it is expected that demand will continue in the markets when price indicators stabilize at close rates.”

For his part, the sales director at BTC Gold Trading Company, Hossam El-Din Abdel Rahim, said, “The markets are witnessing, during the current period, a demand from consuming families to buy gifts of gold products, to take advantage of the low price limits for the yellow metal, which has a positive impact on the markets, in the recovery of sales of gold products in general, especially bullion, which of various types has captured the largest shares of demand, during the current period, with many dealers heading to buy products for savings or investment purposes.” In light of the low prices.

The director of Dehkan Gold and Jewelry Trading Company, Jay Dehkan, considered that “the continued decline in gold prices at significant rates has contributed significantly to the recovery of sales in the gold markets, with many dealers considering those prices as an opportunity to purchase, whether of jewelry products or bullion in general,” pointing out that “it is expected that the pace of demand in the markets for gold products will continue to increase during the coming days.”