18.75 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 decline that ranged between 7.25 and 12.25 dirhams per gram of various karats, compared to their prices at the end of the previous week, according to price indicators announced in Dubai and Sharjah, while the total decline in the price of a gram of the yellow metal during two weeks amounted to 18.75 dirhams.

Officials at gold and jewelry trading outlets told Emirates Today that the continued decline in prices of the yellow metal for the second week in a row, and at significant rates, has stimulated many dealers to buy gold jewelry and bullion, pointing out that the stores have witnessed a noticeable improvement in demand rates during the recent period with a number of dealers seeking to take advantage of the current price levels to purchase their needs or acquire products for savings purposes.

Gold prices

The price of a gram of 24-carat gold was 484.25 dirhams, a decrease of 12.25 dirhams compared to its price at the end of the previous week, while the price of a gram of 22-carat gold was 448.25 dirhams, down by 11.50 dirhams, and the price of a gram of 21-carat gold was 430 dirhams, a decrease of 10.75 dirhams. Dirhams.

The price of an 18-carat gram reached 368.50 dirhams, down by 9.25 dirhams, while the price of a 14-carat gram reached 287.50 dirhams, a decrease of 7.25 dirhams.

Sales outlets

For his part, the sales manager at the “Rej Gold and Jewelery Trading” store, Manj Balker, said, “The sales outlets are currently witnessing a demand from customers to buy gold jewelry and bullion, supported by the continued decline in gold prices during the recent period, especially since the declines came at rates encouraging purchases compared to previous periods.”

He explained that “demand in the markets is divided between dealers who prefer to buy gold jewelry to meet their needs for gifts on family occasions, and others who tend to buy bullion for the purposes of saving and investing in the long term.”

For his part, Director of Ricky Gold and Jewelry Trading Company, Ricky Dahnak, said, “The markets recorded a noticeable improvement during the recent period in the demand for buying gold jewelry in light of the price declines recorded by the yellow metal, which motivated many dealers to buy gold gifts and benefit from the decline in prices.”

He added, “The increase in demand for bullion purchases is a natural matter, with many dealers tending to seize buying opportunities at low prices, and keeping them until prices return to rising, according to the expectations of many international reports, and then reselling them when appropriate price differences are achieved.”

He pointed out that “it is important that bullion purchases are made from individuals’ surplus funds, and not through borrowing.”

Marketing Director at Al-Rumaizan Gold Trading Group, Muhammad Dhiban, said, “The markets are witnessing active demand for gold jewelry and bullion, supported by the decline in prices of the yellow metal during the recent period, which encourages many dealers to seize purchasing opportunities.”

• Gold prices continued to decline for the second week, recording a decline between 7.25 and 12.25 dirhams per gram.

Mang Balkar:

• Demand in the markets is divided between dealers who prefer to buy gold jewelry for gift needs, and others who tend to buy bullion for savings purposes.