Gold prices continued to decline, for the third week in a row, and declined at the end of last week between 4.5 and 7.25 dirhams per gram of various karats, compared to their prices at the end of the previous week, according to the price indicators announced in Dubai and Sharjah, bringing the total decline of a gram of gold to 46.25 dirhams within three weeks.
Gold and jewelry trading outlets officials told Emirates Today that the continued decline in yellow metal prices has contributed significantly to increasing demand for bullion products of various weights and categories in recent days, expecting sales to continue to grow at a higher pace in the coming days.
In addition, the price of a gram of 24 carat gold reached 500.75 dirhams, a decrease of 7.25 dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22 carat carat reached 463.75 dirhams, a decrease of 7.25 dirhams, and the price of a gram of 21 carat carat reached 444.75 dirhams, a decrease of 6.75 dirhams, and the price of a gram of 18-carat carat reached 381.25 dirhams, a decrease of 5.75 dirhams, and the price of a 14-carat gram reached 297.25 dirhams, a decrease of 4.5 dirhams.
For his part, Marketing Director at Al-Rumaizan Gold Trading Group, Muhammad Dhiban, said, “The continued decline in gold prices at significant rates during the recent period had positive repercussions on the markets in terms of sales growth in general, especially bullion, which attracted a large number of dealers of different nationalities,” pointing out that “the demand for bullion included different weights and categories, and was not limited to specific weights.”
For his part, the manager of the “Ricky Gold and Jewelry Trading” store, Ricky Dahnak, said that “the yellow metal’s continued decline at significant rates for the third week contributed to stimulating demand at remarkable rates for sales of bullion of various weights and categories,” noting that “many dealers currently prefer to buy bullion for the purposes of saving and investment following the significant decline recorded by gold, and there are expectations of achieving increases at significant rates during the coming periods.”
The manager of the “Dahkin Gold and Jewelry Trading” store, Jay Dahkin, said, “The markets are currently witnessing remarkable indicators of demand for purchasing bullion products of various weights, attracting many dealers to buy bullion following the significant price declines that gold recorded successively during the recent period, and the rise in dealers’ confidence in purchasing bullion for the purposes of saving or investment.”
He considered that “the growth in demand for bullion is a natural matter during the current period compared to artifacts that witnessed demand, but at lower rates compared to bullion, especially since gifts of artifacts are in highest demand during periods of seasons and occasions, which stimulate the growth in demand for them.”
