Gold prices continued to decline, for the second week in a row, recording a decline at the end of last week between nine dirhams and 13.25 dirhams per gram of various karats, compared to its prices at the end of the previous week, according to the price indices announced in Dubai and Sharjah, bringing the total decline of a gram of gold to 39 dirhams within two weeks.
Gold and jewelry trading outlets officials told Emirates Today that the markets witnessed a remarkable growth in demand for sales of gold products of various types, supported by the significant declines recorded by the yellow metal recently, pointing out that bullion captured large shares of demand in various weights, especially in the 20-gram category.
In addition, the price of a gram of 24-carat gold reached 508.5 dirhams, a decrease of 13.25 dirhams, compared to its prices at the end of the previous week. While the price of a 22-carat gram amounted to 471 dirhams, a decrease of 12 dirhams. The price of a 21-carat gram reached 451.5 dirhams, a decrease of 11.75 dirhams. The price of an 18-carat gram reached 387 dirhams, a decrease of 10 dirhams, and the price of a 14-carat gram reached 301.75 dirhams, a decrease of nine dirhams.
For his part, Sales Director at BTC Gold Trading Company, Hossam El-Din Abdul Rahim, said, “The markets are witnessing a remarkable growth in consumers buying gold products, especially bullion of various categories and weights, in support of the significant decline recorded by the yellow metal during the recent period,” pointing out that “the rise in confidence and awareness of dealers in buying gold for purposes related to saving has contributed to motivating many dealers to buy gold products and benefit from the decline in prices.”
He added, “Bullion weights of 20 grams and 100 grams captured large proportions of demand during the recent period, in addition to various artifacts (without stones), which can be used for use and resale later.”
For his part, the marketing director at Al-Rumaizan Gold Trading Group, Muhammad Dhiban, explained that “the recent significant price decline of the yellow metal contributed to raising demand for purchasing gold products of various types, as part of an attempt to benefit from the record decline in prices.”
He added that “the largest shares of demand are focused on gifts of jewelry, especially 21 and 18 carats, while demand and inquiries for bullion weights of 20 grams or 31 grams have increased,” expecting that “demand rates for purchasing gold products will continue at a greater pace during the coming days.”
The Executive Vice President of Salem Al-Shuaibi Jewelry Company, Ahmed Anizan, said, “The current period is witnessing a significant growth in demand for sales of gold products, supported by the recent significant price decline of the yellow metal, especially in light of the competitive offers presented for workmanship in the market.”
. The price of a gram of 24-carat gold reached 508.5 dirhams, a decrease of 13.25 dirhams.
