Gold prices rose, at the end of the week, between 3 and 3.75 dirhams, for various carats, compared to their prices at the end of last week, according to the price indices announced in Dubai and Sharjah.
Officials of outlets for the gold and jewelry trade told Emirates Today that the return of prices to rise contributed to reducing the demand for sales of new gold artifacts, pointing out that sales of tourists accounted for the largest shares of sales of new gold artifacts, especially in Dubai markets.
In turn, the director of the “Rakesh Jewellery” company, Rakesh Dahnak, said that “the return of gold prices to rise after a series of declines during the previous weeks contributed to reducing the demand for sales of gold jewelry,” pointing out that “the markets are witnessing varying demand rates that are currently limited to Small and medium weight pieces.
He added, “The markets for bullion products and gold coins are currently witnessing a slowdown in demand, with dealers in that sector anticipating price indicators, whether with regard to higher rates of sale or a significant decline in purchasing new products for savings or investment purposes.”
For his part, the director of the “Dahkan Jewelery” company, Jay Dahkan, indicated that “most of the current sales of gold jewelry account for the largest shares, including tourist groups and visitors, especially in the Dubai markets,” pointing out that “sales to residents may be limited now, However, it is expected that it will witness an improvement at greater rates during the coming period, especially with the fact that a large number of dealers are in a state of anticipation of prices.
For his part, the sales official at the “Daemon Jewellery” store, Deb Soni, added that “the recent price increases have limited the demand for sales of artifacts, especially with some dealers postponing purchase decisions during the current period, in anticipation of the return of prices to decline at stimulating rates in the coming days.”
He explained that “the largest percentage of sales currently in Dubai markets is accounted for by sales of tourists and visitors, while sales of residents are still limited during the current period,” pointing out that “sales of bullion and currencies are witnessing a slowdown in demand now.”
In addition, the price of a gram of 24 karat gold amounted to 223.75 dirhams, an increase of 3.75 dirhams, compared to its prices at the end of last week. While the price of a 22-carat gram amounted to 207.25 dirhams, an increase of 3.5 dirhams. The price of a 21-carat gram amounted to 200.5 dirhams, an increase of 3.25 dirhams. The price of a gram of 18 carats reached 172 dirhams, an increase of three dirhams.
