Gold prices continued their decline for the second week in a row, recording a decline at the end of last week, with values ranging between 2.25 dirhams and three dirhams for various carats, compared to their prices at the end of the previous week, according to the price indicators announced in the Dubai and Sharjah markets, at a time when the total decline in two weeks reached six. Dirhams, and the markets witnessed an activity in demand for artifacts and gold bars of different weights.
The price of a gram of 24-carat gold was 234 dirhams, a decrease of three dirhams, while the price of a gram of 22-carat gold was 216.75 dirhams, a decrease of 2.25 dirhams.
The price of a gram of 21-carat gold reached 209.75 dirhams, a decrease of 2.5 dirhams, and the price of a gram of 18-carat gold reached 179.75 dirhams, a decrease of 2.25 dirhams.
Raj Bahi, director of the “Masho Jewellery” shop, said, “The sales outlets witnessed during the recent period a demand by tourists and residents to buy gold artifacts, supported by the continued decline in gold prices for the second week in a row after a series of different price hikes, in addition to the demand of many Dealers who buy gifts of gold jewelry before they travel during the current period.
For his part, Mangesh Balikra, the sales official at the “Raji Jewelery” store, considered that “the yellow metal’s continued decline in prices for two consecutive weeks motivated many dealers to buy gold jewelry, in addition to the tendency of a number of dealers to buy gold bars of small and medium weights for the purposes of saving in Under global reports, gold prices are expected to rise again.
He explained that «most of the purchases concentrated in gold jewelry of 18 and 21 carats, while the largest shares of sales during the recent period were for visitors and tourists, especially in outlets in commercial shopping centers».
In the same context, the director of the “Rakesh Jewelery Company”, Rakesh Dahnak, said, “The markets have recorded remarkable turnout rates during the recent period in demand for the purchase of gold jewelry with the decline in prices, at a time when many dealers are anticipating the recording of new price declines, which indicates an expectation Sales will improve in greater proportions during the coming period.
He added that «the purchase of gold bullion included visitors and residents, to take advantage of the decline in prices in the purchase of gold products for savings or investment».
2023-08-06 22:05:28
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