Officials of gold and jewelry retail outlets confirmed to Emirates Today that the markets have witnessed an improvement in demand for gold jewelry, supported by the recent price declines and the movement of tourists, especially in Dubai markets.
They expected demand to gradually improve in the coming days, with some traders heading for “cautious buying” operations, anticipating further price declines.
Gold prices recorded a decline at the end of last week, with values ranging between 3.25 and four dirhams, for various karats, compared to their prices at the end of the previous week, according to the price indicators announced in the Dubai and Sharjah markets.
The price of a gram of 24-carat gold reached 245 dirhams, a decrease of four dirhams, while the price of a gram of 22-carat gold reached 227 dirhams, a decrease of 3.5 dirhams. The price of a gram of 21-carat gold reached 220 dirhams, a decrease of 3.25 dirhams, and the price of a gram of 18-carat gold reached 188 dirhams, a decrease of 3.25 dirhams.
The director of the “Dehkan Jewelry” store, Jay Dehkan, said, “The sales outlets recorded gradual improvement indicators during the recent period, in the demand for gold jewelry, affected by the recent price declines recorded by the yellow metal, which came after a successive series of varying increases during the previous weeks.” .
He explained that “the increase in tourist demand, especially in Dubai markets, was one of the most prominent factors supporting the demand for handicrafts, in addition to the decline in prices.”
For his part, Dilip Sule, sales director at Daimo Jewellery, said, “The price declines recorded by the yellow metal recently had a positive impact on sales of gold jewelry, following a slowdown in sales outlets during the previous weeks, in light of varying price increases for gold.”
He added, “The increase in sales activity during the recent period coincided with the desire of tourists to buy at greater rates, and the improvement in demand from resident dealers who were anticipating lower prices.”
In the same context, the sales official at the “Manji Jewellery” store, Mangesh Palikra, expected that the coming days would witness a greater improvement in the demand for purchasing gold jewelry, with some dealers currently cautiously accepting the purchase of jewelry, in light of the expectation of a further decline in prices during the days. In the future, he agreed that the markets have witnessed an increase in demand rates by tourists recently.
2024-01-21 22:06:28
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