Gold prices decreased at the end of the week between 3.5 and 5.5 dirhams for various karat, compared to their prices at the end of last week, according to the price indices announced in Dubai and Sharjah, so that the prices of the yellow metal continued their decline for the second week in a row, achieving a total decrease of 9.5 dirhams per gram within two weeks.
Officials of outlets for the gold and jewelry trade told Emirates Today that the continued decline in prices had positive effects in the markets by stimulating the demand for gold jewelry sales, with stimulating declines recorded, pointing out that the markets witnessed remarkable rates of demand from tourists in the markets recently to buy Craft gifts.
In turn, the director of the “Dahkan Jewelry Company”, Jay Dahkan, said, “Sales are currently witnessing an activity in demand for gold artifacts, with the interest of dealers buying gifts from the artifacts for requirements related to them, to take advantage of the recent decline in gold prices at stimulating rates,” pointing out that “The popularity of tourism activity in the country’s markets during the recent period, and the demand for buying gifts of handicrafts and jewelry, was supportive of the growth of market sales.”
He explained that «the continuation of prices at similar rates during the coming days will enhance the recovery of demand in stores, especially since many dealers prefer to buy during that period, after a long period of gold prices continuing at high rates, under pressure from global market variables».--
“The local markets respond quickly and positively to price changes or even to the momentum of demand from tourist groups, which occupy large shares of handicraft and jewelry sales,” said Adita Singh, sales manager at Tansheeq Jewelery Company.
For his part, the director of sales at the “Daemon Jewellery” store, Dilip Son, considered that “many stores are counting on sales growth during the current period, to compensate for the slowdown in the markets during periods of large rises during the last period,” pointing out that “the price decline continues.” For two weeks, it was one of the positive motivating factors that contributed to attracting many dealers to buy their supplies of handicraft gifts during the recent period.
In addition, the price of a gram of 24-carat gold was about 237.5 dirhams, a decrease of 5.5 dirhams, compared to its prices at the end of last week. While the price of a 22-carat gram was 220 dirhams, down five dirhams. The price of a 21-carat gram amounted to 213 dirhams, down by 4.75 dirhams. The price of a gram of 18 karat reached 182.5 dirhams, down 3.5 dirhams.