May 30, 2023

Dubai Week

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Gold continues to decline

Gold continues to decline

Last weekend, gold prices continued to decline for the second week in a row, falling to 3.5 to 4.75 dirhams per carat compared to the previous week’s close. Indices announced in the Dubai and Sharjah markets showed that the price of a gram of gold fell to 8.25 dirhams in two weeks.

The price of a gram of 24 carat gold is 212 dirhams, 4.75 dirhams lower, compared to its previous weekend price of 22 carat gold 199.25 dirhams, a 4.5 dirham lower.

In turn, the price of a gram of 21 carat gold is 190 dirhams, a reduction of 4.25 dirhams, the price of an 18 carat gold is 163 dirhams, a decrease of 3.5 dirhams.

Officials at the Gold and Jewelry Trade Center confirmed to Emirates Today that the continuing decline in gold prices has been positively reflected in the markets, which have significantly restored demand for new jobs.

Most purchases were for 18-carat Arab and European national sellers, and 22-carat Asian national sellers, with sales outlets seeing demand for medium and light weight gold coins.

In turn, dealers said they are encouraged to buy at current prices, especially for those who plan to buy for a while, postponing their decisions until prices fall appropriately.

Purchase results

In detail, seller Hassan Ismail said he would postpone the decision to buy gold artefacts due to higher prices, but finally decided to buy after the price of gold, which came at a lower price, fell.

In turn, trader Mahmoud Jafar said he had bought two pieces of 18-carat gold, which he considered to be an incentive to buy at current prices, especially for those who had been planning to buy for some time, and postponed prices until the end. Collapsed to appropriate sizes.

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Trader, Laila Khalid, confirmed that she had bought a piece of gold jewelery from the Dubai market, before leaving, stressing that the fall in the price of gold had also prompted her to buy gold as a gift.

Significant recovery

In addition, Jay Tehkan, Director, Tahakan Jewelery Company, said that the markets have recently seen a significant improvement in the demand for new gold jewelery, which is supported by the continuing fall in prices of yellow metal.

He stressed that most order operations were concentrated at 18 carats, especially for Arab and European national vendors, while the focus was on 22 carats for vendors in Asian countries.

Buy coins

For his part, Mangesh Baligra, sales director at “Reggie Jewelery”, said gold workers’ demand for gifts had recently increased and that the yellow metal had been declining for the second week in a row, and that gold had reached prices for less than two months.

The focus is not only on new gold workers, but also on the purchase of small and medium value gold coins, especially from some distributors in Asian countries who want to buy coins for decorative and storage purposes.

In the same context, Ashok Kavinar, Sales Manager, “Tahkin Jewelry Store”, said that the first period of the school season and the fall in prices, and the return of most sellers from the summer holidays, had positively revived the recent sale of gold jewelery.

He stressed that a large number of sellers are waiting for the price to fall until they decide to buy, which has been followed by a recent decline in the price of gold.

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