Gold records the first decline after 9 weeks of successive heights

Gold prices recorded, at the end of last week, their first decline after nine weeks of successive heights, achieving declines with values ​​that ranged between eight and 10.5 dirhams for love from various calibers, compared to their prices at the end of the week before, according to the price indicators announced in the Dubai and Sharjah markets.

Officials of sales outlets for gold and jewelry trade told «Emirates Today» that the registration of gold is the first price decline, in long weeks, contributed to a limited improvement in the demand for golden artifacts, while it is expected to witness greater rates during the coming days.

“The decline in gold prices, after a long series of successive heights, contributes to motivating customers to buy new golden artifacts, and supports sales growth for tourists from souvenirs.”

Bali expected that the markets will witness an improvement in sales at greater rates during the coming days, especially when registering new price declines or price stability.

For his part, Jay Dahkin, director of “Dahkin and Jewelery Trading”, said, “The registration of the yellow metal is his first decline, after nine consecutive weeks of altitudes, which had positive effects in the markets, as the demands of dealers improved the purchase of new golden artifacts.”

He added, “The improvement in demand is still limited during the current period, but we are expected to witness growth at greater rates of gold jewelry sales, with increasing demand from dealers who prefer not to hurry to buy, and the markets are watching first.”

In the same context, the sales officer at the Dimo ​​Gold and Jewelery Trading Place, Daily Sun, considered that “any price decline for the yellow metal, after a series of long altitudes, will have positive repercussions on the markets, albeit at different rates in improving the levels of demand for artifacts.”

And he expected the markets to witness an increase in demand during the second half of the holy month of Ramadan, with customers preferring to buy Eid Al -Fitr gifts early, especially in the case of gold registration more decline.

Gold prices

At the end of last week, the price of 24 karat gold reached 343.25 dirhams, a decrease of 10.5 dirhams compared to its price at the end of the week before, while the price of a 22 -carat gold gram was 319.5 dirhams, a decrease of 9.75 dirhams.

In turn, the price of a 21 -carat gram reached 306.75 dirhams, a decrease of 9.25 dirhams, and the price of 18 carat gold to 262.5 dirhams, with a decline of eight dirhams.

Traders:

• The improvement is limited and we expect an increase in demand during the second half of Ramadan.