Decline in Gold Prices Fuels Demand for Bullion Amid Limited Interest in Jewelry
Gold prices drop in Dubai and Sharjah, leading to increased purchases of bullion and cautious demand for jewelry.
As of the end of last week, gold prices in Dubai and Sharjah decreased between 7.5 and 10 dirhams per gram across various purities, as reported by local gold and jewelry trading outlets.
The price for 24-carat gold per gram dropped to approximately 394.75 dirhams, reflecting a decrease of 10 dirhams compared to the previous week's values.
The price for 22-carat gold reached 365.5 dirhams, down by 9.25 dirhams, while 21-carat gold was priced at 350.25 dirhams, marking a 9 dirham decline.
The cost for 18-carat gold fell to 300.5 dirhams, decreasing by 7.5 dirhams.
Officials from various gold and jewelry retail venues indicated that the recent decline in gold prices has stimulated demand for bullion products, although interest in new jewelry remains limited.
Some retail managers foresee a stronger demand for both bullion and jewelry in the coming days.
Jay Dehkan, manager of Dehkan Gold and Jewelry, noted that the market is currently experiencing an uptick in bullion purchases, motivated by the recent price dip following significant increases earlier.
He attributed the demand for bullion to growing consumer confidence in these products for savings and investment, particularly amidst persistent international economic pressures.
Raj Pahi, manager at Mashu Gold and Jewelry, stated that the recent price reductions have rekindled interest among some buyers in acquiring bullion products, as they speculate a potential resurgence in gold prices in the near future.
He observed that transactions for new gold jewelry are relatively limited, but expressed an expectation of increased sales should gold prices stabilize around current levels.
Ricky Dahanak, manager of Riki Gold and Jewelry, mentioned that the recent decline in prices has contributed to heightened activity in the bullion sector, following a period of stagnation.
He noted that the previously high prices of gold had temporarily slowed jewelry purchases, but the recent price adjustment may lead to a rebound in demand for jewelry, particularly if consumers choose to wait for potentially lower prices.
Overall, the recent fluctuations in gold pricing and the tentative market responses highlight the complex dynamics influencing consumer behavior in the gold market.
The price for 24-carat gold per gram dropped to approximately 394.75 dirhams, reflecting a decrease of 10 dirhams compared to the previous week's values.
The price for 22-carat gold reached 365.5 dirhams, down by 9.25 dirhams, while 21-carat gold was priced at 350.25 dirhams, marking a 9 dirham decline.
The cost for 18-carat gold fell to 300.5 dirhams, decreasing by 7.5 dirhams.
Officials from various gold and jewelry retail venues indicated that the recent decline in gold prices has stimulated demand for bullion products, although interest in new jewelry remains limited.
Some retail managers foresee a stronger demand for both bullion and jewelry in the coming days.
Jay Dehkan, manager of Dehkan Gold and Jewelry, noted that the market is currently experiencing an uptick in bullion purchases, motivated by the recent price dip following significant increases earlier.
He attributed the demand for bullion to growing consumer confidence in these products for savings and investment, particularly amidst persistent international economic pressures.
Raj Pahi, manager at Mashu Gold and Jewelry, stated that the recent price reductions have rekindled interest among some buyers in acquiring bullion products, as they speculate a potential resurgence in gold prices in the near future.
He observed that transactions for new gold jewelry are relatively limited, but expressed an expectation of increased sales should gold prices stabilize around current levels.
Ricky Dahanak, manager of Riki Gold and Jewelry, mentioned that the recent decline in prices has contributed to heightened activity in the bullion sector, following a period of stagnation.
He noted that the previously high prices of gold had temporarily slowed jewelry purchases, but the recent price adjustment may lead to a rebound in demand for jewelry, particularly if consumers choose to wait for potentially lower prices.
Overall, the recent fluctuations in gold pricing and the tentative market responses highlight the complex dynamics influencing consumer behavior in the gold market.
Translation:
Translated by AI
