Gold Prices Experience Significant Decline in Dubai and Sharjah Markets
Gold prices fall by up to 17.5 dirhams per gram, stimulating demand for new jewelry.
Gold prices in Dubai and Sharjah have seen a notable decline, with decreases recorded between 13.5 and 17.5 dirhams per gram across various purities at the end of the past week.
This reduction follows a series of unprecedented price increases for the precious metal.
According to officials from gold and jewelry retail outlets, the drastic drop in gold prices has positively impacted demand for newly crafted jewelry, with expectations of heightened interest in the purchase of both jewelry and bullion in the coming days.
The price of 24-carat gold was recorded at 383.25 dirhams per gram, reflecting a decrease of 17.5 dirhams.
The price for 22-carat gold was noted at 354.75 dirhams, down by 16.25 dirhams.
In addition, 21-carat gold was priced at 340.25 dirhams, showing a decrease of 15.5 dirhams, while 18-carat gold reached 291.5 dirhams, down by 13.5 dirhams.
Jay Dakan, manager of Dahan Gold and Jewelry, indicated that there is a noticeable improvement in demand for new gold jewelry, which is being bolstered by the significant reductions in gold prices recently observed.
He noted that the declines are expected to have a positive effect on purchasing behaviors in the near term, particularly in the context of stability in gold prices without further increases.
Anurag Sinha, CEO of Layali Jewelry, highlighted varying levels of demand for gold jewelry among different customer demographics.
He pointed out that purchases are being made not only by residents but also by tourists from various countries, who are seeking commemorative gold jewelry as a result of the recent price drops in gold.
Raj Bhai, manager of Mashhoor Gold and Jewelry, mentioned that many consumers had postponed their buying decisions due to prior high gold prices.
However, with the current significant price declines, customers are now taking advantage of the lower prices to buy gold jewelry.
Additionally, he noted that investors dealing in gold bullion are opting to monitor prices with hopes for further decreases, which could lead to an increased interest in purchasing bullion for savings or investment purposes.
The recent record highs in gold prices have previously raised interest levels, but the recent downturn is shifting the market dynamics.
This reduction follows a series of unprecedented price increases for the precious metal.
According to officials from gold and jewelry retail outlets, the drastic drop in gold prices has positively impacted demand for newly crafted jewelry, with expectations of heightened interest in the purchase of both jewelry and bullion in the coming days.
The price of 24-carat gold was recorded at 383.25 dirhams per gram, reflecting a decrease of 17.5 dirhams.
The price for 22-carat gold was noted at 354.75 dirhams, down by 16.25 dirhams.
In addition, 21-carat gold was priced at 340.25 dirhams, showing a decrease of 15.5 dirhams, while 18-carat gold reached 291.5 dirhams, down by 13.5 dirhams.
Jay Dakan, manager of Dahan Gold and Jewelry, indicated that there is a noticeable improvement in demand for new gold jewelry, which is being bolstered by the significant reductions in gold prices recently observed.
He noted that the declines are expected to have a positive effect on purchasing behaviors in the near term, particularly in the context of stability in gold prices without further increases.
Anurag Sinha, CEO of Layali Jewelry, highlighted varying levels of demand for gold jewelry among different customer demographics.
He pointed out that purchases are being made not only by residents but also by tourists from various countries, who are seeking commemorative gold jewelry as a result of the recent price drops in gold.
Raj Bhai, manager of Mashhoor Gold and Jewelry, mentioned that many consumers had postponed their buying decisions due to prior high gold prices.
However, with the current significant price declines, customers are now taking advantage of the lower prices to buy gold jewelry.
Additionally, he noted that investors dealing in gold bullion are opting to monitor prices with hopes for further decreases, which could lead to an increased interest in purchasing bullion for savings or investment purposes.
The recent record highs in gold prices have previously raised interest levels, but the recent downturn is shifting the market dynamics.
