Gold price drops by Dh46.25 per gram over three weeks

Dubai: Gold prices continued their decline for the third consecutive week, falling between 4.5 and 7.25 dirhams per gram across various carats at the end of last week, compared to prices at the end of the previous week. This is according to price indicators announced in Dubai and Sharjah, bringing the total decrease in the price of a gram of gold to 46.25 dirhams over three weeks. Officials from gold and jewellery outlets said the continued decline in the price of the yellow metal has significantly contributed to an increase in demand for bullion products of various weights and categories in recent days. They expect sales to continue growing at a higher pace in the coming days. Meanwhile, the price of a gram of 24-carat gold reached 500.75 dirhams, a decrease of 7.25 dirhams compared to its price at the end of the previous week. The price of a gram of 22-carat gold recorded 463.75 dirhams, also a decrease of 7.25 dirhams, while 21-carat gold reached 444.75 dirhams, down by 6.75 dirhams. The price of 18-carat gold reached 381.25 dirhams, a decrease of 5.75 dirhams, and 14-carat gold stood at 297.25 dirhams, declining by 4.5 dirhams. Mohammed Dheeban, Marketing Director at Al-Rumaizan Gold Trading Group, said that “the continued decline in gold prices at significant rates during the recent period has had positive repercussions on the markets in terms of overall sales growth, especially for bullion, which has attracted a large number of customers from different nationalities.” He noted that “demand for bullion covered different weights and categories and was not limited to specific sizes.” Ricky Dahnak, Manager of Ricky’s Gold and Jewellery Trading, said that “the continued decline of the yellow metal at significant rates for the third week has contributed to stimulating demand at remarkable levels for bullion sales across various weights and categories.” He added that “many traders prefer to buy bullion now for saving and investment purposes following the significant drop in gold prices, with expectations of notable increases in the coming periods.” Jay Dehkan, Manager of Dehkan Gold and Jewellery Trading, said that “the markets are currently witnessing strong demand indicators for purchasing bullion products of various weights, attracting many traders after consecutive significant price drops in the recent period and boosting confidence in bullion purchases for saving or investment.” He added that “the growth in demand for bullion is normal during the current period compared to jewellery, which has seen demand but at lower rates, especially since jewellery demand peaks during seasons and occasions that typically drive higher sales.”