Gold prices continued yesterday’s decline for the second week in a row, registered declines ranging from 75 fils per gram compared to prices last weekend, according to published rates in Dubai and Sharjah, bringing the total decline grams gold within two weeks to 3.25 dirhams.
Officials said shops selling gold jewelery, the recent declines and price were not moving in a positive way in the market, with sales rates recorded varying dip, and control general state of the sharp slowdown of sales, in spite of the fact that prices are currently stimulating the purchase, arguing that most of the traders are counting on the last days of the month of Ramadan that precedes Eid, which is expected to see the return of the activity dramatically.
And the price of gold grams of 24 carat AED 141.25, a decline of dirhams, compared to its rate last week, while the price of Gram reached 22 carat AED 134.25, down $ 75 fils, while the price of Gram arrived from a 21 to AED 128.5 carats, a decrease of AED, while the price of Gram reached the 18 carat AED 111.25, down amounted to 75 fils.
In addition, sales official said that «despite the fact that recent declines price of gold, made it possible rates attractive to buy, but the sales recorded a decline varying proportions, with the scarcity of movement in the market recently, so with the anticipation number of dealers new price declines, and concern other customers preparing for travel such as Eid al-Fitr holiday in their own countries. »
For his part, that «the general state of the sharp slowdown of sales dominate the market currently, does not fit with record gold rates decreases price for two weeks,» adding that «the market is currently devoid of shoppers affected by high temperatures, lack of shopping preference during the day in Ramadan , in addition to the holiday season, which makes it a weak movement on the purchase during the current period. »
He added that «most traders are counting on the nights the 10 days of Ramadan, to compensate for the decline in sales during the last period, and with the expectations of the return of activity of the markets during that period, which is often seen turnout on the purchase, with getting used to some dealers to buy gifts goldsmiths for their families before Eid al-Fitr ,. or as gifts when traveling to spend the holiday in their own countries »
Decline in sales markets currently is logically despite significant declines prices, as a result of the lack of tourist groups to markets, in addition to procurement difficulties of tourists to the high dirham exchange rate against the currencies either European, or Russian, as well as the absence of many traders to spend their summer vacations, as well as the difficulty of shopping during periods of high temperatures to customers within the State