Gold Prices UAE Down Before Ramadan

UAE Gold prices declines yesterday, ranged from $ 1.75 and AED 2.5 per gram compared to gold prices last weekend in Dubai Gold Souq and Abu Dhabi Gold SouK in what is the second consecutive decline in two weeks with a total decline of 3.5 dirhams.

According to officials shops to sell gold jewelry, that markets are currently in a state of slow sales despite the decline in gold prices for two consecutive weeks, pointing out that the start of preparation for the season summer vacations and busy traders prepare for Ramadan, making the markets are very weak movement in demand for retail outlets.

And detailed, the price of gram gold of 24 carat AED 143.5, down 2.5 dirhams compared to its rate last week, while the price of Gram reached the 22 carat AED 136.25, down value of 2.25, while the price of Gram arrived from a 21 carats to AED 130.5 decrease AED 2.25, while the price of gram of 18 carat stood at AED 113 was down 1.75 dirhams.

The director of the shop «Dhecn Jewelry», Ashok Poyet, said that «outlets currently experiencing a significant slow in the uptake of sales, in spite of record prices rates large decline described Bamahvzh to purchase», adding that «preoccupation with dealers to prepare for the month of Ramadan, and the end of the school year It is one of the main reasons that caused the continuing slow sales. »

For his part, pointed manager replaces «Reggie Gold and Jewellery», Manjeic Balkera, that «the gold markets are almost now devoid of any activity marked the demand for jewelry or bullion sales», pointing out that «the recent declines price, which lasted for two consecutive weeks did not affect stimulate sales in a positive movement, which significantly affected the start of preparation for the season summer vacations and holidays. »

He pointed to sales of tourists has fallen sharply due to the global power of the dirham exchange rate against a number of foreign currencies, in addition to the lack of tourist groups during the summer season.

In turn, the sales executive in place of «Imperial Jewelry», Ashwin Shawnee explained, that the «slow state, which controls the sales currently in the gold markets include jewelry and bullion and gold coins, with anticipation dealers for further price declines», attributing the reason for the slow pace to «busy most dealers to prepare for the summer holidays, or purchase needs with the approach of Ramadan schedule. »

He stressed that «the decline of tourists affect sales significantly increased in the case of jewelery, coins slow sales in the markets».

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