UAE Gold prices fell, between 3.25 and four dirhams per gram of various carats, compared to prices last weekend, according to list prices in the markets of Dubai and Sharjah until yesterday afternoon.
The indicators decline in gold prices this week, a return to market declines witnessed the beginning of December, which averaged three dirhams, after he recorded prices during the past week high reached about 1.75 dirhams per gram.
And reflected declines in the prices of gold positively on jewelery sales in retail outlets this week in varying proportions, supported by «Christmas», and the enthusiasm of consumers to buy gifts, according to officials in the gold artifacts shops in Dubai and Sharjah.
The price of a gram carat gold (24) carats, 199.25 dirhams, down four dirhams by the end of last week, while the price of one gram of caliber (22) carats to 187.5 dirhams, down 3.75 dirhams.
The price of a gram caliber (21) carats AED 178.25, a decline of 3.5 dirhams, scoring rounds gram (18) carats 152.75 dirhams, drop of 3.25 dirhams.
The official said sales in the shop «Jewelry Daizin that», Asim Ali, said that «declines gold prices this week contributed to the sales promotion rates varying in the market, especially with the presence of Iqbal to buy now to buy gifts jewelry special occasion (Holiday Birth)», expected «show sales growth rates, more and more influential in the market during the next week before the end of New Year’s Day, up to their maximum level.
In turn, director pointed replace «Ahmed Ali Jewellery», Mahmoud Ali Caso, that «despite the decline in prices a great extent during the current week, a large number of dealers still awaiting further declines in the price of gold, according to the expectations of global reports final, what the impact of the failure to achieve high growth rates in sales.
He added that «most traders rely on to achieve greater growth in sales during the next week with the approach of (Christmas), and the enthusiasm of the public to buy gifts.
The Bank «Saxo» specialist in trading and investment multi-asset via the Internet, said in an issued annual component of 10 forecasts for the year 2013, that the strength of the recovery of the U.S. economy in 2013 surprised the market, especially financial investors in gold, pointing out that the scene variable for the U.S. economy, and the lack of recovery in physical demand for the precious metal in China and India, which are facing difficult circumstances because of weak growth, high unemployment rates which, cycle Stimulate President to sell gold.
And gold is expected to fall to $ 1,200 an ounce, before central banks, especially in emerging economies to seize the opportunity, take advantage of low prices and buy gold.
Globally, gold fell yesterday, and remained close to its lowest level in four months, while heading for the biggest weekly loss incurred since June 2012, with the reluctance of investors due to the drop in the euro and the U.S. stalled talks aimed to avoid a financial crisis.
Gold fell in the spot market to $ 1.38 $ 1645.76 an ounce after recording the lowest price in four months at $ 1635.09 in the previous session.
Gold climbed in U.S. contracts for February delivery to $ 1646.90 dollars an ounce after falling yesterday to about 1636 dollars.
