Jewelry traders report weak demand for gold in current period
Date
11/24/2024 6:37:55 AM
(MENAFN) Jewelry traders are reporting weak demand for Gold in the current period due to fluctuating prices, which remain within a high range. These price variations have led consumers to delay purchasing decisions, uncertain about future trends.
Salim al-Dheeb, Secretary of the Jewelry and Jewellery Traders Syndicate, explained that demand for gold, both for investment and decorative purposes, is low in local markets. He attributed recent price increases to a recovery following a sharp decline after the US elections, with prices dropping nearly $200 per ounce before rebounding to $2660. This recovery is linked to global political instability and market anticipation of upcoming US interest rate data.
Yazan Dana, a jewelry trader, noted that many consumers are waiting to see how gold prices will evolve before making any decisions, as there are concerns about potential price declines. Although gold experienced strong demand for jewelry purposes in recent times, the market has seen a significant drop in demand this week. Citizens who have recently made purchases are hoping for further price increases, while others are waiting for prices to drop before buying.
Khalid Abdullah, a worker in gold and jewelry stores, also confirmed the low demand, noting that gold prices rose slightly by 50 piasters per gram in recent trading. He mentioned that there is close monitoring of gold prices, with current selling prices for various gold types as follows: 21-carat gold at 53.9 dinars per gram, 24-carat gold at 62.1 dinars, 18-carat gold at 47.9 dinars, with the English and Al-Rashadi lira coins priced at approximately 430 dinars and 377 dinars, respectively.
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