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Declining gold prices boosts jewelry sales

News Summary:

the biggest period of decline in the value of gold, since the 1970s

News Content:

Low gold prices have boosted sales in Saudi markets despite recent global fluctuations in its value. Riyadh and Makkah registered the highest levels of sales in this regard, followed by the Eastern Province and Madinah.

The price of the yellow metal has registered continuous decline in world markets throughout recent weeks. While the value of gold may have increased by one percent during the Christmas week, much of these gains were countered by the lack of cash for gold available within the market in the post-Christmas period. As such, the value of gold is now declining for the sixth consecutive week, making this the biggest period of decline since the 1970s.

The price drops in gold increased buying among the Gulf countries, especially in the UAE and Saudi Arabia. Saudi jewelers commented that during the first ten days of this year, there were more buyers of gold than was initially expected, thus exceeding expectations.

Jeweler Ali Zakaria said that such price drops encourage buying despite the fact that no one knows what price the gold is going to reach at its lowest point. This may mean that their gold will be worth a considerable amount of money, leading many to buy gold in the hope that the price will increase again, enabling them to make money through reselling.

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