Home Retail Middle East Dubai gold sales rise 26% in August

Dubai gold sales rise 26% in August

Dubai: Dubai gold sales rose 26 per cent in value in August year on year as demand from tourists increased and the economy improved, an industry executive said yesterday. "The market is not affected by the current prices of gold and we have a better economy in Dubai and strong consumer confidence," Tawhid Abdullah, managing director of the Dubai Gold and Jewellery Group, said. "We saw a 26pc increase in sales value last month and we could see about 40pc increase in September. Abdullah said he expected about 35pc rise in sales value in third quarter of the year and about 40pc increase in the fourth quarter as customers raise their purchases in Ramadan and the Dubai Shopping Festival. Some local traders feared gold sales volume in the UAE could fall by about 10pc in volume this year, as they did in the previous year due to both volatile and high prices. But industry executives said the regional appetite for gold remains strong despite the relatively high prices. Gold rose above $700 an ounce mark this week helped by the faltering dollar to hit a 16-month high of $714.20 on Tuesday before retreating slightly. Gold sales by the UAE rose 22pc in terms of value in the second quarter of this year as demand from tourists increased, the World Gold Council said.   Source : Gulf Daily News, Bahrain

 

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