UAE gold sales up 53 per cent in Q4

DUBAI — The retail gold sales in UAE increased by 53 per cent during fourth quarter of 2006 as compared to the same period in 2005.

By A Staff Reporter

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Published: Mon 19 Feb 2007, 9:19 AM

Last updated: Sat 4 Apr 2015, 9:55 PM

According to World Gold Council's regional office in Dubai, sales figures in Gulf state increased from Dh1.1 billion to Dh1.7 billion in the fourth quarter of last year.

However, the UAE gold consumption in terms of tonnage increased from 17.6 tonnes in Q4 of 2005 to 19.1 tonnes in the same period of 2006. This increase in gold sales and tonnage is due to the high number of tourists in the UAE during that period, in addition to all the holidays during that time like Eid, Christmas, Diwali and New Year.

As price volatility subsided from late August, conditions became better for jewellery demand. It then surged from mid September to late October when the price fell below $600 and remained until the very end of October in the $570-$600 range.

The quarter also saw the run up to both Diwali and Eid al Fitr at the end of Ramadan, both of which occurred almost simultaneously in late October.

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