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UAE retail gold sales rise 15pc in Q1 2005
DUBAI — Retail gold sales in the UAE increased 15 per cent from Dh1.6 billion in the first quarter of last year to Dh1.8 billion in the first quarter of 2005.
According to figures released by the World Gold Council (WGC), the UAE gold consumption increased by 10 per cent from 26.9 tonnes in the first quarter of 2004 to 29.8 tonnes in during the same period of this year, while the retail investment (bullion coins and bars) consumption increased by 10 per cent from two tonnes in 2004 to 2.2 tonnes this year.
The WGC’s regional office in Dubai said a number of factors explain the strength of demand seen in the first quarter of 2005 including increased and successful jewellery promotions and introduction of new investment products in the market.
With consumers now accustomed to gold prices over $400/oz, and a growing consensus that the price of gold could rise further, the small retreat in the gold price from the peaks seen during the last quarter of 2004 was seen as a strong buying opportunity.
Moaz Barakat, WGC managing director for the Middle East, Turkey and Pakistan, said: “Many factors have led to the improved performance in the first quarter of 2005. Gold offtake during the Dubai Shopping Festival rose 30 per cent and that was a result of the doubled promotional spending on gold compared to the spending in 2004. The boom in tourism is also continuously improving the gold market.” According to him, the gold market remains stable in the Gulf. Gold sales in Saudi Arabia increased 15 per cent, while other countries in the Gulf witnessed six per cent increase in gold sales from $200 million in first quarter of last year to $212 million in the same period of 2005.
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