iPhone | iPad
Android
Huawei
The weather department has called on the public to avoid spreading rumours
KT APPDOWNLOAD
Gold coins, bars see higher demand in UAE, jewellery sales dip
Dubai - Jewellers in Dubai expect the fourth quarter to be better as tourists return and there is a slight improvement in the overall economic recovery.
Gold jewellery sale in the UAE plummeted, but bars and coins witnessed higher demand, in the third quarter of this year, according to the World Gold Council.
Data showed that jewellery sales slumped 30 per cent year-on-year to 3.8 tonnes as compared to 5.4 tonnes in the same quarter last year as coronavirus continued to weigh on consumer sentiment.
Due to job losses and reduction in salaries following the outbreak of the pandemic in March in the UAE, gold jewellery sale has been lackluster as restrictions were placed on tourists, which are major buyers of the gold jewellery in the City of Gold.
However, jewellery sales improved quarter-on-quarter in the UAE, rising from 1.3 tonnes in Q2 to 3.8 tonnes in Q3. Jewellers in Dubai expect the fourth quarter to be better as tourists return and there is a slight improvement in the overall economic recovery.
Demand for bars and coins in the UAE also rose by 40 per cent to 1.4 tonnes as against 1.0 tonnes in third-quarter last year, while quarter-on-quarter sales of bars and coins also spiked by 75 per cent from 0.8 tonnes to 1.4 tonnes.
In total, consumers bought 5.2 tonnes of gold in the last quarter as against 6.4 tonnes for the same quarter last year, down by 19 per cent, but quarter-on-quarter sales jumped 148 per cent.
The World Gold Council said global demand for gold dropped to 892.3 tonnes in Q3 – its lowest quarterly total since Q3 2009 – as consumers and investors continued to battle the effects of the global pandemic. At 2,972.1 tonnes year-to-date, demand is 10 per cent below the same period of 2019.
waheedabbas@khaleejtimes.com
More news from
This guide will help you navigate the 'when', 'where' and 'how' of asking for a raise
Since its inauguration in 2009, this iconic mode of transport has played a pivotal role in the city's transformation into a global hub of mobility
UAE: Kids waking up early to avoid peak traffic? Sleep deprivation could affect health, warn doctors
It's particularly important for students to prioritise adequate sleep in the first few months of the school year, said doctors
There are dedicated tracks that take cyclists from the hustle and bustle of the city to the most tranquil and remote parts of the desert
Equipped with advanced technologies and weighing 27kg, it can reach a height of 150 metres, equivalent to about 40 floors, in just 18 seconds
Sheikh Saud is leading a high-level Ras Al Khaimah delegation to the four-day conference, which is one of the largest investment fairs in China
They also discussed several issues of mutual interest and exchanged views on the latest regional and international developments