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Dubai gold sales rise 18 per cent

Dubai’s gold jewellery sales volume rose 18% last month on relatively less volatile and lower gold prices, a senior gold industry executive in the Gulf Arab emirate has said.
“So far prices are OK for buyers and not as high as they used to be in March,” Tawhid Abdullah, managing director of the Dubai Gold and Jewellery Group told Reuters.

“Looking at the market now, I would say that the 18% increase we saw in May is a sign that Dubai gold sales will continue to grow for the rest of the year,” he said.
Gold powered to a record of $1,030.80 an ounce on March 17 on record crude oil prices, fears of inflation, and expectations of more interest rate cuts in the US, making the metal more attractive as an alternative investment.
Lower gold prices and strong Indian demand have pushed the volume of gold jewellery sales in Dubai in April 17%.

Dubai is a long-established market for gold bullion and jewellery – wholesale and retail – fuelled by strong demand from the Arab world and India.
Tax-free jewellery in Dubai, one of seven members of the United Arab Emirates federation and the Gulf’s commercial heart, lures many Gulf Arab and Western tourists.

Demand in the UAE fell 19.3% to 24.2 tonnes in the first quarter of 2008, the industry-funded World Gold Council said in May.
The value of gold sales in the UAE rose 15.1% to $862mn during the same period.
In UAE capital Abu Dhabi gold sale volumes were steady in May. – Reuters

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