Abu Dhabi Gold Jewellery Sales Fall 40pc in Dec

DUBAI - The volume of gold jewellery sales in Abu Dhabi fell about 40 per cent in December from November as higher prices and the uncertain global financial outlook crimped buying, the emirate’s industry group said on Sunday.

Read more...

By (Reuters)

Published: Tue 6 Jan 2009, 12:49 AM

Last updated: Sun 5 Apr 2015, 9:36 PM

Sales in January could pick up if prices retreat enough to make the precious metal more attractive to buyers looking for an alternative to investing in equities, said Tushar Patni, the chairman of Abu Dhabi Gold and Jewellery Group.

Prices in December averaged about Dh99 ($26.95) a gramme, up around 11 per cent from November, Patni said.

“If prices fall below Dh90, then we could see buying activity pick-up, but at the moment prices are still too high,” he said. “Gold is a luxury item. People are less inclined to spend on such items when the economy is not doing well.”

(Reuters)

Published: Tue 6 Jan 2009, 12:49 AM

Last updated: Sun 5 Apr 2015, 9:36 PM

Recommended for you