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17

Gold Sales Soared 40 pct in UAE

The shopkeepers expect gold jewellery sale to increase in the run-up to...

Gold jewellery sale in Abu Dhabi, UAE has soared up to 40 per cent after mid-September. However, due to the rise in gold prices, there was a drop of 20 per cent in the sale of jewellery during UAE's national celebration this year as compared to last year.

The shopkeepers expect gold jewellery sale to increase in the run-up to the Indian festival of lights, Deepawali, in the first week of November.

Gold prices have surpassed the 28-year-old record in price hike. In 1980, gold price was Dh72.28 per gram for 24 carat, but the current price is Dh89 per gram. The latest rate for 22-carat gold is Dh83 per gram.