Dubai gold sales rose 26 percent in value in August year on year as demand from
Dubai gold sales rose 26 percent in value in August year on year as demand from tourists increased and the emirate's economy improved.
The Managing Director of the Dubai Gold and Jewelry Group said that the market was not affected by the current prices of gold and that the emirate had a better economy and strong consumer confidence during the period.
He also said that he expected about 35 percent rise in sales value in the third quarter of the year and about 40 percent increase in the fourth quarter as customers raise their purchases during Ramadan and the Dubai Shopping Festival.
Some local traders feared gold sales volume in the United Arab Emirates could fall by about 10 percent in volume in 2007, as they did in the previous year due to both volatile and high prices.
Gold sales by the United Arab Emirates rose 22 percent in terms of value in the second quarter of 2007 from the year-ago period as demand from tourists increased, the World Gold Council (WGC) said earlier.