FINANCIAL NEWS

UAE- Gold sales see slight growth in April

06 May 2010

(MENAFN) Gold retailers in the UAE said that they saw sales volumes improving slightly during April, Reuters reported.

Sales in Abu Dhabi and Dubai slightly improved during the month compared to a year earlier, and volumes are expected to improve further as summer vacations begin.

Spot gold rallied nearly 6 percent in April as concern over Greece’s ability to deal with its debts sent investors flocking to bullion. Branded as the city of gold, Dubai’s gold sales also showed signs of a slight improvement in April, retailers said.

Vice Chairman of the Dubai Gold and Jewellery Group, Chandu Siroya, said that consumers have started to get used to the high prices of gold but the problem is in the fluctuations in the price.

Unlike Abu Dhabi, jewellers in Dubai depend on tourists for at least 50 percent of their sales, Siroya said, adding that there is an overall decline in the number of tourists visiting jewellery shops and there is also a decline in the purchasing power especially among western visitors.

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