Monday, 14th June 2004 (3612 views)

The summer holiday season is increasing the demand for gold in Abu Dhabi, according to the Khaleej Times.

Many expatriates are returning home for their summer vacation and are taking presents of gold for their relatives and friends, as is the custom for Indian families.

Manager of Alukkas Jewellery, Mr Varghese, told the newspaper: "Within the last two weeks itself, we have had a good 32 to 35 per cent increase in the sales. We are expecting a further increase in the coming months too, as more and more people will be leaving."

The demand has also been increased by a number of high-profile promotions and the general fall in the price of gold.

The gold rate remained steady at DHS 43.50 per gram, just three weeks ago the gold rate was DHS 47.50 per gram.

 

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