Wednesday, 13th December 2006 (3522 views)

Sales of gold at the Dubai Shopping Festival (DSF) could be up 45 per cent on last year's total, according to an industry expert.

Tawhid Abdullah, managing director of Dubai Gold and Jewellery Group, says that this year's festival may witness sales worth Dh800 million (£111 million) compared to the Dh550 million lavished on goods in 2005.

The DSF began ten years ago, designed to put the emphasis on the retail sector in Dubai and has now become a popular tourist hotspot, says the festival's official website. The opening ceremony of the DSF will take place on December 20th and the event runs into next year.

Mr Abdullah told Reuters: "We expect sales of about Dh800 million and we are quite optimistic of reaching it.

"Last month's rise was because of the Muslim Ramadan and Hindu Diwali holidays, but in November the market was booming."

Gold for immediate delivery was priced at as much as $631.15(£321) per ounce and then settled at $630.92 at 12.13 local time in Mumbai on December 12th.

 

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