Monday, 6th August 2007 (3778 views)

During July this year, gold sales rose by ten per cent in Abu Dhabi compared to the same month a year ago, it has been reported.

The emirate's Gold and Jewellery Group chairman claimed that the rise was as a result of high demand by foreign residents, who were buying gifts for holidays back home.

Chairman Tushar Patni also added that demand from foreign workers and Adu Dhabi residents for gifts to take home during the summer holiday had also helped to boost sales since May.

"August ... is always the slowest month of the year and September will be a very quiet period. But sales will pick up again in October, especially during the last ten days of the holy month of Ramadan," Mr Patni said.

However, according to the International News, industry executives believe that the high demand for gold in the region remains "strong" despite what it sees as relatively high prices.

 

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