Gold News

Gold buying 'sky-high in Dubai'

Gold buying in Dubai was found to have risen by 17 per cent in June, industry insiders have revealed.

The pick-up was partly attributed to a rise in expatriate demand, a senior gold executive in the United Arab Emirates told Reuters.

Tawhid Abdullah, managing director of the Dubai Gold and Jewelry Group - a prestigious trade body - said that the positive prices had encouraged people to consider a gold investment opportunity.

"After prices became less volatile and relatively lower later in the quarter, demand picked up. We are also entering the peak of summer where demand from expatriates, mainly from India, picks up as they buy gifts crafted in gold for their friends and family back home," he commented.

Mr Abdullah added that buyers have become used to the gold price trading at around $900 an ounce, so are encouraged to enter the market again.

According to the Dubai City Guide, more than two-thirds of the population buys gold once a year and 76 per cent of Dubai residents own gold.

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