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Thursday, 2nd June 2005 (6041 views)

In the UAE, retail gold sales have reportedly risen by 15 per cent in Q1 2005 from Dh1.6 billion in the first quarter of last year.<br/><br/>Figures released by the World Gold Council (WGC) revealed that sales were Dh1.8 billion in the first quarter of 2005. <br/><br/>The UAE gold consumption increased by ten per cent from 26.9 tonnes in the first quarter of 2004 to 29.8 tonnes in during the same period of this year.<br/><br/>According to the World Gold Council, several factors explain the strength of demand seen in the first quarter of 2005 including the introduction of new investment products in the market, and an undercurrent of political and economic unease favouring gold investment. <br/><br/>Moaz Barakat, WGC managing director for the Middle East, Turkey and Pakistan, said: “Many factors have led to the improved performance in the first quarter of 2005. Gold off take during the Dubai Shopping Festival rose 30 per cent and that was a result of the doubled promotional spending on gold compared to the spending in 2004. The boom in tourism is also continuously improving the gold market.”<br/><br/>Mr Barakat added that he believed the gold market would remain stable in the Gulf. Most countries in the Gulf saw at least a six per cent increase in demand, with gold sales up from $200 million in first quarter of last year to $212 million in the same period of 2005.<img alt="track" src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=8650449"/>

 

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