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It could a 'year or two' before UAE's gold and jewellery demand rises to pre-COVID-19 levels gulfnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulfnews.com Daily Mail and Mail on Sunday newspapers.
Dubai: It could be another year before gold and jewellery buying in the UAE returns anywhere close to pre-pandemic levels, according to senior industry sources, who cite the lack of Indian and Saudi visitors as the main reason. Since March 2020, demand for gold in Dubai’s Gold Souq and other jewellery shopping destinations in the UAE was primarily driven by resident shoppers. With COVID-19 still imposing limits on flights and road trips, buying remains subdued, with jewellery sales in the second quarter well below the five-year average, according to the latest numbers from London-based World Gold Council. Pre-COVID-19, tourist buying made up around 30-40 per cent of gold and jewellery sales in the UAE. Anil Dhanak of Kanz Jewels says the return of tourists from India and the Subcontinent will need time to rebuild, as well as of Saudi shoppers. “Their return will not happen overnight – vaccinations will need to do their bit to make flying a far easier experience than ....
Gold prices fall below $1,800 an ounce - and that could be enough for UAE shoppers gulfnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulfnews.com Daily Mail and Mail on Sunday newspapers.
Dubai: Gold shoppers in the UAE and elsewhere will not be getting a favourable price break for today’s ‘Akshaya Trithiya’, the Indian festival where buying gold on the day is believed to bring good fortune for the rest of the 12 months. Gold prices was under some pressure over the last two days, but were heading back up early Friday (May 14). It is currently at $1,824 an ounce level, while the Dubai Gold Rate will start from around Dh207.25 a gram. (It was at Dh206.5 early Thursday and Dh208.25 on Wednesday evening.) Clearly, any hope that prices could slip even by a dirham or two are dashed by the way gold is performing in the global metals market Friday. Even then, shoppers and UAE jewellery retailers are bracing for what could be the worst Akshaya Trithiya sales ever. ....