By: Mahmoud Gamal
Dubai-Mubasher: The recent decline in gold prices is expected to raise sales by 5% to reach AED 17-18 billion in 2016, analysts told Mubasher.
Gold sales stabilised at AED 15 billion in 2015 in Dubai, while global gold prices reached a six-year low of $1,045.85 per ounce.
The drop in gold prices pushed up Dubai sales in 2015, according to Sabaek Company CEO Rajab Hamed.
Gold prices were dragged down by dollar strength after US Fed rate hike, weak yuan, positive performance of U.S. and other European stocks, and low demand in East Asia.
Hamed added that pressures will continue on gold, as the previous metal continues to be seen as an important investment tool for many countries and central banks, in 2016.
