Dubai – Mubasher: The demand for gold jewellery in the UAE rose for the second quarter of 2017 due to the stable economy and high tourist inflows, according to a statement by the World Gold Council.
The demand for jewellery went up 8.6% or 0.97 tonnes to 12.16 tonnes in Q2-17 from 11.19 tonnes in Q2-16.
The demand for gold bullions and coins levelled up 7.3% to 1.47 tonnes in Q2-17 from 1.37 tonnes in Q2-16.
Consumers' demand for gold reached 13.6 tonnes in Q2-17 from 12.6 tonnes in Q2-16.
Analyst Mohammed Abdullah said that the rising demand for jewellery was normal in Q2-17, especially after the increasing demand during the Eid period and the wedding season, alongside the slowdown of domestic prices.
The local demand on gold bullions and coins will continue due to the improvement of the UAE’s economy and tourist inflows to the country, specifically in Dubai.
Gold prices declined 6% in Q2-17, compared to the prior period, and the price of 24-karat gold per gramme fell 1.98% or AED 9.5 to AED 146.56, according to statistics by Mubasher.
The price of 22-karat, 21-karat, and 18-karat gold went down by AED 8.6 to AED 134.35; AED 8.3 to AED 128.24; and AED 7.1 to AED 109.9 per gramme, respectively.
The price of Pound gold retreated by AED 66.3 to AED 1,025.9, while the price of 24k ounce fell by AED 294.36 to AED 4,558.78.
