Low gold prices set off buying surge in UAE

DUBAI, United Arab Emirates -- Shoppers of gold and jewellery in the UAE have never been in need of a reason or an excuse to buy. There would always be an occasion coming along to indulge in purchases at various times through an year, and if any incentive was needed it would be provided by the generous seasonal promotions such as daily raffles and 1 kilogram of gold as takeaways.

But the ongoing softness in global gold prices is prompting more shoppers to snap up more of the metal in its various forms. According to estimates from the local jewellery trade, retail offtake for the full year in the UAE could be up by 15-20 percent in volume terms (in kilograms) compared with 2013. If only the second half of the year is taken into account, which was when prices started to show real weakness, volume gains could even be in the 40-percent range. ...

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