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25 February 2024

Dubai retail gold sales slightly up in Dec

By Reuters

Retail gold sales volumes in Dubai were slightly up in December compared with the same time last year as seasonal promotions lured consumers despite the metal's high price, traders said on Wednesday.

"There were many people going on holiday and buying gifts for the family and friends, and with a lot of Christmas and New Year offers there was slightly better demand compared to last year," said a retailer in Dubai's old gold souk.

Gold prices rose to record highs last year as investors worried about the outlook for the euro.

Last week the metal posted its biggest weekly loss since mid-2010, but is clawing back some lost ground.

On Wednesday it rose further above $1,380 an ounce in Europe on a softer dollar, rising oil prices and firm physical interest from Asia.

"People are starting to look at gold as a good investment again.