There is a lot of interest in UAE shops due to the fall in gold prices. Due to falling gold prices, gold traders reported a sharp increase in demand (uae-gold demand) for the precious metal. According to Joy Alukas (managing director), retailers reported a 20% increase in demand for gold after falling prices. The majority of shoppers purchase gold jewelry for investment and personal use. He clarified that there is no trend in people purchasing bars from our shops.
Gold Demand Increases
Anil Dhanak is the Managing Director of Cannes Jewellers. He stated, “Our retail customers are fully taking advantage of these lower prices. We are seeing people willing to visit us and buy jewellery, even in the summer heat.” Dhanak stated that investors are aware that the decline in prices is temporary and that they could return to $1800.
Director of Baffle Jewelery, Chirag Vora said that the fall in prices and the summer holidays have contributed to the rise in sales. People, particularly those from the subcontinent, have always bought gold when they return home to vacation. He said that the low gold prices this year have been a blessing for holidaymakers and helped to boost sales. This is because residents can easily track prices online thanks to social media. https://m.facebook.com/newsgulfapp/