Gold News

Jewelry demand 'high in Dubai'

Demand for gold in the Dubai jewelry sector remains high, despite fluctuations in prices for gold bullion.

This is according to officials at the sixth Dubai City of Gold Conference on Saturday (April 12th).

Sultan Bin Saeed Al Mansouri, United Arab Emirates minister of economy, said that gold trade in Dubai has increased by almost 30 per cent, which could be good news for investors in gold as demand continues to outstrip supply for the precious metal.

"Despite significant price increases, high demand and rising regional spending power will continue to sustain the strong and consistent performance of the gold and jewelry trade," he said.

Moaz Barakatthe of the World Gold Council added that gold's "enduring appeal" would see that the market continues to grow in the long term.

According to a report by GFMS, global mine production of gold fell to an 11-year low in 2007, while jewelry demand was up by five per cent.

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