Gold News

Abu Dhabi gold sales 'in recovery'

Gold sales in Abu Dhabi are on the rise again, according to reports that may be of interest to those buying gold.

Speaking to Reuters, Tushar Patni, chairman of the Abu Dhabi Gold and Jewelry Group, said that the gold bullion market in the city experienced a recovery last night compared with the previous period of uncertainty.

He attributed this comeback to buyers becoming more used to the higher prices now being seen.

"We think the market is set to see positive sales figures in the coming months," Mr Patni commented, adding: "The price surges we saw earlier were an unexpected hit to many buyers in the emirate, but now many know the market is bullish."

According to the World Gold Council, tourism growth prompted a 12 per cent rise in gold investment and jewellery sales volume in the United Arab Emirates last year, accompanied by a 20 per cent boost in value.

Elsewhere in the region, the Dubai Multi Commodities Center recently announced a 29 per cent increase in gold trading in the city during 2007.

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