Dubai gold jewelry demand 'growing'

Those buying gold may be interested to read that an expert has claimed demand for jewelry in Dubai is on the rise.

Speaking to Reuters, Tawhid Abdullah, managing director of the Dubai Gold and Jewellery Group, said that retail costs are proving attractive to those looking to purchase jewelry.

And according to a recent report from the World Gold Council, global gold demand rose to its second-highest quarterly value during the first three months of the year.

Mr Abdullah went on to predict that the increasing demand in Dubai will only continue to rise over the course of 2008 - something that could eventually help gold prices to soar.

"Looking at the market now, I would say that the 18 per cent increase we saw in May is a sign that Dubai gold sales will continue to grow for the rest of the year," he remarked.

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