Gold merchants across the country are braced for the busiest trading day of the year so far as sales of jewellery and bullion are expected to be given a double boost from today's Hindu festival of Akshaya Tritiya and a persistent bear market.
"There is a dramatic appetite for gold today. The Indian festival is important and also because of the price dropping," said Tarek El Mdaka, the managing director of Kaloti Gold in Dubai.
Dubai has benefited from a renewed buyers' market in gold since the price plunged more than 20 per cent last month.
Investment funds that had hoarded the yellow metal since the start of the financial crisis sold off hundreds of tonnes in a matter of hours, sending prices through the floor.
Gold rose from less than US$850 a troy ounce in 2008 to more than $1,920 at its peak last September. After last month's sell-off, the price has been stuck in the low $1,400s and was last night at $1,436.55 an ounce.
The reduced price has ushered in a new wave of small-time investors with Indian and Chinese buyers coming to the fore.
"The 22-carat market is very strong on festivals like Akshaya Tritiya," said Kiran Pithani, the owner of Cara Jewellery in the Dubai Gold and Diamond Park.
"Indian buyers are crazy for 22-carat gold for these festivals. Akshaya Indians have to buy gold, it is good luck. When the price is as low as this they buy more. It's as simple as that."
Traditionally Hindus and Jains buy gold jewellery or trinkets made from the precious metal as gifts for festivals such as Ashkaya Tritiya in spring and Diwali in November.
This year, however, sales in the UAE are focused on small coins and ingots known as wafers or biscuits instead.
"Indians are buying less jewellery and more biscuits this year. Anything below $5,000 apiece is what we are seeing. There is very strong demand for these products," Mr El Mdaka said.
He added that sales of such small investment grade ingots and coins were given an extra boost this year as India has increased taxes on gold imports in an effort to exert tighter control on monetary policy.
"So there is a great arbitrage to be done here. If you buy in Dubai and travel to India with a couple of small coins or biscuits for your personal use you are making a couple of hundred dollars given the 6 per cent tax. Enough to pay for your flight. That is one reason why these products are so popular."
jdoran@thenational.ae
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
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