Consumers cannot get enough of gold, Dubai Duty Free's latest sales figures have shown.
But the news was not so positive for those investing in the precious metal after the commodity dropped to its lowest price in six weeks on Friday.
Dubai Duty Free said yesterday that its overall sales had climbed 16.6 per cent to Dh2.54 billion in the first half of this year from the same period last year. But gold sales had jumped 24 per cent inthe period, and the metal was among the company's three best-selling products, said Colm McLoughlin, Dubai Duty Free's managing director.
"We have seen consumer spending increase across most categories with significant spikes in luxury-sector products," Mr McLoughlin said.
As gold prices dip to their lowest point since mid-May, it appears consumers are now able to buy a slice of luxury at a discount.
For investors, however, a dip in the price of the commodity is bad news.
On Friday, gold slid 1.4 per cent to US$1,478.01 a troy ounce as the passage of austerity measures in Greece, the end of quantitative easing in the US and falling commodity prices curbed appetite for the metal , which is traditionally seen as a haven.
These factors were some of the major forces behind gold's rally in the past few months, because uncertainty in global markets typically prompts investors to buy into stable assets such as gold.
Gold prices have gained 9.5 per cent since mid-January on increased fears of a global economic slowdown.
Pradeep Unni, the chief trader at Richcomm Global Services, a brokerage in Dubai, said he was not recommending that clients buy gold until the commodity fell to $1,400 an ounce. It was last at that price in mid-February.
"We had bought gold and other commodities earlier this year, but from last week onwards, we were actually off-loading profits in gold," Mr Unni said. "We had a fear that [gold] was losing its momentum. It is not going to be able to progress in the direction it was at earlier this year."
fhalime@thenational.ae
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
SQUADS
South Africa:
JP Duminy (capt), Hashim Amla, Farhaan Behardien, Quinton de Kock (wkt), AB de Villiers, Robbie Frylinck, Beuran Hendricks, David Miller, Mangaliso Mosehle (wkt), Dane Paterson, Aaron Phangiso, Andile Phehlukwayo, Dwaine Pretorius, Tabraiz Shamsi
Bangladesh
Shakib Al Hasan (capt), Imrul Kayes, Liton Das (wkt), Mahmudullah, Mehidy Hasan, Mohammad Saifuddin, Mominul Haque, Mushfiqur Rahim (wkt), Nasir Hossain, Rubel Hossain, Sabbir Rahman, Shafiul Islam, Soumya Sarkar, Taskin Ahmed
Fixtures
Oct 26: Bloemfontein
Oct 29: Potchefstroom
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
MATCH INFO
Manchester City 0
Wolves 2 (Traore 80', 90 4')
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The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5