Gold jewellery sales in Dubai are forecast to rise by about 5 per cent this year as consumers buy the metal as a savings product amid economic instability, the chairman of the Dubai Gold & Jewellery Group said yesterday.
Dubai’s gold sales, which grew about 5 per cent to about Dh14 billion last year from a year earlier, had a good start in 2016 during the shopping festival in January, Tawhid Abdullah said at the Global Commodity Outlook Conference.
“The rally in the gold price is giving more confidence to the consumer and I see people buying more jewellery,” said Mr Abdullah. “ There is a shift from diamond jewellery products to gold products.”
On Friday, gold prices ended up 1 per cent at US$1,159 an ounce. It has risen about 10 per cent for the year to date on the back of expectations that the US Federal Reserve will slow down interest rate increases amid the volatility.
Gold prices fell last year for the third year in a row, shedding 11 per cent as the US increased its interest rates in December for the first time in a decade and the dollar rallied against other currencies.
Gold prices tend to fall when interest rates rise because the precious metal bears no interest. A strong dollar also makes the dollar-denominated gold expensive for buyers in other currencies.
In Dubai, about 50 per cent of gold jewellery is bought by the Asian community, 25 per cent by Arabs and the remainder by tourists, said Mr Abdullah.
“We have good tourists, we have GCC visitors and the Asian community continues to grow,” said Mr Tawhid. “If anything, savings will increase this year.”
dalsaadi@thenational.ae
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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
How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
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COMPANY%20PROFILE
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Company%20Profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Naga
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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
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
THE SPECS
2020 Toyota Corolla Hybrid LE
Engine: 1.8 litre combined with 16-volt electric motors
Transmission: Automatic with manual shifting mode
Power: 121hp
Torque: 142Nm
Price: Dh95,900
The five pillars of Islam
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
RESULT
Shabab Al Ahli Dubai 0 Al Ain 6
Al Ain: Caio (5', 73'), El Shahat (10'), Berg (65'), Khalil (83'), Al Ahbabi (90' 2)
Diriyah%20project%20at%20a%20glance
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