Jewellery sales pick up momentum ahead of festive season

Jewellery sales pick up momentum ahead of festive season

Gold jewellery sales will pick up momentum in coming weeks as the yellow metal prices are expected to remain under pressure next year, according to experts and research reports. Leading gold jewellers in the UAE see bright prospects of business ahead of Diwali, Christmas and New Year as lower metal price attracted buyers to make investment in safe haven commodity. Investment banks also forecast that gold price is expected to hover around $1,700 per ounce by the end of the year and it will further drop to $1,500 in 2022.  In its latest report, ABN Amro said gold’s inability to move above $1,800 an ounce is taking its toll and its prices will remain under pressure. “So far this year, gold prices have declined by 7.5 per cent. The gold price outlook remains negative. We keep our year-end forecast at $1,700 per ounce and end of 2022 at $1,500 per ounce,” ABN Amro senior precious metals strategist Georgette Boele said in a report. Since June, gold has been stuck in a downward trend, with stronger US dollar and higher US Treasury yields

keeping pressure on prices.

Spot gold was up 0.6 er cent at $1,793.82 per ounce by 1741GMT on Friday, after