UAE residents back at buying gold even as price rises over Dh200/g

UAE residents back at buying gold even as price rises over Dh200/g

Dubai: Even as prices rise, demand for gold in the UAE is recording some improved demand – and jewellers are thanking the holiday plans that residents are making for this month. Indian expats flying back are fuelling much of this sudden and renewed interest in gold buying, jewellery retailers say. The same demand patterns are emerging, albeit on a lower scale, from other South Asian expats in the UAE with plans for a holiday break either now or later this month. And why? “There seem to be more UAE residents heading for a holiday back home at this time of the year – and that’s the only reason why gold sales are picking up even with UAE gold rate back at over Dh200 a gram for 22K,” said a retailer. “Not many retailers saw it coming because gold is now more than Dh10 a gram higher than what it was during late October. “Many UAE residents are buying because they can then sell at a much higher price in their own country during their holiday.” (Gold buying in India at the retail level is on average 15 per cent higher than in the UAE. Plus, there are also the currency