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Monday, 2nd November 2009 (429 views)

Dubai's gold traders are becoming increasingly optimistic about the outlook for sales of the precious metal in the emirate, according to Reuters.

Gold sales rose in October thanks to a higher number of tourists visiting the region during the month, jewellers revealed to the news agency.

The uptick in gold transactions followed six months of relatively low sales due to the effects of the financial downturn.

Pradeep Unni, senior gold analyst at Richcomm Global Services, said that the rise in tourist numbers and the resulting surge in gold sales could be attributed to a less intense summer season in terms of heat, as well as product discounts.

A representative of Kanz Jewels said he had seen a ten per cent increase in October gold sales, while sales manger at Chammaur Jewellers M P Changappa commented: "After the Indian festival of Diwali we feel that demand has picked up again."

According to the Dubai Gold & Jewellery Group, more than two-thirds of the emirate's population purchases gold at least once a year.

 

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