Gold jewellery, which makes the bulk of sales in the Middle East, has been snapped up as consumers take advantage of falling prices.
Gold jewellery, which makes the bulk of sales in the Middle East, has been snapped up as consumers take advantage of falling prices.

Gold sales soar as bullion price falls



DUBAI // Gold revenues in the UAE saw a 56 per cent increase in the third quarter as significantly lower prices sparked a rush for bullion and jewellery. Quarterly figures released yesterday by the World Gold Council (WGC) revealed that domestic sales reached Dh4.3 billion (US$1.17bn), up from Dh2.8bn in the same period last year. Similar results were recorded across the region, with gold sales in Saudi Arabia up 51 per cent; in Egypt, 33 per cent; and in the other Gulf countries by an average of 42 per cent. Demand is also on the rise, with the Emirates experiencing a boost in tonnage sold by 22 per cent over the third quarter of last year. The third quarter is traditionally the high season for the region's gold and jewellery industry as it is a popular time for weddings, and this year it coincided with Ramadan as well as the Indian festivals of Dhanteras and Diwali. Jewellery demand in the Middle East has rebounded following a period of high gold prices and price volatility. Bullion fell 17 per cent last month, its biggest decline since February 1983 when it finished the month down 18.2 per cent. The price of gold ended last month at $720.35 an ounce, down 12 per cent this year and well below the record high of $1,030.80 an ounce struck in March. "In Dubai, which is the single biggest market in the UAE, the fall in the gold price coincided with the 'Dubai Summer Surprise," said Lama al Saheb, the WGC's head of marketing and public relations in the Middle East. "Buyers who pulled back in [the second quarter} due to concerns over the high gold price returned to the market." High and volatile gold prices during the second quarter of this year dampened demand across the region while driving revenues up, according to data released by the WGC. The UAE and Saudi Arabia experienced 11 per cent and 15 per cent drops in sold and invested quantities respectively, while both experiencing a significant increase in sales revenues on higher prices. Industry officials explain that banks that had been holding bullion in their portfolios began selling when cash liquidity was hit by the economic slowdown. As a result, more gold was coming on to the market, causing prices to drop dramatically. However, the plunge in the price of gold and jewellery to between Dh82 and Dh85 per ounce during the holiday season sparked unprecedented sales, causing many retailers in Dubai to experience stock shortages. "It is a good problem to have in that it is better that they experience a shortage based on too much sales than if nobody is buying," said Swapna Nair, the general manager of Dubai Gold and Jewellery Group. "Shortages might lead to a slight increase in the price of jewellery - which is also good now that the holiday rush for Diwali and Ramadan are over and demand might drop slightly." Internationally, gold revenues reached a quarterly record of $32bn in the third quarter as investors sought refuge from the global financial meltdown, and jewellery buyers returned to the market due to lower gold prices. Global gold consumption figures also showed retail investment demand up by a massive 121 per cent to 232 tonnes, with strong bar and coin-buying reported in Swiss, German and US markets. vsalama@thenational.ae

Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
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The Energy Research Centre

Founded 50 years ago as a nuclear research institute, scientists at the centre believed nuclear would be the “solution for everything”.
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The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road. 

The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
 

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Fresh faces in UAE side

Khalifa Mubarak (24) An accomplished centre-back, the Al Nasr defender’s progress has been hampered in the past by injury. With not many options in central defence, he would bolster what can be a problem area.

Ali Salmeen (22) Has been superb at the heart of Al Wasl’s midfield these past two seasons, with the Dubai club flourishing under manager Rodolfo Arrubarrena. Would add workrate and composure to the centre of the park.

Mohammed Jamal (23) Enjoyed a stellar 2016/17 Arabian Gulf League campaign, proving integral to Al Jazira as the capital club sealed the championship for only a second time. A tenacious and disciplined central midfielder.

Khalfan Mubarak (22) One of the most exciting players in the UAE, the Al Jazira playmaker has been likened in style to Omar Abdulrahman. Has minimal international experience already, but there should be much more to come.

Jassim Yaqoub (20) Another incredibly exciting prospect, the Al Nasr winger is becoming a regular contributor at club level. Pacey, direct and with an eye for goal, he would provide the team’s attack an extra dimension.

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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