Dubai Shopping Festival to spur gold and jewellery sales

Dubai’s gold and jewellery trade is seeing its biggest rush of buying activity since last year as shoppers make full use of the continued softness in the metal’s prices, now around $1,200 an ounce. It has thus fired up sales during DSF 2014, with daily volumes since January 2 averaging 200-225 kilos from the 180 participating jewellery outlets according to sources at the Gold and Jewellery Group. Since the DSP opening, gold in Dubai was averaging Dh 140.5 a gram for 22-carat. The highest it ever touched was Dh199 in 2012. Last year, average volumes during DSP were 150-170 kilograms, when gold was about $1,640 an ounce.