Saudi Arabia's retail gold merchants used to look forward to brisk sales during the annual hajj pilgrimage to Makkah but lingering economic hardships since the Arab Spring have left shops eerily empty this year, retailers said.
Gold sales at some of Bahrain's biggest jewellers have doubled as customers take advantage of lower prices that have affected markets worldwide, a report said.
Demand rocketed after the price of yellow metal dropped by as much
The New Year began on a high note for Dubai Duty Free (DDF) with the airport retailer announcing double digit sales growth for 2010 with turnover reaching a record Dh4.66 billion ($1.27 billion), up 14 per cent over the previous year.
Retail gold sales volumes in Dubai and Abu Dhabi fell by around 10 percent on the year in October as high gold prices deterred consumers despite the Indian festive season, retailers said on Sunday.
'Ahead of Indian festival of Diwali d
Retail gold demand volumes in Dubai and Abu Dhabi dipped by around 15 per cent in August on the year, as the holy month of Ramadan led consumers to focus more on food purchases, traders said on Thursday.
'Ramadan is all about food and
Retail gold demand volumes in Dubai and Abu Dhabi were marginally up in June on the year because expatriates going on holidays had more disposable income to buy jewellery than a year ago, retailers said on Thursday.
"During June and July m
Retail gold sales volumes in Dubai registered only a slight improvement in the first quarter of this year compared to the same period last year, as consumer confidence has not fully recovered, retailers said on Tuesday.
Branded as the city
The retail gold sector in Dubai is expected to recover faster than in other Gulf states as an increased number of tourists and slightly more stable gold prices in October boosted demand, traders said on Sunday.
Branded as the City of Gold,
Retail gold sales in Abu Dhabi jumped over 30 percent in June due to holiday buying which is expected to stay robust into the first-half of July, traders said on Thursday.
'Sales were good in June because of holiday buying. Expatriates
Saudi Arabian Mining Company's (Maaden) gold sale volumes fell 12.3 per cent to 128,000 ounces in 2008, the company said on Wednesday.
The sales volumes for gold were 146,000 ounces in 2007, Maaden said. The average selling price for its g