Abu Dhabi retail gold sales down 25%
Today: UAE. Retail gold sales dropped by about 25% in March in Abu Dhabi compared with the same period last year, an industry executive said this week.
Tushar Patni, managing director of Ajanta Jewellery added that if the price of the precious metal stays over AED100 (US$27.4) per gram then it could force closure of some retail outlets.
“Currently the price of gold is at AED110 and I expect that it will stay at this level which spells bad news for many of the smaller retailers here who will be forced out of the market,” Patni, who manages the largest retailer of 22 carat gold in the capital of the United Arab Emirates, told Reuters. Read more
