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Dubai gold retail volumes slip

posted on 03/02/2010: 2461 views



Gold retail volumes in Dubai fell in January as consumers remained sceptical about the yellow metal's fluctuating price level, retailers told Reuters on Monday.

Jewellery sales in Dubai have seen a run of declines since the end of 2008 due to the economic crisis coupled with record high gold prices.

"Now we are seeing the price settle down a bit, but our sales are still down because consumers believe that the price will fall even further in the coming months," said Raiju K.R, showroom manager at BRR Jewellery, a gold retailer in Dubai's old gold souq.

Spot gold prices on Monday steadied to hover near US$1,080 (Dh3,967) after posting a third straight week of declines as investors remained wary of gains in the dollar, which weaken bullion's appeal as a currency hedge. – Gulf News

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