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Abu Dhabi gold recovering
- United Arab Emirates: Sunday, February 10 - 2008 at 09:31
Abu Dhabi's gold sales, hit by last year's record prices, are slowly recovering as buyers adjust to current high prices, the Gulf emirate's Gold and Jewelry Group chairman said, reported Reuters. The market recovered in January and was unchanged compared to the same period in 2007. Prices have hit several peaks last year hitting gold sales in Abu Dhabi. Sales fell 25 percent in volume and 30 percent in value. A surge in oil prices boosted gold's appeal as a hedge against inflation. In 2007, gold sales for jewelry and investment in the UAE, a seven-member federation that also includes Dubai, rose almost 12 percent in volume and 20 percent in value from the year before as tourism grew, the World Gold Council has said.
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Amena Bakr, Senior ReporterSunday, February 10 - 2008 at 09:31 UAE local time (GMT+4)
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