Local markets are to witness a rebound in gold sales during the second half of 2015, driven by what is happening in the oil, currencies and equities markets, say traders.
Traders point out that the idea of gold as a safe haven once again returned to the minds of many buyers with the decline in many of the financial instruments that compete with the yellow metal, particularly the stock market, reports UAE-based Aliqtisadi.
The precious metal traders say: “The prices reached globally their lowest level in five years during the first months of 2015, to approach prices in 2011.”
They stress the existence of strong sales in the local market, to coincide with the improvement in investors’ sentiments towards the yellow metal and the arrival of prices to attractive levels, as well as having important occasions during the coming period that can possibly increase these sales.
For his part, Tawhid Abdullah, chairman, Gold & Jewellery Group says: “Gold prices have bottom in the first months of this year,” confirming the return of gold once again to build good price levels by the end of this year.