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Gold sales in Dubai record AED15 billion in 2015

Price of precious metal will continue falling to less than $1,000 an ounce in first quarter

Gold sales in Dubai during 2015 amounted to nearly AED15 billion, maintaining the same levels as the previous year.

Experts predicted that the precious metal will continue falling to break the barrier of $1,000 an ounce during the first quarter of this year, indicating that the volatility witnessed in gold prices over the past few weeks will at least continue through January and February.

Experts opine that the price of gold has become more vulnerable to global variables, such as the exchange value of the dollar, the low price of oil and the supply and demand equation, noting that the rise in the price of the precious metal is no longer an indication of the recovery of gold.

Suhail Al Darraj, financial and economic expert, said: “In the short term, gold is expected to hover between $1,080 and $1,120 per ounce, due to decline in the markets and the risk factors.”

(US$1 = AED3.67, at the time of publishing)