Emiratis' demand for gold levels up in August

By: Mahmoud Gamal

Dubai – Mubasher: The demand for gold grew during August in the UAE, as prices reached attractive levels.

Following the exemption of gold from the value-added tax (VAT) by the Emirati government, families and individuals began to increase their purchases of the yellow metal.

The trade of gold is expected to flourish in the coming period, as the Christmas and Indian holidays approach, analysts told Mubasher.

In August, gold prices declined 2.1% month-on-month. The price of 24-Karat, 22-Karat, 21-Karat, and 18-Karat decreased to AED 141.68, AED 129.88, AED 106.26, and AED 82.65, respectively.

These decreases represent a good investment opportunity for the UAE households, commodities analyst at Sabayik Al Kuwait Company Rajab Hamed commented.

The demand of gold may rise between 10% and 15% in the coming months, Rajab added


Translated by: Muhammad Khalid

MUBASHER Contribution Time: 02-Sep-2018 13:52 (GMT)
MUBASHER Last Update Time: 02-Oct-2018 14:49 (GMT)