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Monday, February 7, 2011

Gold's brighter glow reflects India

After a strong two-year run, the price of gold may have lost some of that assured touch over the last fortnight. But don't expect Dubai's jewellery trade to wallow in the past.

Driven by a sharp surge in demand from tourists and steady-to-growing interest from domestic buyers, gold sales could be in line to record the best first-quarter performance in three years. This rally could yet have good legs — the extended Indian marriage season lies ahead — as the sales spark has coincided perfectly with gold's value losing some of its sparkle.

"If the local board rate for gold hovers between Dh145 to Dh150 a gram for 22-carat, it would ensure local jewellery retailers and consumers alike have plenty of reasons to cheer," said Sunny Chittilappilly, vice-chairman of the Dubai Gold and Jewellery Group.

Last week, the board rate did fall briefly to Dh148 a gram, but now lists at just above Dh150.
Even at this rate, the metal has been able to mop up a lot of underlying demand from tourists arriving here for DSF 2011, and especially those from the subcontinent. (For Indian tourists, buying here means they get decent cost savings from not having to pay for the tax which they would have to do in India.)

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