Gold jewellery demand lowers in Dubai

According to Reuters, in Dubai, the yellow metal slipped in popularity in February. The surprisingly record breaking rise in gold prices ahs affected Dubai’s gold sales to dip by 15% year-on-year in volume. Gold prices as of now stand over $1,000 an ounce in February. The rise in gold prices has been occurring since the end quarter of last year. The demand for in the United Arab Emirates fell by 8.1% to 19.3 tonnes in the fourth quarter, according to the World Gold Council (WGC). Although the entire year averaged to a growth in demand by 8% to 99.8 tonnes. The decline in gold jewellery sales is being made up by the overall, diamond jewellery sales in Dubai.