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Gold sales fall 10% in UAE in October

08 November 2010

Jewellery retailers in Dubai and Abu Dhabi have said their gold sales volumes fell by around 10% on the year in October due to high gold prices which deterred consumers, despite the Indian festive season, Reuters has reported. Spot gold hit a record high above $1,397 an ounce, then slipped back to $1,393.15. "Unlike the last year, there was an increasing demand for silver coins this year because gold is getting too expensive," Pradeep Unni, senior analyst and trader at Richcomm Global Services in Dubai said. According to a report by the World Gold Council (WGC), retail gold demand volume in the Middle East during the second quarter of the year was mixed, with Saudi recording a 5% rise on the year, while the UAE fell by 15%.

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