Gold, at the moment, begun to be the favorite souvenir in any form for tourists to the UAE, as they attempt to take full advantage of the unpredictable gold prices have had since the second-half of April. Tourists from India without doubt are buying their money’s worth, and similarly those from China, Pakistan and some of the other Asian countries. The first choice is certainly for the 22 karat, which was at Dh. 163 a gram on Friday.
The buying movement improved since Thursday in the local gold “souq”, with momentous backing coming in from tourists.
Indian customs are attracted to a light line headed for gold and jewelry being carried in by travelers from the UAE, according to anecdotal feedback. Furthermore, the Indian government had upturned the threshold (in value and gram) in the latest budget that Indians could get back into the country. The prices differences between buying in UAE and in India are 7%, and also the making charges are different.
Pre-bookings were offered by several of the retail chains, which assisted the lock in sales at Dh. 157 a gram throughout the week. Others waived the making charges on gold coins to get retail buyers interested in shops this week.
Historically speaking, people who are interested in buying coins or bars represent between 5%-8% of retail level sales. These relations saw a noticeable point in the period among April 11 and April 22 when gold prices went through a period of volatility unseen in recent years. Signs show that it touched the 30% mark during this period.