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Gold glitters as prices plunge

Plunging prices of gold have helped retailers see an increase in the sale of the yellow metal. The price of 22 carat gold is Dhs 88.75 and 24 carat is 94.25.

A price decrease of Dhs15 compared to last year's lowest price is attracting budget-conscious buyers.

Jewellery outlets in Sharjah were crowded during the weekend evenings and more people were seen buying gold.

Basheer TA, salesman of Atlas Jewellery Sharjah, Gold Centre branch said: "The sale of gold ornaments has increased more than 50 per cent after the sudden decrease in the price charts. For the last few days the price of gold is reducing everyday. The low income groups from India and Pakistan are utilising this golden opportunity to buy ornaments."

A sudden steep fall in the price of gold is rare and people are considering it as an apt opportunity to go for their sought-after models.

"Although our sales promotion started in June 2008, the sales volumes were not good last month because of high gold prices," says Basheer TA.

"But after the price of gold started plunging, more and more customers are coming."

The high price of gold along with increased cost of living had discouraged many low-income groups from buying jewellery. Only the much-needed people were opting for it.

Yousuf PK, a Keralite from the Southern part of India, said; "I am buying gold for my daughter's marriage in December. I will be going on leave for Eid Al Fitr in the end of September 2008, but I am buying gold because I fear the price will again go up."

Liyaqat Ali from Pakistan, who was purchasing gold ornaments for his wife, said: "For the last couple of years, I didn't buy gold because it was unaffordable. I do not want to wait more time because there are various reasons behind the gold price ups and downs like oil and dollar. The price of gold ten years before was around Dhs30 per gramme and now the price is nearly Dhs90 per gramme. I think after sometime the price of gold will again increase and that is why I am buying now."

Shameema Muhammed, a housewife from Kerala, said: "I did not buy gold last time when I went for vacation because of the high prices, but now I can afford it. I went to the jewellery shop last week in The Gold Centre Sharjah and the big rush in shop made me postpone my purchase. But the price has come down again for the last few days and I am buying gold for cheaper price than my friends purchased last week."

Source: Gulf Today
Posted: 18/08/2008

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