Sharjah: A weaker dollar is increasing demand for gold as an alternative investment option and this is reflected in the impressive turnout of shoppers on the first two days of the 28th MidEast Watch and Jewellery Show that got under way at Expo Centre Sharjah on March 30, Expo Centre Sharjah said in a press release Saturday.
On the first two days, the show registered a 24 per cent rise in the number of visitors compared to the spring edition of the biannual fair in the previous year. The show witnessed a footfall of over 18,000 visitors on the first two days, while the 26th edition of the show in April 2009 saw 14,422.
Setting the tone for improved gold sales, the precious metal climbed 24 per cent last year as the greenback fell 4.2 per cent against a basket of six major currencies, including the euro and yen, according to latest reports.
As the week opened, gold gained for a third straight session on the back of a weaker dollar, which increased demand for the metal as an alternative investment.
The dollar slid as much as 0.9 per cent against the euro as concerns eased that a fin-ancial crisis in Greece will derail Europe's economic recovery. "The show has given us a unique platform and exposure to our jewellery in the Middle East market and it's been a great opportunity to be part of this successful show," Chandragupt Jain, owner of Unialmaz Jewellery — India, said in the press release.
