Gold jewellery sales in Abu Dhabi decline 20% in November

Dubai: Gold jewellery sales in Abu Dhabi fell about 20 per cent in November as higher prices crimped demand, the emirate's industry group said.

Sales in December are likely to stay soft as prices stay firm, cooling the appetite for buying over the holiday season, said Tushar Patni, the chairman of Abu Dhabi Gold and Jewellery Group. "December hasn't been very exciting, anyone who was shopping for the holidays has already completed their purchases," Patni said.

Robust sales in October, sparked by seasonal buying ahead of the Indian Diwali festival and wedding period, were also cited as reasons for the thinner demand in November, Patni said. "Gold prices had also risen slightly in November so that tempered buying as well, the price was right in October."

Prices in November averaged about Dh89 a gram, up around 8.5 per cent from October, Patni said.