Women view gold jewellery displayed in a shop at the Gold Souq in Dubai, January 16, 2008.
Credit: Reuters/Jumana El Heloueh/Files
DUBAI |
(Reuters) - Retail gold sales volumes in Dubai and Abu Dhabi fell by around 10 percent on the year in October as high gold prices deterred consumers despite the Indian festive season, retailers said on Sunday.
"Ahead of Indian festival of Diwali demand is usually strong but this year prices are just too out of reach for a lot of people...we saw a drop of around 10 percent in volumes," said Tushar Patni, director of Ajanta Jewellers, one of the largest retailers in the emirate capital of Abu Dhabi.
Spot gold hit a record high above $1,397 an ounce, then slipped back to $1,393.15. Investors often buy the metal as an inflation hedge and alternative to the dollar when the U.S. currency weakens.
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