[Au Price]Gold jewellery sales spurt as prices drop

Published: Aug 6, 2015 17:30

Save

Middle East gold retail outlets witnessed increased sale of gold jewellery during the past one month, following sharp decline in gold prices.

By Paul Ploumis 06 Aug 2015 Last updated at 06:09:42 GMT

ABU DHABI (Scrap Monster): Gold jewellers in the Middle East region reported robust gold sales during the past one month, on account of recent fall in gold prices. The Indian gold jewellers in the region have reported 20% to 25% jump in gold jewellery sales during the month. The robust sales is expected to sustain for some more time, as gold dealers expect gold prices to witness further drop in the upcoming months.

Gold prices continue to hover around the 5.5 year lows. The yellow metal looks to be facing selling pressure amidst hopes of possible interest rate hike by the US Federal Reserve some time later this year. On the other hand, US dollar remained resilient despite lower-than expected US jobs and trade data. Time and again, gold has failed to rally on the back of what seems to be positive clues for the yellow metal.

According to Joy Alukkas, sale of gold jewellery has surged by nearly 20% at its Middle East outlets during the past one month. To take full advantage of the increased gold demand in the region, the jeweller plans to open 10 more outlets in the region, thus taking its total tally to 50 outlets.

Meantime, Kalyan Jewellers witnessed 50% surge in gold jewellery sales during July this year when compared with the previous year. The group currently has 10 outlets in the UAE and three in Kuwait. It had opened four new outlets in the UAE during the past six months. The company is all set to enter into Qatar gold retail market within a few weeks.

Gold retailers in the region noted that sales has witnessed sudden upsurge during the past one month. The continuing decline in gold prices will generate incremental sales, they added. Also, sudden decline in gold prices may result in substantial rise in gold retail activity.

gold price au price

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

16 hours ago

[SMM Announcement] Notice on the Discontinuation of Updates to South Korea’s Tin Materials Import and Export Data Points

[SMM Announcement] Notice on the Discontinuation of Data Updates for South Korea Tin Product Import and Export Data Points: Hello! Thank you for your continued attention to and support for SMM! The SMM Tin Industry Research Department has always been committed to providing the market with accurate, reliable, and representative data references. Recently, during our routine review and evaluation of tin product import and export data, we found that the scale of South Korea’s tin product exports and imports has remained at a low level, accounting for only a negligible share of overall tin product trade flows. Meanwhile, through our regular communication with the market, we learned that market attention to this data point has continued to decline. Due to the relatively small size and insufficient activity of this regional market, the sampling available for relevant data collection is limited, making it difficult to form effective and continuous statistics. At the same time, constrained by occasional sporadic transactions, fluctuations in this data point can no longer objectively and truthfully reflect the actual supply-demand relationship in the East Asian tin product market, and its significance as a market reference has been substantially diminished. After a comprehensive evaluation, in order to ensure that the data we provide has practical reference value for the market, we have decided that, effective March 5, 2026, we will officially stop updating all data points related to South Korea tin product imports and exports. We will continue to focus on the mainstream domestic tin market and regions overseas with higher activity, providing everyone with market information of greater reference value. Thank you again for your understanding and support!

16 hours ago

Data: SHFE, DCE market movement (Mar 05)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 05 Mar , 2026

16 hours ago

20 hours ago

Geopolitical and Macro Stimulus Repeatedly Intensified Market Sentiment and Fluctuations; Downstream Enterprises Mostly Stayed on the Sidelines [SMM Tin Midday Review]

[SMM Tin Midday Review: Market Sentiment Repeatedly Intensified Fluctuations Amid Geopolitical and Macro Stimulus; Downstream Enterprises Mostly Remained on the Sidelines]

20 hours ago