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RTRS: Dubai September gold jewellery sales up 32%
 
Gold jewellery sales in Dubai rose 32 percent in September from a year earlier after gold prices fell, the emirate's industry group said on Tuesday.

But September sales fell 3 percent from August after a buying spree that started in July ahead of a Muslim holiday, Dubai Gold and Jewellery Group managing director Tawhid Abdullah told Reuters.

"Prices have come off their peak for the year and that helped contribute to the overbuying in July and August, he said.

Gold prices dipped to $748.34 an ounce in September - a 12-month low, while the monthly gold average price dropped more than 15 percent from its all-time high of $1030.80 an ounce, hit in March.

Buying ahead of the fasting month of Ramadan and the Eid feast, during which many couples marry, had contributed to the overbuying from July through August, Tawhid said.

Tax-free jewellery shopping in the United Arab Emirates -- a seven-member federation that includes Abu Dhabi and Dubai, known as the "City of Gold" - lures many Gulf and Western tourists.

Spot gold traded around $883 an ounce on Tuesday.
Source