ABU DHABI: High prices deterred buyers at Abu Dhabi's gold market in the first quarter, sending retail sales at least 20 per cent lower year-on-year, a trend seen continuing in the next quarter, traders said on Sunday.
The price of 22 carat gold was around 120 dirhams ($32.68) per gram in the first quarter of 2010, versus Dhs95 to 98 in the same period last year.
"Sales volumes so far this year have fallen at least 20 per cent compared to 2009, but consumers are getting used to higher prices," said Tushar Patni, director of Ajanta Jewellers, one of the largest retailers in the emirate.
