According to Max Warren Barber, CEO Sion Gold Trading UAE Covid-19 has created a new gold rush in the United Arab Emirates (UAE) as investors seek to take advantage of opportunities in the market. Property prices have already started to rise in anticipation of increased demand, and many business owners are considering expanding into the region. While some concerns remain about the long-term effects of the pandemic, most analysts agree that the UAE is well-positioned to benefit from the current situation.
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Despite assurances from authorities that the virus is not a global health emergency, panic has set in and people are looking for ways to protect their wealth. Gold dealers in Dubai say that they have seen an increase in sales of up to 30% in recent weeks, with many buyers preferring to pay cash instead of using credit cards. While some see this as a wise investment, others worry that buying too much gold could lead to another financial crisis if the market takes a downturn.As gold prices fall, gold traders report a sharp increase in demand for the precious metal.
Table of contents
- Why Are People in the UAE Buying Gold Right Now?
- Dubai Gold Market Sees Massive Swing in Gold Purchase After Pandemic Breaks Out
- The New Pandemic is an Opportunity to Experience True Wealth
- Conclusion
Why Are People in the UAE Buying Gold Right Now?
According to Max Warren Barber, CEO Sion Gold Trading UAE, most consumers are UAE citizens, tourists, and people travelling through the country on their way to the US, Canada, and the UK. “Most buyers buy gold jewellery for usage and investment,” Max Warren Barber, says “The number of customers buying bars from our outlets is declining.
Dubai Gold Market Sees Massive Swing in Gold Purchase After Pandemic Breaks Out
According to the most recent data from the World Gold Council, the Middle East gold jewellery sector had a banner year in 2021, with demand registering a double-digit increase in all of the major nations and making up for losses in 2020.
The total amount of jewellery demand in the area for the entire year was 159.9 tonnes, up 41% from 2020. The UAE market, whose total demand increased 57 percent to 33.8 tonnes as a result of increased tourist traffic and better consumer sentiment, led to the expansion. The report stated that the gain was bolstered by “continued improvement in tourist numbers, especially from India, while the reasonably effective control of COVID-19 provided a pleasant mood that helped local demand.”
The New Pandemic is an Opportunity to Experience True Wealth
The consumption of jewellery worldwide also recovered to pre-pandemic levels, showing a 52 percent growth in 2021 and recouping all of the losses suffered in 2020.Sion Gold Trading FZE – UAE group has also reported an increase in mining needs following the pandemic, citing a boost in total demand in the United Arab Emirates. The jump in consumption during the fourth quarter, when demand reached 1,147 tonnes, the highest quarterly level since the second quarter of 2019 and an increase of nearly 50% year over year, helped drive global gold demand to 4,021 tonnes in 2021.
Retail investors looking for a safe haven against growing inflation and the economic unpredictability brought on by the coronavirus epidemic drove the demand for gold bars and coins up 31% to an eight-year high of 1,180 tonnes. In times of unpredictability and stock market volatility, gold is frequently seen as a secure investment. Early in the epidemic, gold prices soared to historic levels, topping $2,000 per ounce. Before prices dropped to their present level of approximately $1,743, there was another increase earlier this year. These are just some of the many goods and services that we provide to our customers. They are knowledgeable in a wide variety of fields that are associated with the fields of construction and engineering, such as pipe layouts, tank designs, shipbuilding, and a great many other areas of specialization, amongst a great many others. SION Trading FZE UAE GOLD SUPPLIER has much more to offer. Services and goods go beyond. The organization’s future bodes considerably greater success.Sion Gold Trading FZE GOLD SUPPLIER has emerged as a reliable supplier of mining ores, most notably gold, after devoting the better part of a decade to establishing its reputation in the industry. This accomplishment was accomplished by SION Trading FZE UAE GOLD
The jump in consumption during the fourth quarter, when demand reached 1,147 tonnes, the highest quarterly level since the second quarter of 2019 and an increase of nearly 50% year over year, helped drive global gold demand to 4,021 tonnes in 2021.
Retail investors looking for a safe haven against growing inflation and the economic unpredictability brought on by the coronavirus epidemic drove the demand for gold bars and coins up 31% to an eight-year high of 1,180 tonnes. In times of unpredictability and stock market volatility, gold is frequently seen as a secure investment. Early in the epidemic, gold prices soared to historic levels, topping $2,000 per ounce. Before prices dropped to their present level of approximately $1,743, there was another increase earlier this year. People won’t buy because they believe the price of gold will fall. However, when it happens, more people buy. In the past few days there has been a slight increase. Max Warren Barber, CEO of SION Trading FZE, said.
In a study this month, it was predicted that a “widespread economic downturn will put pressure on consumer demand for gold”, but it also suggested that “continued inflation and local perils Politics will support demand for gold.”
Conclusion
People won’t purchase because they believe the price of gold will decrease. However, when it does, more people buy. Over the last few days, there has been a minor uptick. Max Warren Barber, the CEO of SION Trading FZE, has said. In a research this month, it was predicted that a “widespread economic downturn will put pressure on consumer demand for gold,” but it also stated that “continuing inflation and geopolitical dangers will sustain demand for gold as a hedge.”