The gold trade in the UAE continues to remain lackluster, say gold jewellery retailers in the country. The soaring gold prices are being blamed for the cold demand. According to retailers, even promotions have failed to lift gold sales. Tourist’s demand for gold has slumped. The complete lack of interest by consumers is likely to impact third quarter sales significantly. The sales are projected to drop by anywhere between 8 and 15% or even lower, upon comparison with the recent years. Market sources anticipate unfavorable global economic and political circumstances, which could lead to further hike in gold prices, ... (full story)