UAE sees dramatic rise in gold sales

``Jewellery retailers in the UAE have reported a rise in gold sales in January by as much as 25% compared to the same period last year, driven by a fall in the price of the precious metal, The National has reported. The gold spot price dropped from $1412.63 (Dhs5,188.59) per troy ounce at the end of December to a low of $1314.82 on January 28. Demand for bars surged by 18% to 20% compared with December due to the lower cost, Majid Karim, managing director of Dubai-based gold bars wholesaler, Swiss Gold, said.''