Gold sales up 30 percent during Haj season

Gold sales in local markets have seen a 30-percent jump in the past few days, which can mainly be attributed to the Haj season and the approaching Eid holidays.
Gold sales had generally gone up by 10 percent compared to the previous period last year, Karim Al-Inizi, chairman of the National Committee for Precious Metals in the Saudi Chambers, said.
Al-Inizi told local media that the Ministry of Labor had suggested the feminization of gold shops on an experimental basis to test the feasibility of such a move. While the trial period for introducing women workers in factories had proved successful, having them work in gold stores was a commercial risk, he said.
Al-Inizi said the ministry was prepared to create a suitable working environment that meets the requirements of women working in gold stores.
Several gold store owners have said that while labor offices were studying the possibility of feminizing gold stores, such an initiative may be difficult to implement.
Abdulghani Al-Rmaih, chairman of the gold and jewelry committee in the Eastern Chamber of Commerce and Industry, said labor offices had asked gold stores to look into the possibility of feminizing their shops.
He pointed out that complete feminization of such stores was impractical. He did, however, support the presence of women as support staff in the sales process.
He said seasonal fluctuations normally do not affect Saudi Arabian markets because they are reliant on international prices. The Haj season is a major season for profitability, especially with a large number of incoming pilgrims who prefer to buy Saudi gold because of its high quality, professional competence and the increasing trust in Saudi factories and workshops, Al-Rmaih said, adding that sales also increased because people are becoming increasingly aware of the economic value of gold as a stable investment commodity.
Al-Rmaih said the price of gold had dropped to $1,365 per ounce, a decrease of 3 percent in comparison to the past few days. Gold reached its highest price in the past six months when it reached $1,900. Political unrest in various parts of the world, in addition to economic stagnation in the US economy, c ould be behind declining prices, he said, adding that 90 percent of expatriate workshops have been closed down because of unstable prices.
“Nothing prevents women from participating in gold stores, but stores shouldn’t be totally feminized, because gold needs experience and professionalism and because of its nature as a precious metal,” said Abdullatif Al-Nimr, a gold merchant.
Al-Nimr said the drop in prices gave a perfect opportunity to purchase gold, especially since it coincided with Eid Al-Adha.