DUBAI: Increased use of gold in making jewellery in growing markets such as India and China has pushed up the yellow metal's prices, according to a study by Dubai Chamber of Commerce and Industry study based on the Dubai Multi-Commodities Centre (DMCC).
Besides, the demand for gold as reserve and hedge against inflation and investment and speculative demand for gold with the intention to profit from the continuing uptrend also contribute to the uptrend in gold prices, the study said.
The investment demand is not the only reason for the price rise of gold, higher demand for converting it into jewellery in countries like India and China, as gold plays an important role in their cultures, also led to the rise in gold prices, the report said.
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