You are here
Dubai's gold shops take a hit as record prices deter buyers
By Leen Al-Rashdan
Bloomberg News
Sunday, March 10, 2024
The ever-higher prices reached by gold are turning Dubai's traditional bazaar into more of a window-shopping experience.
Purchases are plummeting at the Gold Souk, according to salespeople at numerous shops, as bullion goes on a record run that's now approaching $2,200 an ounce. Most locals are just browsing, leaving the majority of buying to tourists who are willing to pay more while they're on vacation.
... Dispatch continues below ...
... ADVERTISEMENT ...
USA Gold: Coins and Bullion Since 1973
USAGold, well known for its internet site, USAGold.com, offers contemporary bullion coins and bullion-related historic gold coins for delivery to private investors in the United States, Europe, Canada, Australia, and New Zealand. It is one of the oldest and most respected names in the gold industry, with thousands of clients and an approach to investment that emphasizes guidance and individual needs over high-pressure sales tactics. The firm's zero-complaint record at the Better Business Bureau makes it an ideal match for the conservative, long-term investor looking for a reliable contact in the gold business.
Please call 1-800-869-5115x100 and ask for the trading desk, or visit:
USAGold: Great prices, quick delivery -- all the time.
"They ask why it's so high so they are buying less," said Yemeni shopkeeper Abdelnaser Alyafie, who's worked in the market for six years. "The price is very high so people think the small things are OK but if they want to buy the big stuff, more grams, they will think, 'Let the price go down. Then they're going to buy.'”
The most affected were the gold brick shops, with workers at three locations saying sales are down by half. One seller who traded in bricks and jewelry said the latter was performing better as the crimp on demand was more notable for heavier items.
Mohammad Tariq manages one of about a dozen Kanz Jewels stores in the massive, open-air market. Business is down about 40% this week, with the makeup of the customers being noticeably different, he said. ...
... For the remainder of the report:
https://www.bnnbloomberg.ca/dubai-s-gold-shops-take-a-hit-as-record-prices-deter-buyers-1.2044887
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
