UAE’s gold and jewellery stores are experiencing a rush of activity, with consumers wanting to sell part of their gold assets and make a tidy cash profit.
The heavy selling by consumers started on March 4 as gold prices shot towards and past the $1,950 an ounce mark.
The Dubai Gold Rate is at Dh226.75 a gram.
If they are selling some of their jewellery, UAE’s consumers will lose out on the 3-4 per cent that went in as making charges. For the actual gold weight, they make a direct profit.
These days, UAE residents and tourists too prefer to cash out on their gold holdings rather than make a new purchase.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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