Commodities
Dubai’s Gold Shops Take a Hit as Record Prices Deter Buyers
- Sales in some locations down by half as bullion nears $2,200
- Speed of metal’s ascent has taken many investors by surprise
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.