Retail sales of gold and gold jewelry have reportedly fallen as much as 60% during January in Dubai, the heart of gold trade in the Middle East. However, the drop in gold sales is not due to a lack of demand.
Dubai's traditional gold market has collapsed mainly because of the lack of tourists. Local jewelers, who have been waiting for a big chunk of tourists to come in for Dubai's annual shopping festival, have seen less tourist inflow to the city that has badly affected the gold sales.
Retail sales of gold have also been lowered as a result of the shortage of gold coins, for which there is a big demand. In a normal buying environment, the biggest demand during the Dubai shopping festival is for gold coins weighing 8 gms or a sovereign. Gold coins weighting 2 gm and 4 gm are also quite popular
Dubai's traditional gold market has collapsed mainly because of the lack of tourists. Local jewelers, who have been waiting for a big chunk of tourists to come in for Dubai's annual shopping festival, have seen less tourist inflow to the city that has badly affected the gold sales.
Retail sales of gold have also been lowered as a result of the shortage of gold coins, for which there is a big demand. In a normal buying environment, the biggest demand during the Dubai shopping festival is for gold coins weighing 8 gms or a sovereign. Gold coins weighting 2 gm and 4 gm are also quite popular
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