This year’s IIFA was held at the Etihad Arena
lifestyle1 hour ago
Branded as the City of Gold, the streets of Dubai’s Gold Souk are getting fewer visitors, particularly foreigners who account for a large number of the visitors to Dubai’s souk. “Just walk around the market here you will hardly find any tourists,” said Sanjay Jity, a shop keeper from Al Khaledyah Jewellery in the old souk, or market. “The price of gold is too high and people have no money, that’s why we are seeing a slowdown in the market and our sales have gone down by 40 per cent,” said Viral Bhalani, a shop keeper at Hem’s Jewelry in the old souk. Some Dubai jewllery shops may face closure, as do their competitors in Abu Dhabi. On a global level gold prices have risen around 40 per cent to around $957 an ounce as of Friday from a low near $680 in October.
Demand for gold in the Middle East fell 26 per cent year-on-year during the first quarter, bucking a global trend that saw demand increase as investors bought gold as a safe haven from the economic maelstrom, the World Gold Council said in its quarterly report.
This year’s IIFA was held at the Etihad Arena
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