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The soaring price of gold has discouraged Dubai's "local tyrants", and the sales of some gold stores in the "Golden Street" have been cut in half

2024-03-11 06:14:06

Sina Financial News As the price of gold repeatedly hit record highs, many store salespeople in Dubai's traditional gold souk (also known as Dubai's "Golden Street") said that gold purchases have fallen sharply. The rising price of gold is turning "Golden Street" shopping into a window shopping experience. Most locals just hang out, and most of their spending comes from tourists who are willing to spend more money on vacation. Some shopkeepers said that the price of gold is very high, so people feel that it is okay to buy small items, but if they want to buy large items or buy a few more grams, they prefer to wait for the gold price to cool down before buying. Although the peak tourist season has helped to alleviate the decline in gold shop sales, residents and locals are spending less and less on gold. The most affected were the Golden Brick stores, where employees in three stores said sales had fallen by half.

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