UAE shoppers race to exchange old jewellery for gold bars

UAE residents as well as visitors / tourists who have old gold jewellery are rushing to exchange them for gold bars… and then hold them for the long-term.  They are also heading for the Dubai Gold Souq to exchange what they have before the gold rates fall.

They are doing so to get the ‘best’ rate possible on the exchange from jewellery to bars – and because they think that gold prices are set to drop.

The Dubai gold price remains above Dh370 a gram – after briefly dropping to Dh370.25 earlier the day before, then gaining to Dh373.5 and back to Dh372.25 yesterday.

During the last 30 days, global gold prices have been lower by just over $40 on an ounce basis. Bullion is trading at $3,339