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Akshaya Tritiya: Covid in India, travel suspension deter expats from buying gold
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Dubai: How much should gold prices drop before shoppers in the UAE start buying again?
Going by the trends in the first three months, anything around Dh190-Dh195 a gram should be enough to get shoppers back. And for a brief period in March, UAE shoppers did just that as gold prices showed some weakness for the first time in more than 12 months.
Much the same was happening in the rest of the world, as shoppers in India, China, other Gulf markets and the US stocked up on jewellery – in all, 477 tonnes of jewellery was bought during these three months, a sharp 52 per cent increase on the tally from first quarter 2020, when the world was moving into a lockdown. March buying was spurred by the dip below $1,700 an ounce, and it was felt that gold prices were set for a period of cooling off. And for demand to heat up…
From rickety souk to global powerhouse: How Dubai became the City of Gold
As a child, Mihir Vaya helped his father run his fledgling jewelry business in Dubai.
He remembers riding with him across Dubai Creek in an abra boat as he went to sell his pieces. He remembers when the Gold Souk, today home to hundreds of retailers, was just a few rickety stalls stuck like barnacles to the river banks. But most of all, he remembers helping his father in his workshop. He and his sister would hold gold wires so they could be wound into intricate pieces of jewelry.
Ashleigh Stewart, CNN • Published 2nd February 2021
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(CNN) As a child, Mihir Vaya helped his father run his fledgling jewelry business in Dubai.
He remembers riding with him across Dubai Creek in an abra boat as he went to sell his pieces. He remembers when the Gold Souk, today home to hundreds of retailers, was just a few rickety stalls stuck like barnacles to the river banks. But most of all, he remembers helping his father in his workshop. He and his sister would hold gold wires so they could be wound into intricate pieces of jewelry. It was probably nothing, those small jobs. But you felt so important, Vaya says. Ever since then I ve been inclined to work there.
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