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Expats in UAE rush to buy gold as price plummets
| Published: | 7 May at 6 PM |
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Rumours that gold bars are being removed from gold shops’ shelves until the price recovers have sent expats rushing to purchase jewellery and gold coins whilst the price is still low.
Expats working in the gold-purchase hotspot of the United Arab Emirates are queuing to buy gold coins and jewellery after the commodity’s price suffered the largest and fastest fall in 70 years. Gold bars are now hard to come by, with rumours suggesting the stores are removing them from the shelves until their value goes up again.
The rush to buy gold was sparked by a US Mint sales suspension of its American Eagle gold coin due to excessive demand by buyers. Gold bullion prices on the commodities market plunged to a two-year low amid other rumours that the government’s gold inventory was depleted.
Qatar and Dubai are famed for their gold festivals and gold bar vending machines, but the precious metal now seems to be in short supply, provoking panic buying by investors taking advantage of the low prices. The UAE’s informal markets and back-street stores are seeing a rush, with gold coins and jewellery taking the place of gold bars.
Expats are having a harder time than locals trying to bag a bargain with many reporting they’re being told it’s ‘out of stock’ or even refusing to sell gold to foreigners. It’s the same story in New York, with coin dealers inundated with requests to sell from wholesalers and retailers as well as from the general public.
Expats working in the gold-purchase hotspot of the United Arab Emirates are queuing to buy gold coins and jewellery after the commodity’s price suffered the largest and fastest fall in 70 years. Gold bars are now hard to come by, with rumours suggesting the stores are removing them from the shelves until their value goes up again.
The rush to buy gold was sparked by a US Mint sales suspension of its American Eagle gold coin due to excessive demand by buyers. Gold bullion prices on the commodities market plunged to a two-year low amid other rumours that the government’s gold inventory was depleted.
Qatar and Dubai are famed for their gold festivals and gold bar vending machines, but the precious metal now seems to be in short supply, provoking panic buying by investors taking advantage of the low prices. The UAE’s informal markets and back-street stores are seeing a rush, with gold coins and jewellery taking the place of gold bars.
Expats are having a harder time than locals trying to bag a bargain with many reporting they’re being told it’s ‘out of stock’ or even refusing to sell gold to foreigners. It’s the same story in New York, with coin dealers inundated with requests to sell from wholesalers and retailers as well as from the general public.
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