Dubai, also known as ‘City of Gold’, has been considered as the most preferred for investment from traditional weddings to religious events and for investment. But after its price in the international market has crossed a record of $ 3,400 an ounce, people in Dubai are now starting to opt. Instead, people are now giving preference to diamond in Dubai or buying light gold jewelery.

Andrew Nylore, the head of the Middle East and Public Policy at the World Gold Council (WGC), said- Sona has already been most liked as an investment. In such a situation, the American tariff and other factor have done more ghee in it. Apart from this, the increasing demand for gold jewelery also has a different effect on it.

People running away from sleeping in Dubai

He said, two types of effects are being seen in Dubai. First, money is being invested as the safest for investment, on the other hand, due to high prices, the demand for jewelery is declining. In Gold Souk, Dubai, a seller told Reuters that they are looking at the trend that when the price of gold is currently increasing, people are looking towards its other option.

A shopkeeper working in Damas Jewelery said, due to the huge increase in gold prices, its buyers have come down significantly these days. While a woman who came to Gold Souk said, it is becoming difficult to afford gold, so it is better to take diamond instead of it.

Gold purchase declines in UAE

Dubai has been the most favorite place for gold buyers for the last about 80 years. According to WGC, the price of gold has increased by about 27 percent last year. Due to this, the demand for gold jewelery in UAE has declined by about 13 percent, while globally decreased by 11 percent.

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