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The ever-higher prices reached by gold are turning Dubai’s traditional bazaar into more of a window-shopping experience.
The most affected were the gold brick shops, with workers at three locations saying sales are down by half. One seller who traded in bricks and jewelry said the latter was performing better as the crimp on demand was more notable for heavier items. Everyone else is holding back, he said. At some stores, people are selling back some pieces to cash in.
“It’s unbelievable,” said a salesman who’s been working at the Souk for 22 years and asked not to be identified as he’s not authorized to speak for his employer. “Once they see the gold and they see the price, they run.”
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