UAE Residents are selling gold jewellery after a sharp drop in prices, with many using the funds to repay loans and invest in property.
UAE Residents have started selling their gold jewellery following a sudden drop in gold prices. Many people are reportedly using the opportunity to pay off loans and invest in real estate.
According to a report by Khaleej Times, gold prices recently touched a record high before falling sharply. After the sudden decline, long queues of sellers were seen at Dubai’s famous Gold Souk.
The report stated that both residents and investors decided to sell their gold and other precious metals after prices fluctuated dramatically. Market observers say the price correction encouraged many people to cash in on earlier gains.
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Traders believe that some residents are taking advantage of the situation to improve their financial position, especially amid rising living costs and changing market conditions.
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