AR: Dubai retail gold sales stagnate as buyers get cautious
Gold retail sale volumes in Dubai were stagnant in November and the first half of December as high prices, coupled with the emirate's debt problems, made consumers more cautious about spending, traders said on Thursday.
"Sales have remained at the same level of last year as the prices are very high and people in Dubai are now more afraid of losing their jobs, so spending has been cut down," said Vincent George, sales manager at Chittilappillu Jewellers at the Dubai old gold souk.
Dubai's debt saga has shaken global investors since the emirate's Nov. 25 announcement it wanted a standstill on the debt of state conglomerate Dubai World.
