Gold retail volumes in Dubai fell in January as consumers remained sceptical about the yellow metal's fluctuating price level, retailers told Reuters on Monday.
Branded as the city of gold, jewellery sales in Dubai have seen a run of declines since the end of 2008 due to the economic crisis coupled with record high gold prices.
"No we are seeing the price settle down a bit, but our sales are still down because consumers believe that the price will fall even further in the coming months," said Raiju K.R, showroom manager at BRR Jewellery, a gold retailer in Dubai's old gold souk.
