Dubai: Dubai has run out of gold. Well not exactly, but salespersons at jewellery outlets say there is no supply of gold coins and biscuits.
And those hoping to cash in on tumbling gold rates are likely to be disappointed if they head to retail outlets as the men manning the counters say the the city has run out of coins and biscuits. “There seems to be no gold coin or bar available in Dubai,” a salesperson in Karama told this reporter.
“It’s unthinkable for gold to come down to this level,” said Pradeep, an Indian logistics executive who joined the throng of buyers at Karama Shopping Centre, where a cluster of gold shops were abuzz with customers.
On Friday global gold prices closed down five per cent, precipitated by fears of a gold selloff by European central banks to pay for bailouts by ailing countries.