Gold in short supply in DubaiBuyers come in droves to buy coins and biscuits
My comments as follows:
I believe the unexpected drop in gold price in UK market have forced the wholesale dealers in Dubai to hold their stock as reserves and wait for the market to move up again. If not, they will be incurring huge loss on stock they bought for high price which they have to release to the market to meet the demand created due to the current global scenario. I am sure it is the case in all the major gold markets, including India and in particular Kerala, where there is always a huge demand for gold. Those who have invested in gold, it is a time to hold on to it as prices will move up again. Those who have not invested in it, take advantage of the situation and buy some yellow metal for keep, only and only if you have reserve cash. However, caution to NOT USE YOUR CREDIT CARD for buying gold. You will regret heavily later.
Ramesh Menon, Abu Dhabi, Abu Dhabi, United Arab Emirates
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