High UAE gold price is drawing crowds to stores, but only to sell

Currency conversion is another factor — strong dollar raises remittance value for expats

- BY MANOJ NAIR Business Editor

Short of cash? Sell your gold.

With Dubai gold prices hovering around Dh375 per gram for 22 carats - just Dh8.75 below the all-time high some UAE residents are cashing in their gold to meet short-term financial needs, according to gold retailers.

Since Friday, they said, a modest but noticeable number of residents and even some visitors have been selling gold for cash, not to exchange for new jewellery.