UAE shoppers ‘rush’ to swap old jewellery for gold bars

Many exchanges are being made to lock in rates before prices possibly plummet

- BY MANOJ NAIR

Got some old gold jewellery? Exchange it for gold bars. And then hold them for the long-term.

Many UAE residents are making the switch. Quite a few tourists are also heading to the Dubai Gold Souk for the same purpose.

The rush is driven by two factors: securing the best possible exchange rate from jewellery to bars, and expectations that gold prices could fall.

Retailers surprised