The city of Dubai has earned a reputation over the years as a shopping destination for gold and at the moment it seems more popular than ever.
Over the past few weeks expats in the UAE (United Arab Emirates) have been rushing in to buy up gold after its sharpest price drop in 70 years.
On the 15th April the price of Gold dropped to a 2 year low and buyers have jumped in to make the most of the low prices.
The rush on gold and the price drop has been so significant that many retailers in the gold hotspots of the Middle East including Dubai and Qatar have taken stocks of gold bars and coins off display.
Gold bars are particularly hard to come by and those looking to invest in gold are being forced to buy up small items of jewellery instead.
The Middle East is not alone, the US Mint announced it had suspended sales of its American Eagle gold bullion coins on the 23 April, due to surging demand following the 2 year low in bullion prices.
According to Dubai newspapers, gold bars have been made unavailable by retailers which is increasing the interest in items of jewellery and driving sales for these retailers.
There is a similar story in the US with significant interest in gold coins, with many dealers expecting sales in April to rival a high of 231,500 ounces sold set in December 2009, as buyers rush in to cash in on the low prices with expectations that it’ll rise to its previous highs.
Cadogan Tate offer first class international moving services from London to Dubai, Qatar and other destinations in the Middle East, read more on moving to Dubai.