Trade in Dubai’s Gold Souq has been flourishing since the 1940s when the government introduced a series of free trade policies that encouraged entrepreneurs from India and Iran to set up gold stores.
Today, the emirate known as the City of Gold is the world’s second largest redistributor of gold bullion and one of the biggest regional trading hubs for gold. In 2009, the value of gold imports reached $14.5bn, according to official statistics.
In more recent years the price of gold has steadily increased as investors have flocked to the precious metal as a safe haven for their investments amid the downturn. In December the price reached an all-time high of $1,431 per ounce but analysts have predicted it could go higher still.
What does this record high price mean for traders at one of Dubai's most traditional souqs? ABTV talks to traders and buyers to find out whether or not gold is still just as popular.