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Gold Fever grips Middle East markets amid oil boom
In Jiddah Badou Souk a heavy gold armband costs about 1600 riyals. The region's oil wealth spurs a gold rush as locals and foreign workers buy bracelets and necklaces. Brokers note Gulf buyers hedge against a slipping dollar while Iran and regional states expand buying.
MENTIONED IN THIS ARTICLE
Jidda
Saudi Arabia
Badou Souk
Middle East
U.S
Chase Manhattan Bank
Mideast
Gulf
United Arab Emirates
Zurich
London
Hong Kong
New York
Bahrain
Gulf Oil States