Soaring gold prices weigh on festive takings for Little India jewellery shops ahead of Deepavali
Jewellery stores at Singapore's Little India have seen business plummet by as much as 50%, as gold prices reach record highs, pricing many customers out. The yellow metal topped US$4,300 an ounce this week, surging more than 60% since the start of the year. It has taken some shine off this year's Deepavali — the Hindu festival that is traditionally one of the busiest periods of the year for gold sellers as devotees believe buying and wearing gold will bring wealth and luck. Nicolas Ng reports.
Jewellery stores at Singapore's Little India have seen business plummet by as much as 50%, as gold prices reach record highs, pricing many customers out. The yellow metal topped US$4,300 an ounce this week, surging more than 60% since the start of the year. It has taken some shine off this year's Deepavali — the Hindu festival that is traditionally one of the busiest periods of the year for gold sellers as devotees believe buying and wearing gold will bring wealth and luck. Nicolas Ng reports.
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