Record gold prices take shine off London jewellers [Yahoo! Finance]
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Source: Yahoo! Finance
"People are obviously buying not as much as before," Khan told AFP as his sales staff weighed gold necklaces and tapped into calculators, adding there had been a "big increase" in prices. Pakeeza is located in east London's Green Street jewellery quarter, a popular destination among the Asian community, while nearby shops also sell traditional clothing like abayas and saris. Gold products, also including rings and other trinkets, are a traditional gift for births, weddings and other family celebrations, because the precious metal is regarded as an inflation-proof investment that will stand the test of time. Yet the recent spike in gold prices -- driven by haven demand amid geopolitical tensions, and the prospect of US interest rate cuts which weighs on the dollar -- has impacted the jewellery market. - Shock to system - "When you see rapid jumps in gold and things like that, yes, there's a shock to the system," said Vikram Santilal, owner of Jeram Jewellers. "So the quant
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