Business
Why Croatia’s capital wants to hold the best Christmas market
Guy Delauney Balkans correspondent
AFP via Getty ImagesChristmas markets are not just tradition across Europe, they are big businesses that give cities a huge economic boost every December. For Zagreb, the capital of Croatia, it is an effective way of attracting tourists outside of the country’s main summer season.
The words “tourism” and “Croatia” are likely to conjure visons of sparkling Adriatic vistas during the hottest months of the year.
Tourism accounts for more than a fifth of the economy of this Balkan country, and it is keen to encourage more visitors to arrive outside of the height of summer. Yuletide frolics are a key part of that strategy.
“We’re making a transformation,” says Croatia’s Tourism Minister, Tonci Glavina.
“We are developing as a year-round tourism destination – we are not a summer destination anymore. Croatia has really made a significant development. At some point way back it was just sun and sea, but now Croatia offers many tourism products all across the country.”
Zagreb Advent, as the capital’s Christmas markets and events are collectively known, is the poster child for this approach, with billboards in neighbouring countries urging people to attend. In fact, this year the campaign has spread as far as London’s tube stations and Milan’s buses.
There are even special trains to bring visitors from Slovenia and Hungary. All of it is part of Zagreb’s push, in a very crowded field, to become one of Europe’s most popular Christmas markets.
While some cities might limit their offering to a single location, Zagreb Advent is a multi-venue spectacular that takes over large chunks of the centre.
“The entire city has become a festive ground for celebrating Christmas throughout the whole of December,” says Slavica Olujic Klapcic, who manages one of the Christmas market areas.
“What’s really special around here is that each of the locations has its own theme, and it’s a little bit different in decoration, and in the content that it offers. So for a visitor, I think it’s a good deal, because by taking a walk through Zagreb, you can see many different spots.”
Like other Christmas markets across Europe there are no shortages of the usual seasonal staples, such as sausages and mulled wine. But there are also multiple music stages, craft stalls, vendors offering traditional Croatian food, art installations, and an enormous ice rink.
“It brings life to Zagreb,” reckons Zrinka Farina, who is involved with putting on Christmas market events outside the city’s historic Hotel Esplanade, as well as a food and music market at nearby Strossmayer Square called Fuliranje – which roughly translates as “fooling around”.
But she says that Croatians are deadly serious about trying to offer Europe’s best Christmas market. “We are such a sporty nation, we love to compete – and when we do something, we really want to be the best in the world in it.”
Such has been the effort that the city has put into Zagreb Advent since it was first held in 2014 that it was voted the best Christmas market in Europe for three years in a row, from 2015 to 2017.
The competition is organised by travel website European Best Destinations, and Zagreb’s success has helped to drive visitor numbers to the city every December.
Back in 2014, the city saw 100,198 people stay for at least one night during the last month of the year. By 2024 this had more than doubled to 245,352, which the tourist board says gave the city a €100m ($117m; £88m) economic boost.
However, Zagreb has a long way to go if it wishes to catch up with Europe’s Christmas market heavyweights.
The one held in the German city of Cologne is widely reported to be the most popular. It is expected to attract four million visitors this year, with an economic impact of €229m.
Meanwhile, Austria’s capital Vienna attracts around 2.8 million visitors to its Christmas market, and France’s Strasbourg gets two million people.
Zagreb’s event also has a limited history – it is only in its 11th year. By contrast, Dresden’s Christmas market, widely considered to be the world’s oldest, was first held in 1434. Strasbourg’s began in 1570, Vienna in 1764 and Cologne in 1820.
Despite its infancy, Zagreb Advent is said to be attracting visitors from across Europe. “They come here from Italy, Spain, Bosnia, Slovenia and even the UK,” says Lucija Vrkljan, who is working as a steward at the ice rink.
“It’s a great place to be,” says Dario Kozul, the founder of BioMania, a bistro with a stall offering vegan and gluten-free food at the Hotel Esplanade Christmas market. “We have a cross-marketing situation all the time,” he adds.
“People walk into this event and test our food – they’re really very pleased with it. Then we talk about our restaurant, and within the next couple of days, we see them there.”
AFP via Getty ImagesMarko Peric, dean of the Faculty of Tourism at Croatia’s University of Rijeka, agrees that Zagreb Advent brings “unusually high” numbers of arrivals and overnight stays in December.
But he cautions that the rest of Croatia’s heavy reliance on the summer season is a weakness that still needs to be addressed. “We need to work and develop our tourist offer in other parts of the year, including the winter,” he says.
“We don’t have snow, but we can offer a lot. We should rely on our gastronomy, which is well known, with many tourists arriving just because of that. And we could use other types of events like carnival in February, or sporting events.”
Tourism Minister Tonci Glavina insists that Croatia is making moves in the right direction. He points out that visitor numbers over July and August were actually slightly down on the same period in 2024.
But the country is still on course for a record-breaking year, thanks to significant growth either side of the summer peak, with around 5% more arrivals in June and September. This, says the minister, is “just perfect”, as is the 10% year-on-year rise over the first week of December.
“We are transforming Croatia to be a sustainable tourism destination, meaning about the same number of guests in peak season, developing the shoulder seasons, and of course developing other parts of the country to be main tourism destinations.”
Zagreb Advent has already shown the benefits. Although that may not be the first thing that springs to a visitor’s mind with all the traditional Croatian treats on offer.
After all, what could be better than a post-skate fritule doughnut, except perhaps a fritule with chocolate sauce.
The price of Bitcoin fell below $70,000 on February 5, down 44% from its October 2025 high of $126,210, as investors shift interest to gold and global economic concerns rise.
Earlier in the day, Bitcoin briefly touched $63,000 before closing at $70,000.
Last week alone, its value dropped more than $20,000, reducing it by almost a quarter.
Compared to four months ago, Bitcoin has now lost about half its peak value.
Analysts say investor interest in Bitcoin is waning, with growing pessimism surrounding the broader cryptocurrency market.
Business
Gold, Silver ETFs Sink Up To 10% As Precious Metals Rout Deepens; What Should Investors Do Now?
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Silver and gold-linked commodity ETFs extended their slide, falling as much as 10%, tracking sharp drop in precious metal futures on the MCX
Silver ETFs
Silver and gold-linked commodity ETFs extended their slide on Friday, falling as much as 10%, tracking a sharp drop in precious metal futures on the MCX for the second straight session.
The decline came amid a global sell-off in technology stocks and a strengthening US dollar, which wiped out most of the gains from a brief rebound earlier in the week.
Silver ETFs lead losses
Kotak Silver ETF was the worst hit, tumbling 10%, while HDFC Silver ETF, SBI Silver ETF and Edelweiss Silver ETF declined about 9% each. Bandhan Silver ETF limited losses to around 6%.
Among gold-linked funds, Angel One Gold ETF slipped 8%, while Zerodha Gold ETF fell about 5%.
Volatility persists after steep correction
Hareesh V, Head of Commodity Research at Geojit Investments, said gold and silver continue to witness heightened volatility after last week’s sharp selloff. The correction was driven by hawkish US Federal Reserve expectations following Kevin Warsh’s nomination, a stronger dollar, and steep margin hikes by the CME that forced leveraged positions to unwind. Profit-taking after record highs further amplified price swings, keeping sentiment fragile.
He advised bullion investors to remain patient and avoid reacting to short-term volatility driven by margin hikes, profit booking and policy uncertainty.
“Gradual, staggered accumulation can help manage timing risks, as long-term fundamentals such as geopolitical tensions, central bank demand and currency pressures remain supportive. Closely tracking the US dollar and upcoming Federal Reserve signals is crucial in this phase of elevated volatility,” he said.
MCX futures slide sharply
In Friday’s session, MCX silver futures for March 5 delivery plunged 6%, or ₹14,628, to ₹2,29,187 per kg. Gold futures for April 2 delivery also weakened, slipping ₹2,675, or 2%, to ₹1,49,396 per 10 grams.
Globally, silver remained extremely volatile. Prices rebounded as much as 3% after plunging 10% to below the $65 level, a more than six-week low. Despite the bounce, silver was still down nearly 16% for the week. In the previous week, it had fallen 18%, marking its steepest weekly decline since 2011.
Margin hikes add pressure
The selloff spilled into domestic ETFs after sharp margin hikes in precious metal futures. On Thursday, commodity-based ETFs dropped as much as 21%, led by silver ETFs, while gold ETFs declined up to 7%.
Margins on silver futures were raised by 4.5% and on gold futures by 1% effective February 5, followed by an additional hike of 2.5% on silver and 2% on gold on Friday. As a result, total additional margins now stand at 7% for silver futures and 3% for gold futures from February 6.
“Markets often see sharp corrections after extended rallies. Broader risk sentiment and geopolitical cues can trigger profit booking in commodities, especially where positioning has been crowded,” said Nirpendra Yadav, Senior Commodity Research Analyst at Bonanza.
However, he added that industrial demand for silver remains strong, with a tight global supply environment and persistent deficits supporting prices over the medium to long term. Short-term intraday swings, he said, do not alter the long-term outlook.
Trade deal, macro cues in focus
Ross Maxwell, Global Strategy Operations Lead at VT Markets, said the India–US trade deal could improve risk appetite by easing supply-chain frictions and reducing tariff-linked inflation pressures.
“In this context, gold and silver will balance lower trade tensions against ongoing macro uncertainty. A clearer trade outlook can reduce risk aversion, limiting upside in precious metals,” he said.
Maxwell added that gold remains supported by concerns around inflation, currency stability and geopolitical risks, making it attractive as a strategic hedge rather than a short-term trade. Silver, he noted, also benefits from industrial demand, meaning improved global trade expectations could lend support through stronger manufacturing activity.
“While reduced tariffs may dampen fear-driven buying, both gold and silver are likely to remain structurally firm as long as economic and policy uncertainty persists,” he said.
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February 06, 2026, 12:08 IST
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Pakistan Stock Exchange (PSX) on Friday saw a sharp decline in share prices on the last day of the trading week amid profit-taking by investors.
After a brief period of gains at the market’s opening, the KSE-100 experienced a sharp decline.
It lost over 1467.24 points or -0.74 percent, falling to 186,364.84, losing three key psychological levels during the trading session.
Investors are closely watching the market amid the ongoing volatility.
Out of 564 active companies in the ready market, 163 advanced, 267 declined, while 134 remained unchanged.
On Wednesday, the benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX)witnessed a bullish trend, gaining 931.34 points, a positive change of 0.50 percent, to close at 187,832.08 points.
During the session, the ready market recorded a trading volume of 1,195.264 million shares with a traded value of Rs 44.102 billion, against 848.559 million shares valuing Rs 50.026 billion in the previous session.
Out of 483 active companies in the ready market, 246 advanced, 188 declined, while 49 remained unchanged.
K-Electric Limited topped the volume chart with 590.867 million shares, followed by Waves Home Appliances with 36.307 million shares and First National Equities with 32.938 million shares.
The top gainers included Nestle Pakistan Limited, which rose by Rs 75.39 to close at Rs 7,906.13, and Unilever Pakistan Foods Limited, which gained Rs 68.36 to settle at Rs 27,208.17.
On the losing side, Blessed Textiles Limited declined by Rs 67.48 to close at Rs 607.29, while Sazgar Engineering Works Limited fell by Rs 30.58 to close at Rs 2,271.47.
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