Gold prices in Dubai hit a historic high on Friday, with 24K touching Dh429 per gram before easing slightly to Dh427.5, according to Dubai Jewellery Group data. Similarly, 22K peaked at Dh397 per gram before slipping to Dh395.75.
The surge in prices has shifted consumer behavior. Over the past two years, many shoppers in the UAE have leaned toward lighter, more affordable jewellery, while some have delayed purchases altogether. Small investors are also facing a dilemma, uncertain whether to hold, sell, or increase their holdings of coins and bars as the rally continues.
“The market is clearly moving toward lightweight jewellery that fits everyday wear, driven by both high prices and changing lifestyle preferences,” a Joyalukkas spokesperson said. “Contemporary designs are gaining popularity among younger buyers, while traditional pieces remain in demand. Exclusive offers and promotions are also keeping interest high.”
Globally, spot gold is hovering just below record levels at around $3,550 an ounce. Samer Hasn, senior market analyst at xs.com, noted that after a sharp rally, the metal is consolidating as investors weigh economic risks and political uncertainties. The recent strength in gold is more about concerns over economic stability than expectations of rate cuts, with long-term bond selloffs reinforcing this trend,” he said.
Also Read:
Israel Places the Biggest City in Gaza Under Military Control and Blocks Aid Supplies
PTSA’s Holistic Approach In Shaping The Future Of Football: Mohamad Adlouni
