Dubai has witnessed a record-breaking surge in gold prices, with the price reaching Dh503.5 per gram. This marks the third consecutive day of increases, setting a new all-time high this week. The Dubai Jewellery Group confirmed that 24K gold has now exceeded the previous peak of Dh502.75 recorded on Tuesday.
The rise in gold prices coincides with the festive season, which typically sees increased demand for precious metals. However, jewelers have observed a notable trend:
- Customer visits remain strong.
- The actual weight of gold purchased has decreased.
This change in buying behavior has led shoppers to explore more affordable alternatives, such as 14K gold jewellery. Additionally, there is growing interest in platinum, which is gaining popularity in Dubai’s jewellery market as a stylish and valuable option.
Market experts have highlighted two important points:
- Investors are increasingly viewing gold as a key investment option.
- Consumers are considering alternative metals, such as platinum, for ornamental jewellery.
The continuous rise in gold prices emphasizes Dubai’s status as a major hub for trading precious metals in the region. Buyers and traders alike are carefully evaluating their choices amid global economic fluctuations and changing metal prices.
Both consumers and market participants are closely monitoring this developing trend, which reflects broader economic dynamics. For more updates on precious metals and market news, stay tuned to Questiqa World News.
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