Dubai has recently experienced a significant surge in gold prices, reaching an unprecedented level. According to the Dubai Jewellery Group, the price of 24K gold has hit Dh503.5 per gram, breaking the previous record of Dh502.75 set just a day earlier. This rise marks the third consecutive record high in gold prices over a span of three days.
The continuous increase in gold prices is indicative of strong demand and confidence in precious metals amid ongoing global economic uncertainties. As these prices climb, experts predict that consumers in the UAE may start opting for more affordable jewellery options, such as 14K gold.
Despite the festive season bringing steady foot traffic to jewellery stores in Dubai, there has been a noticeable decline in the actual weight of gold purchased, suggesting a more cautious approach from buyers. Meanwhile, investors are increasingly viewing gold as a secure investment, while platinum is gaining traction in jewellery preferences.
The Dubai gold market continues to be vibrant and closely monitored by both traders and buyers, reflecting its importance within the region’s economy.
Key Highlights
- 24K gold price hit Dh503.5 per gram, the highest ever recorded.
- Third record high in just three days.
- Shift in consumer preference towards 14K gold for affordability.
- Steady store visits but reduced gold quantity purchased.
- Increased investor interest in gold as a secure asset.
- Platinum gaining popularity in jewellery market.
Stay updated with Questiqa World News for the latest developments in the Dubai gold market and other economic trends.
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