Gold reached record highs for the second time this year, leading local jewelers to claim that more customers are switching to lighter items and diamond jewelry. After reaching Dh525.25 on October 21 before declining and then rising again, 24K gold was trading at Dh539.75 when markets started on Monday.
The prices for 22K, 21K, 18K, and 14K were Dh490.75, Dh470.50, Dh403.25, and Dh314.50, respectively. At 10.30 a.m., spot prices were $4,401.05, up 1.4% from Sunday. Earlier this morning, silver also increased by 2.7%, reaching a record high of $69.23. The costs were $69.02 at 10.30 a.m.
Jewelers claimed that consumers’ tastes in gold have also changed. According to Amina Mohamad Ali, director of MFar Jewellers, “buyers are choosing lighter pieces.” Demand for diamond jewelry has also increased. The high cost of gold hasn’t actually stopped people from purchasing. Customers have made selections about what to buy without considering the anticipated price increase.
According to Ahmed, more people are entering the market as a result of the record high pricing. New and younger investors are drawn to record highs, and many of them begin with modest sums. First-time buyers are currently entering the market driven by education, accessibility, and fractional ownership.
According to him, most UAE investors take a long-term view of gold. “Gold is still seen as a store of value and hedge in the UAE, particularly during times of global uncertainty,” he stated. “During significant price fluctuations, short-term trading rises, but accumulation continues to dominate.
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