Gold prices in Dubai soar to unprecedented peaks, with 22 karat gold approaching Dh400 once more.
In the bustling markets of Dubai's souks, a gold rush is underway. The increased demand for gold, driven by its status as a safe haven in a world of unstable currencies and ballooning debt, is leading to higher prices for jewelry and potentially profitable opportunities for sellers.
On Friday, gold rates in the UAE reached a new record high, with 22-karat gold priced at Dh397 per gram, a Dh2 increase compared to the previous day. The price for 24-karat gold was Dh420.13 per gram, up from Dh418.67 the day before.
Experts predict that gold prices could continue to rise, potentially reaching the unprecedented level of $5,000 per ounce. This surge in demand could result in a surge of tourists and investors flocking to Dubai, seeking to capitalise on this valuable asset.
Gold's appeal as a safe haven asset is strengthening amidst global economic uncertainty. Its status as a valuable asset for investors seeking safety in uncertain economic times is well-established. In fact, gold prices are also available in neighbouring countries like Saudi Arabia, Oman, Qatar, Bahrain, and Kuwait.
While the specific seller who could generate profits from this gold boom is not explicitly named in the search results, entities involved in the buying and selling of gold, such as investment firms, gold dealers, or analysts like BMO Capital Markets and Atlantic House Investments, are implied as potential beneficiaries from the rising gold prices predicted for 2025 and beyond.
For jewelry shoppers in Dubai's souks, this means that bangles, chains, and rings will become more expensive. However, for those seeking to protect their wealth during economic instability, the investment in gold remains a popular and potentially lucrative option.
For the latest gold prices in the UAE, you can find them here.
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