A UAE shopper who bought gold in 2019 and selling now would gain up to Dh158/g
Business Editor
1 MIN READ
Gold prices are rearing to break the $3,000 an ounce barrier. For many UAE residents, there are times to make some quick profits.
Gold prices are rearing to break the $3,000 an ounce barrier. For many UAE residents, there are times to make some quick profits.
Bloomberg
Dubai: Got some gold? Then sell or trade up.
Because right now, gold is at a level where any consumer having some gold in their holdings can reap some quick rewards.
Because gold has swept to its highest levels of $2,986 an ounce (1 ounce is 28.34 grams) and by the looks of it has every chance to make a clean break past $3,000.
The UAE gold rate meanwhile is now showing Dh334 a gram for 22k and by 9am should see a further spike to reflect today’s bullion rate. Needless to say, this will be the highest ever to date.
“The highest UAE gold rate in 2021 was only Dh222.5 a gram – any customer who bought then and selling now is looking at a profit of Dh100 plus,” said a jewellery retailer. “A lot of customers in recent weeks had been telling us that they had kept their gold bought in 2021 and before to sell or exchange when gold hits $3,000.
“No one could have predicted that there is a good chance it might do so this early into 2025.”
In 2020, the highest UAE gold rate was Dh235, which was when Covid worries were sweeping the world and gold started its steep climb and then in recent months swept past multiple highs.
Now, if anyone retains gold they bought in 2019, the highest UAE 22K gold rate for that year was Dh176. One can clearly see why gold pushing its way towards $3,000 will have many consumers excited – ie., those with gold holdings to spare and not new buyers.
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