To profit from the rising prices of precious metals, some citizens of the United Arab Emirates are selling their gold and jewelry. Recently, gold prices reached an all-time high of $2,395.29 per ounce, while US gold futures touched $2,401.8. The central banks’ continuing acquisition of gold to increase their reserves drove up the prices.
The price per gram for the 24K version of the precious metal in the United Arab Emirates was Dh289.5, but the 22K, 21K, and 18K variants were selling for Dh268.25, Dh259.5, and Dh222.5, respectively.
According to John Paul Alukkas, managing director of Joyalukkas Group, some locals may sell their jewelry, coins, and bars to profit from the record-high gold prices as a calculated move to take advantage of the current market peaks. Despite the high costs, “many individuals see gold as a long-term investment and will choose to hold onto their holdings,” according to Alukkas. According to the general director of Joyalukkas Group, many people believe investing is a smart idea when gold prices are low. However, some inhabitants choose to sell their possessions at price peaks in order to take advantage of the increased market value. It’s a cycle that’s frequently impacted by personal investing styles and market conditions,” he explained.
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