UAE Gold Buyers Shift to Value-Conscious Strategy Amid Price Surge
UAE residents are adopting a strategic approach to buying gold amidst its recent surge in price. Market savviness is driving customers to track price fluctuations closely and invest in lighter jewellery and smaller coins and bars, rather than delaying purchases or stepping back from the market.
Gold prices hit a three-month high of Dh559.50 per gram on Monday, but remained steady by Wednesday after four consecutive days of rallies.
'The market is currently seeing a shift from volume-led buying to value-conscious buying,' said Anil Dhanak, managing director of Kanz Jewels.
Overall demand for gold remains strong, driven by global economic uncertainty, expectations around interest rate cuts, and investor demand for gold as a safe-haven asset. Central bank buying is also supporting sentiment.
Consumers remain engaged with the market, but are becoming more mindful of the timing and value of their purchases. 'Every small dip triggers immediate buying, both in-store and online,' said Chirag Vora, managing director of Bafleh Jewellers.