In the last week of December 2024, Abu Dhabi resident Zeba Mohammed bought 10 grams of gold for herself after saving up for the year. Today, a year later, the value of the gold she bought has almost doubled.“I bought earrings and two bracelets amounting to a total of 10 grams of gold,” she said. “The price at the time was about Dh295. So, I paid a little over Dh3000 in total including the making charges. Today, those gold ornaments are worth about Dh5000. I am glad that I invested in gold and I keep advising my friends and family to do the same. When my sister had children, I gifted them gold coins. I think it is the easiest and most accessible form of investment.”According to Ole Hansen, Head of Commodity Strategy at Saxo bank, gold prices are up more than 60 per cent this year alone and more than 110 percent over the past two years combined. “While the magnitude of the move has surprised many, the foundations for this rally were laid several years ago and reflect a profound shift in the macro, geopolitical, and institutional backdrop for gold.
On January 1 this year, the price of 24K gold was Dh318.0 per gram and 22-carat variant was at Dh294.5. Similarly, 21-carat and 18-carat stood at Dh285.0 and Dh244.5 per gram, respectively. In comparison, gold hit record highs today as 24K gold rose to stand at Dh540. The rates of 22K, 21K,18K, and 14K stood at Dh500, Dh479.50, Dh411 and Dh320.50Rising prices have also encouraged first-time and small-scale investors to enter the market. UAE expat, Sana Ashraf began investing for the first time earlier this year. “As part of my resolution to become more financially responsible, I began investing in Exchange-Traded Funds (ETFs),” she said. “One of the first purchase I made was of gold and silver. It had been just a few months but already my portfolio has grown by 30 per cent.
