Gold is back to near $2,000/oz, with UAE consumers planning to exchange old for new

Gold is back to near $2,000/oz, with UAE consumers planning to exchange old for new

Dubai: UAE consumers are getting another chance to exchange their gold for new jewellery - or straight up cash - as international prices soar to within touching distance of $2,000 an ounce. Currently, the metal’s prices are at $1,988 after rocketing through a $66 increase in the last 24 hours. The UAE gold rate on Saturday morning for 22K is Dh223 a gram, while the all-time high of Dh235 was hit in early August 2020. Last year too, after the start of the Russia-Ukraine crisis, gold shot up to Dh234.5 in March. Both times at or around those prices, UAE consumers took advantage to sell some of their gold and pocket a significant profit. (The international bullion markets are closed for the weekend, which means the Dh223 will remain in effect until Monday.) This time though, UAE jewellery retailers expect shoppers to prefer the ‘old for new’ approach rather than pocket cash. “A lot of shoppers were calling in after seeing gold shoot up all through the week,” said one retailer. “Some of the jewellers are having discounts on making charges, and along with the gold price gain, shoppers today would immediately make a profit and get some additional savings