As gold prices continue to climb at record-breaking speed, UAE residents are taking a more cautious and strategic approach to their gold jewellery habits—opting to buy new pieces rather than exchange old ones.
The Dubai gold rate for 22K currently stands at Dh381.5 per gram, marking a sharp rise of over Dh10 from April 20 alone. With prices setting new highs in a matter of hours, many shoppers are holding off on trading in their existing collections in anticipation of even better returns later in the market cycle.
“Most UAE resident-shoppers have switched to buying new gold wherever possible rather than exchanging,” said Shamlal Ahmed, Managing Director – International Operations at Malabar Gold & Diamonds. “They do so because they are certain they can get even better value from exchanging old jewellery later in this market cycle. Gold shoppers have gotten a price shock—but they’ve been quick to adapt, seeing how the market is performing.”
This fast-paced surge in prices has been mirrored globally. In Saudi Arabia, the 22K gold rate is currently at SR388 per gram. The gold rally follows a consistent upward trajectory that began in October 2024, when Dubai’s 22K gold rate first broke the Dh300 milestone.
With volatility high and upward momentum showing no signs of slowing, UAE consumers are adjusting their buying behavior to align with market trends—showing caution now for potentially greater gains later.
