Jewellery shoppers focus on budget rather than weight as gold soars

Gold jewellery shoppers in Dubai and the UAE are adapting to consistently high prices, focusing on fixed budgets rather than on the weight of gold purchased.

- Waheed Abbas

Gold prices have been trading close to an all-time high reached earlier this month when 24K and 22K hit Dh445.25 and Dh412.25 per gram, respectively.

Globally, the precious metal hit another record high on Monday, with spot gold rising 1.2 per cent to $3,726.42 per ounce, as of 1132 GMT. Analysts expect a correction in prices, and then prices will recover to touch $4,000 next year.

Ramesh Kalyanaraman, executive director at Kalyan Jewellers, said while higher prices are influencing buying patterns, customers are not stepping away from purchases-instead, they are adapting.