As UAE gold prices hit record highs, banks urge customers to buy digital

SKIM MAKING CHARGES

- BY MANOJ NAIR Business Editor

As Dubai’s gold price holds steady at a record Dh383 per gram for 22 carat, leading UAE banks are ramping up efforts to get retail customers to sign up for gold accounts.

Their pitch is simple: invest in pure gold and take advantage of a market where prices are expected to rise further.

This has set up a direct contest for investor funds — money that banks believe might otherwise go into buying gold jewellery. Banking sources say they’re seeing more of their traditional retail customers open gold investment accounts, given how the precious metal has performed so far this year.

A huge leap