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Friday, April 04, 2025
UAE gold retailers cut making charges and offer payment plans as bullion prices soar
By Vijay Valecha in 'Century in News'
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Vijay Valecha, The National, April 4, 2025
Gold retailers in the UAE are resorting to a range of measures including reduced making charges, attractive payment plans and exchange schemes, and lightweight jewellery collections to stimulate the market and boost consumer demand as prices hit a record high.
The precious metal has surged 20 per cent this year on safe haven demand amid rising concerns of a global trade and tariff war, macroeconomic uncertainties and geopolitical problems. Bullion had a ferocious run last year that was largely driven by massive central bank purchases and robust demand in Asia.
Additionally, global holdings in bullion-backed ETFs have surged to their highest levels since September 2023.
“However, these countries enjoy a competitive edge, given the low energy costs in the region. Moreover, any aluminum not purchased by America can be redirected towards local construction projects and domestic electric vehicle manufacturers, thereby bolstering the region's efforts in economic diversification.”
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