🎉 Dubai is ringing in 2026 with a golden twist! As New Year festivities light up the city, a surge in gold prices is sparking a buying frenzy both online and offline.
💻 O Gold, launched nearly a year ago and now boasting 800,000 users (about 8% of the UAE population), just rolled out a gift-gold feature. Aly Abdo, COO of O Gold, explains: "Rising gold prices mean more people should have gold, and we're seeing many new investors entering the market."
📈 In 2025, gold prices shot up by over 70%. On January 1, 2025, 24K gold was 318 dirhams per gram; by year's end, it peaked at 540 dirhams. To help holders boost liquidity, O Gold plans to introduce direct gold payments soon – a move aimed at hedging against inflation and currency devaluation.
🛍️ Offline jewellers are adapting too. Gold jewelry is a daily staple for UAE residents, but rising prices have pressured budgets. Muhammed Abdul Qadir, marketing manager at Al Haseena Jewellery, shares: "When gold prices rose, we adjusted our strategy, reducing the weight of our jewelry to attract more customers. And it worked."
💳 Retailers are also offering better installment plans, keeping weekly revenues on par with last year despite trading smaller volumes.
✨ Whether you're gifting gold via an app or browsing lighter jewelry, Dubai's market is proving that even as prices climb, creativity and flexibility keep the sparkle alive.
Reference(s):
Surging gold price promotes more buyers entering the market in UAE
cgtn.com
