Golden Ten Data on April 22, in the bustling gold market of Dubai, known as the “City of Gold”, 22K gold jewelry has always been a traditional popular choice for weddings, religious celebrations and family investment. However, as the price of gold soared to record highs above US$3,500 an ounce, buyers began to turn to diamonds and lighter gold jewellery. Andrew Naylor, Head of Middle East and Public Policy at the World Gold Council, said: "While US tariffs and other factors have further stimulated already strong investment demand for gold, the impact on gold jewellery has been different. In a market like Dubai, this has a twofold effect: on the one hand, there is more interest in gold as a safe-haven asset; But on the other hand, high prices have dampened the demand for gold jewelry. "In its Gold Demand Trends report released in February, the World Gold Council noted that if gold prices remain high or volatile in 2025, demand for gold jewellery in key regions could come under further pressure.
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