Surging gold prices in the United Arab Emirates(UAE) have triggered a shift in consumer behavior, with buyers increasingly favoring gold bars over traditional jewelry amid rising investment demand.
Due to its preferential tax policies, Dubai has become one of the world's major gold trading centers,attracting numerous investors and consumers with its competitive gold price.
However, the price of 24K gold per gram has exceeded 435 dirhams (about 118.45 U.S. dollars) in recent days, 50 percent higher than the previous year. Tawhid Abdulla, president of the Dubai Gold and Jewellery Group, said soaring prices have dampened demand for gold jewelry, while gold bars, which are primarily used for savings and investment, remain in strong demand.
Smaller bars weighing 10, 50, or 100 grams are especially popular across income groups, from high earners to budget-conscious buyers.
"They can take the gold bar and bring it to the jewelry store, and make it [some] form of necklace and chain and rings," said Abdulla.
Dubai's preferential tax policies typically make local gold prices 10 to 20 percent lower than global rates. However, with recent price surges, consumers have been forced to adjust their buying habits.
"Because of the price hike, I have decided to exchange my old jewelery for the new one. So at least it's affordable," said a tourist.
In Arabic culture, gold is not only for investment, but serves as essential gifts in important moments of life, such as marriage, birth and graduation. Such traditions keep gold in high demand.
Currently, "Made in UAE" jewelry accounts for around 15 percent of local demand, but manufacturers aim to double that share to 30 percent within five years, driven by rising production efficiency and consumer accessibility.
"We are extremely focusing on our local 'Made in UAE'. So, that gives us a better accessibility and gives us a better cost and gives us a better, faster delivery to the consumer," Abdulla said.
UAE buyers favor gold bars over jewelry as prices soar by 50 percent
The Republic of Korea (ROK)'s former impeached President Yoon Suk-yeol on Friday was sentenced to five years in prison on arrest obstruction charges.
The criminal division of the Seoul Central District Court in charge of Yoon's obstruction of justice case handed down the prison sentence to Yoon for abusing the presidential security service to hinder the anti-corruption agency from executing its arrest warrant in January 2025.
The Corruption Investigation Office for High-ranking Officials (CIO) was once thwarted in its attempt to arrest Yoon as the presidential security service formed human shields and bus blockades to prevent investigators from entering the presidential residence.
The team of Cho Eun-suk, an independent counsel who led investigations into Yoon's insurrection and other charges, demanded a 10-year prison term for Yoon.
The court said Yoon privatized the presidential security service for personal safety and private interests by blocking the law enforcement agencies' lawful execution of an arrest warrant and attempting to destroy evidence, pointing out that despite the very bad nature of his crime, he consistently offered unconvincing excuses and showed no remorse.
The court stressed that severe punishment was necessary, considering the need to restore the rule of law damaged by Yoon's crime, but it noted that the fact that he was a first-time offender with no criminal record was considered a favorable factor.
The sentencing, which was broadcast live, was Yoon's first verdict coming from his botched martial law bid.
The first-instance sentencing for Yoon's insurrection charges was scheduled for Feb 19. The special counsel sought a death penalty for Yoon on the charges.
Yoon declared emergency martial law on the night of Dec 3 in 2024, but it was revoked hours later by the National Assembly.
The constitutional court upheld a motion to impeach Yoon in April 2025, officially removing him from office.
The ousted leader was indicted while in detention in January 2025 on charges of leading an insurrection, becoming the first sitting ROK president facing such prosecution.
ROK ex-president Yoon sentenced to 5 years in prison on arrest obstruction charges
ROK ex-president Yoon sentenced to 5 years in prison on arrest obstruction charges
