Rolex SA, the Swiss luxury watchmaker, has raised prices on several of its models following an upswing in gold prices in 2024, Bloomberg reported.
According to the report, the price of the yellow gold Day-Date and yellow gold GMT-Master II has increased by almost 8% to 44,200 euros and 44,600 euros, respectively.
The price hikes follow gold’s remarkable 27% gain in 2024, reflecting its role as a safe-haven asset that remains prominent amid global economic uncertainties and geopolitical tensions.
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While Rolex traditionally adjusts prices at the beginning of the year, this year’s changes surpass the 4% increases seen for some of its models in the beginning of 2024, Bloomberg noted.
According to a report, the gold prices are expected to continue their upward trajectory and reach $2,795 per troy ounce by the end of 2025, a 7% increase from current levels.
Central banks are likely to drive demand as they diversify reserves in the midst of geopolitical uncertainties.
Key drivers of the expected increase include central banks’ diversification away from the U.S. dollar following sanctions on Russia, anticipated interest rate cuts by the U.S. Federal Reserve, and rising concerns about U.S. government debt under President-elect Donald Trump.
As per Benzinga Pro, gold ETFs have increased in the past year as of Tuesday, 31st Dec. SPDR Gold Shares GLD was up by 26.85%, iShares Gold Trust IAU rose by 26.85%, and abrdn Physical Gold Shares ETF SGOL was up by 26.90%.
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