Dubai, UAE – Gold prices experienced a mixed session on Friday, March 6, 2026, as the precious metal navigated shifting market dynamics. Whereas gold initially saw gains amid renewed safe-haven demand, it ultimately closed lower as the U.S. Session progressed, while oil prices rose.
The fluctuations come as prominent industry figure Joey Alukkas, a billionaire jeweler, predicts continued upward momentum for gold in the coming years. Alukkas, who founded one of the world’s largest family-owned jewelry businesses, believes gold will maintain its position as a primary safe haven asset during times of global uncertainty. His company traces its roots back approximately 70 years, when his father, Alukka Joseph Verghese, opened a small shop in Kerala, India, with Alukkas joining the business at age 16.
According to reports, Alukkas, whose net worth is estimated at $5.8 billion according to the Bloomberg Billionaires Index, stated that the recent price increases are not merely temporary. He anticipates further gains, reinforcing the metal’s appeal as a store of value in an increasingly volatile global landscape. Al Yaum reported on his outlook.
The price movements also reflect a resurgence in demand for safe-haven assets, as highlighted by Khaleej Times. This renewed interest comes amidst ongoing geopolitical tensions, which often drive investors towards perceived safe-haven assets.
Meanwhile, Investing.com reported that Alukkas anticipates the upward trend in gold prices will continue in the years ahead. The market is also closely watching the performance of the dollar, with a strengthening dollar putting downward pressure on gold prices, as noted by FXStreet.
The gold market’s performance will likely remain sensitive to macroeconomic factors, geopolitical developments, and currency fluctuations in the near term. The continued interest from prominent investors like Alukkas suggests a sustained belief in gold’s long-term value as a hedge against economic uncertainty.
