Indian billionaire Joy Alukkas, owner of 16,000 kg of gold, predicts gold prices will rise amid ongoing Middle East tensions. Speaking from Dubai during recent drone attacks, he emphasized that geopolitical risks drive investors towards safe-haven assets.
Billionaire Joy Alukkas Predicts Gold Surge Amid Middle East Tensions
New Delhi: Indian industrialist Joy Alukkas, owner of the world's largest family-owned jewelry company, Joy Alukkas, has stated that the ongoing war in the Middle East is likely to further boost gold prices. He believes that gold prices will continue to rise in the coming years amid geopolitical and economic instability.
Alukkas cited the US attack on Iran and the retaliatory drone strikes in Dubai as examples of risk. These attacks targeted Dubai Airport and the Burj Al Arab Hotel. Joy Alukkas explained that when global tensions rise, investors naturally turn to gold for safety.
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Joy Alukkas believes that a significant decline in gold prices is unlikely in the next 2–3 years, until global peace and economic recovery are achieved. While there may be occasional minor fluctuations, overall gold prices will continue to rise. Consequently, gold stock prices are also likely to rise.
Joy Alukkas Group holds approximately 16,000 kg of gold in India, the UAE, and the US. He stated that holding stocks for a long period reduces the impact of price fluctuations, but the cost of purchasing new stock increases. His net worth is currently estimated at $5.8 billion.
Following the recent turmoil in the Middle East, investors have repeatedly demanded gold. Additionally, a new trend of purchasing 10-gram and 50-gram silver bars has also emerged among consumers. Rising gold prices are making lightweight jewelry more popular.
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Joy Alukkas began helping his father with his small business at the age of 16. He opened his first showroom in the UAE in the 1980s, and now the company has expanded globally with 178 showrooms in 12 countries. There are also plans to open new stores in the US, New Zealand, and Canada.
Alukkas believes that gold will move in the same direction in the long run. Recent events may cause short-term fluctuations, but gold remains a safe and profitable long-term investment.
