(MENAFN- Khaleej Times)

When Aseem D arrived in Dubai in 1997, his first salary went into something that would stay with him for life - a 5 gram gold coin. He paid around Dh170 for it - about Dh35 per gram back then. Today, with prices crossing Dh496 per gram, that same coin would be worth more than 14 times what he paid nearly three decades ago.

Saving since 1997

Aseem, a resident of Deira and a jewel stone trader, said buying gold became a habit soon after he arrived in Dubai.

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“Because I worked in the jewellery business, I saw price movements every day,” he said.“Whenever the price dropped a little, I used to buy, and when it went up, I sold after a month or two to make a small profit.”

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He has been doing that for the last 28 years, adding that gold was not only an investment but also part of his work routine.“I still have that first 5-gram coin I bought in 1997. It reminds me how affordable gold once was,” he said.

'Father's advice'

For businessman Soumesh Venky Reddy, gold investment started as family advice.“My father always told me, never keep extra money idle, buy gold instead,” said Reddy, who has lived in Dubai since 2000.

While it became Reddy's habit to invest in gold for the last 25 years, he said that it was his family's tradition.

He began setting aside a portion of his income to buy gold regularly. Back in 2000, gold in the UAE was priced around Dh40 to Dh45 per gram. He returned to his hometown in 2009 to start a business back home and by 2013 he came back to Dubai. After spending four years in his hometown, the price had climbed to about Dh161 per gram in October 2013. After returning, Reddy restarted his landscaping business and continued investing in gold whenever possible.

“Even when I was away from Dubai between 2009 and 2013, I continued investing through my family. I saw the price rise steadily over the years,” he said.

Starting a jewellery business

Rajesh Patel , who hails from Gujarat, came to Dubai in 2011 to work in a gold retail outlet. He still remembers the first piece of gold coin he bought, 10 grams of 22K for just under Dh1800.

“I used to save a little every month and buy 5 or 10 grams whenever I could. Sometimes, I would sell part of it when prices went up and buy again when they dipped,” said Patel, who now runs a small jewellery shop in Deira Gold Souk.

Patel said he learned early that gold is not just a precious metal but a long-term savings plan.“Whatever happens to the market, gold always holds its value. What I bought for Dh180 per gram is now worth over Dh490. That proof is enough to show that investing in the yellow metal is the right choice,” he added.

From Dh35 to Dh496

According to historical data, gold was priced between Dh30 and Dh40 per gram in the late 1990s. By 2010, it had climbed to Dh160 to Dh170, and today, the rate hovers above Dh490 per gram in Dubai.

For long-time investors, these numbers show the decades of constant growth.“Back then, gold was something we could afford. Today, I look at the price and smile. I am glad I started early,” Aseem said.

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