- Rolex has increased prices on some of its most popular pieces.
- This comes after the gold price soared in 2024.
- On Thursday the price stood at about $2,700 an ounce.
Rolex, one of the world’s most premium watch brandshas only become more expensive.
The Swiss watchmaker increased the prices of certain models made of gold by as much as 8% on January 1, Bloomberg reportedciting watch prices from Rolex’s French website.
This is because the price of gold has soared over the past year, up nearly 30% since the start of 2024. On Thursday, the price stood at around $2,700 per ounce.
Models that saw price increases included the yellow gold Day-Date watch with a 40-millimeter black dial, which rose on Wednesday from €41,000, or about $42,090, to €44,200, or about $45,370, Bloomberg reported, citing Rolex stock prices.
The outlet wrote that the price of another model, the yellow gold GMT-Master II, rose from €41,300, about $42,400, to €44,600, or about $45,800.
The brand has historically raised prices on January 1 each year, but this year’s increases are higher than last year’s, according to Bloomberg.
Rolexes start at around $6,900 for entry-level models like the Oyster Perpetual and can cost millions at the high end.
Why the price of gold soared in 2024
The gold boom in 2024 was the result of factors including rising demand from central banks such as in Turkey, India and China. The World Gold Council said central banks had bought a record 483 tonnes of the metal in the first half of 2024.
Rising geopolitical tensions amid the War between Russia and Ukraine and the Conflict in the Middle East have also increased the demand for gold, which is seen as a stable property.
Analysts expect the price to continue rising in the new year. Goldman Sachs expected it to reach $3,000 per ounce by the end of 2025.
Rolex representatives did not respond to a request for comment from Business Insider sent outside regular business hours.
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