- Rolex has hiked prices for some of its most popular pieces.
- This comes after the price of gold surged in 2024.
- As of Thursday, the price stood at about $2,700 per ounce.
Rolex, one of the world’s most premium watch brands, just got even more expensive.
The Swiss watchmaker hiked up the prices of certain models made of gold by as much as 8% on January 1, Bloomberg reported, citing watch prices from Rolex’s French website.
This comes as the price of gold surged in the past year, with a nearly 30% increase since the start of 2024. As of Thursday, the price stood at about $2,700 per ounce.
Models that saw price hikes included the yellow gold Day-Date watch with a 40-millimeter black dial, which increased from €41,000, or about $42,090, to €44,200, or about $45,370 on Wednesday, Bloomberg reported, citing Rolex’s listed prices.
The outlet wrote that the price of another model, the yellow gold GMT-Master II, increased from €41,300, about $42,400, to €44,600, or about $45,800.
The brand has historically raised prices on January 1 of each year, but this year’s hikes are higher than last year’s, per Bloomberg.
Rolexes start at around $6,900 for entry-level models like the Oyster Perpetual and can cost millions on the upper end.
Why the price of gold surged in 2024
The gold surge in 2024 was due to factors including rising demand from central banks like in Turkey, India, and China. The World Gold Council said that central banks had bought a record 483 tons of the metal in the first half of 2024.
Rising geopolitical tensions amid the Russia-Ukraine war and the Middle East conflict have also increased the demand for gold, which is seen as a stable asset.
Analysts expect the price to keep rising into 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.
