If you’ve been looking to add a gold Rolex to your collection, there’s some bad news. Rolex has yet again increased the prices of its watches crafted out of precious metal, making it the worst time in history to buy a gold timepiece from the iconic Swiss watch brand. Rolex rolled out the new prices on June 1, making it their second price hike of the year. Typically, Rolex revises the prices for its watches once a year, in January. While the prices in the US were left unchanged at the beginning of 2024, the Geneva-based company increased prices in the UK by about 4% for some models, including several steel watches. But the skyrocketing gold prices are to be blamed for the latest price hike.
Driven by various economic and geopolitical factors, gold prices have experienced a significant upward trend since January 2024. Gold prices were under $1,900 per ounce at the beginning of the year, which reached an all-time high of $2,450 an ounce in May, buoyed by the possibility of the US Federal Reserve cutting interest rates. This marks a substantial increase of over 28%. The value of the Swiss franc has also plummeted against major currencies over the last five months, which has mostly helped buyers in Europe and the US. But the Rolex patrons in the UK have not been that lucky.
According to a report by WatchPro, Rolex gold watch prices are up around 4% since the last price hike in January. The price of 40mm Rolex Yacht Master in rose Gold has increased by £1,000 (~$1270) to £26,500 (~$33,700), while the 40mm Day-Date in white gold is now £1,400 (~$1780) more expensive than in January. The retail cost of the Rolex Daytona chronograph in white gold has also risen by 4% to £38,700 (~$49,312), according to the new price list. The prices of the Rolex Air-King, DateJust, Submariner, GMT Master II, or Daytona in Oystersteel have thankfully remained unchanged. But there’s a silver lining; gold Rolex watches are nowhere as popular and sought after as the steel models. That means it’ll be easier to find a pre-owned gold Rolex without a premium once the demand cools down.
