With Gaza’s banking system severely disrupted and cash increasingly scarce, Palestinians are turning to gold as a store of value amid deepening economic uncertainty.
The prolonged blockade has restricted the movement of cash into and out of Gaza, while inflation, unemployment and depleted savings continue to put pressure on households.
Local jewellers say demand for gold has surged as residents look for alternatives to holding cash.
“Gold provides a way to secure and preserve my money,” Gaza City resident Rama Hussein said, explaining that disrupted banking services make cash difficult to rely on.
Gold increasingly scarce in Gaza
The supply of gold has also been affected by the blockade.
Before the war, Gaza received gold through established channels from the West Bank, Egypt and Dubai. According to Abu Alaa Haboub, head of the gold traders syndicate, those supply routes have effectively been cut off.
Jeweller Mohammed Al-Ashqar said gold prices in Gaza have shifted dramatically. At the beginning of the war, gold traded below international prices, but rising demand and limited supply have since pushed local prices higher.
Families face difficult choices
For many Palestinians, gold is not simply an investment. Some families are being forced to sell jewellery to pay for essential goods as savings disappear and access to cash remains limited.
The economic crisis has been compounded by soaring inflation and unemployment. According to the World Bank, Gaza recorded 230% inflation in 2024, while around 80% of the population was unemployed by the end of that year.
As access to traditional financial services remains severely restricted, gold has taken on a new role — serving as a portable and widely recognised form of wealth for Palestinians navigating an economy under extraordinary pressure.
Main Image: Reuters
