Joy Alukkas, the owner of Joyallukas, the world's largest family-owned jewelry company, has stated that the ongoing war in the Middle East will lead to further spikes in gold prices. He emphasizes that the world is surrounded by geopolitical and economic risks, and in the coming years, gold prices are expected to continue rising. Alukkas cites recent events, such as the US assault on Iran and sudden drone attacks in Dubai targeting the city's airport and the famous Burj Al Arab hotel, as examples of the risks impacting gold valuations.

During this turbulent time, Alukkas was present in Dubai when Iran launched attacks. In a Bloomberg interview, he remarked that during times of global tension, there is a natural tendency for people to gravitate towards gold as a safe haven, which can result in price increases for a short duration. He predicts that for the next two to three years, without genuine peace returning to the world, particularly concerning the American economy and global geopolitics, he does not foresee any significant decrease in gold prices. Instead, fluctuations will likely continue amid ongoing global tensions.

As economic uncertainty persists, investors are expected to turn to gold even more as a hedge against instability, further underscoring its role as a safe asset in times of crisis. Alukkas' insights reflect broader market sentiments where gold remains a coveted asset amidst the backdrop of conflict and potential economic turbulence. His predictions may also influence investor behavior and market dynamics in the jewelry and commodities sectors in the near future.