Rolex watches, which aren’t known for their affordability, are getting even more expensive this year with the soaring price of gold to blame.

Rolex SA, the biggest luxury Swiss watch brand, raised prices on some of its most popular models after gold values surged in 2024.

Rolex implemented its annual price hike on Jan. 1, which saw the tag on some white, yellow, and Everose gold watches in its collection rise more than 8%. The change comes after a record-breaking year for gold, which peaked at a high of $2,790 per ounce.

Rolex has hiked prices by up to 15% in a new year adjustment driven by rising costs, particularly for gold. For Swiss manufacturers, the price of gold rose by 33% in 2024 from around CHF 1,750 per ounce at the start of the year to CHF 2,

Another popular Rolex reference, the Daytona, went from $15,100 USD in 2024 to $15,500 USD for its steel and Oyster bracelet option — a noticeable increase of $400 USD (around 2.6%). A similar change is also reflected in the UK market, with the same reference now retailing at £13,600 GBP, which is 3% more than its £13,200 GBP price tag in 2024.

In a move reflecting the surging value of gold, Rolex SA, the titan of Swiss luxury watchmaking, has initiated a significant price increase on some of its most sought-after timepieces. This adjustment,