Dubai Gold Price Creates History As Key Level Is Broken
Gold prices are on fire – for a second consecutive day, with the Dubai Gold Rate for a gram of 22K up by Dh14 in just over a day. A gram costs Dh372.5 right now.
Nothing like this has ever been seen before, with the price of a gram of 24K clearing Dh400 for the first time. A level that market sources at the start of the year said would take at least until September/October to happen.
These days, gold is creating and resetting records by setting its own rules. The numbers tell the story – 'The price difference between the lowest Dubai gold price in the year to date and today's price is a near Dh150 a gram,' said Abdul Salam K.P., Vice-Chairman of Malabar Gold & Diamonds.
This year's lowest local rate was the Dh223.25 a gram for 22K on February 14.
In Saudi Arabia, the 22K and 24K gram prices are SR378 and SR409, respectively.
In the global commodities market, bullion continues on its merry way, at one point earlier today shooting past $3,350 an ounce mark. Right now, it's at $3,337 – but the key point here is that it's still a good $115 up from 24 hours ago.
'Yesterday, when the gold stores were opening, we were wondering whether gold would be closing the day at $3,280,' said a jeweller. 'Who would have thought we could well be looking at reaching $3,380 within the next few days. Even today!'
Global central banks and institutional investors keep buying gold amidst all the uncertainty in markets over US reciprocal tariffs – whether there will be a solution after the 90-day pass offered by President Trump to all nations except China.
These days, bullion traders in Dubai are not even bothering to give price forecasts or when it could stabilize. Because it could change within an hour.
It's been that kind of 48 hours…
The only thing shoppers can wait for is for profit booking to take place when gold hits a certain point. But when will that point be reached?
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Insider
16 hours ago
- Gulf Insider
NATO Chief Urges 400% Rise in Europe's Air Defense
NATO Secretary General Mark Rutte on Monday urged the European allies to make a 'quantum leap' in military spending to deter Russia, which affirms Trump's own longtime message, as the NATO chief called for a whopping 400% increase in the Continent's air and missile defense budget. 'The fact is, we need a quantum leap in our collective defense,' Rutte said before an audience of the London-based think tank Chatham House. 'The fact is, we must have more forces and capabilities to implement our defense plans in full. The fact is, danger will not disappear even when the war in Ukraine ends.' The comments came days after he stated provocatively that Europe must invest heavily in defense now, or learn Russian later. 'If we don't act now, the next three years, we are fine, but we have to start now, because otherwise, from three, four or five years from now, we are really under threat,' he had said. 'I really mean this. Then you have to get your Russian language course out, or go to New Zealand.' NBC reviews that all of this is happening just ahead of a key NATO meeting later in June: Trump's call for NATO allies to up their minimum defense spending from 2% to 5% of GDP was once seen as outlandish; but last month Rutte too backed this idea and said he expected it to be adopted at NATO's June 24-25 summit. On Monday he made a similarly ambitious call. He asked for a '400% increase in air and missile defense' and added that 'militaries also need thousands more armored vehicles and tanks, millions more artillery shells, and we must double our enabling capabilities, such as logistics, supply, transportation, and medical support.' Canada is already seeking to demonstrate to Washington and NATO that it is taking significant strides to meet the challenge: Canada, under pressure to spend more on its military, vowed on Monday to boost funding for the armed forces and hit NATO's 2% military spending target this fiscal year, five years earlier than promised. Prime Minister Mark Carney also said Canada was likely in future to devote a greater percentage of GDP on defense, given the need to replace outdated equipment and reduce its heavy reliance on Washington. Canada just committed $60 billion in defense spending to meet NATO's 2% of GDP based on an estimated $3 trillion GDP for jets, vehicles, drones, and Arctic surveillance are coming — but how will we afford it with rising debt and a slowing economy? — Marc Nixon (@MarcNixon24) June 9, 2025 NATO defense ministers are further expected to soon formalize the following increase in spending policies: They've agreed that 3.5% of GDP would be used for 'core defence spending' – such as heavy weapons, tanks, air defence. 1.5% of GDP per year will be spent on defense- and security-related areas such as infrastructure, surveillance, and cyber . However, the full list of flexibility has not yet been negotiated. 'These targets describe exactly what capabilities Allies need to invest in over the coming years,' Rutte told journalists. Washington could step back from Ukraine support… If #NATO allies fail to meet the defense spending target, the #US could scale back support for #Ukraine, says @TalaMichelIssa, Chief Business Reporter. #WNewsExtra — Al Arabiya English (@AlArabiya_Eng) June 9, 2025 Click here to read more Also read: Lavrov Praises Trump for Saying NATO Led To Ukraine Invasion
Daily Tribune
a day ago
- Daily Tribune
Trade talks in London hang over markets
US-China trade talks in London held markets' attention on Monday, with Asian stocks rising, Wall Street mixed and Europe dipping. The London negotiations, following on from a first round in Geneva last month, aim to quell renewed tariff tensions between Washington and Beijing. New York's blue-chip Dow index was lower, while the broader S&P 500 was flat and the techheavy Nasdaq rose modestly in late morning trading. Asian shares closed up on hopes of a deal, and catching up with Wall Street from Friday, when US jobs data suggested the American economy was doing well, for now. The dollar, however, dipped amid persistent fears of higher US inflation in the pipeline from Trump's generalised tariffs weighing on it. London, Paris and Frankfurt indices all closed lower. While the US economy has been showing resilience, official data on Monday showed China's exports to the United States last month grew at a slower pace than expected, even as they picked up to the EU and Asia. The US-China talks took place following a call between US President Donald Trump and Chinese President Xi Jinping last Thursday. They sought a de-escalation after each had accused the other of violating terms of a tariffs reprieve struck in Geneva in mid-May. 'Some kind of accord would be welcome, but they might even be happy if the two sides merely agree to keep talking,' said Chris Beauchamp, chief market analyst at online trading platform IG. 'To jaw jaw is better than to (trade) war war, it seems,' he said a note to clients. The US side in London on Monday was being led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer, while Vice Premier He Lifeng headed the Chinese team. Their meeting was helped by news that Beijing on Saturday approved some applications for rare-earth exports, while US aviation giant Boeing is to start sending commercial jets to China for the first time since April. Easing China's export controls on rare-earths was key for Washington, 'while China wants the US to rethink immigration curbs on students, restrictions on access to advanced technology including microchips, and to make it easier for Chinese tech providers to access US consumers,' said Kathleen Brooks, research director at XTB. 'The outcome of these discussions will be crucial for market sentiment,' she said. The dollar's weakness came as economists warned that Trump's tariffs on most of the world could reignite inflation, and as the US Federal Reserve weighs whether to lower interest rates. In corporate news, entertainment giant Warner Bros. Discovery announced plans to split into two publicly traded companies, sending its share price higher by more than 7%. One would be a Streaming and Studios company covering film and TV production and catalogues, and the other a Global Network company with television brands including CNN and Discovery, and free-to-air channels in Europe. US semiconductor maker Qualcomm also announced it was buying a UK firm, Alphawave, for $2.4 billion as demand for database infrastructure heated up from demand in the AI sector. Alphawave shares in London jumped almost 19%. Qualcomm's shares rose 3.6% in New York.
Daily Tribune
2 days ago
- Daily Tribune
US, China begin key trade talks in London
China and the United States began a new round of trade talks in London yesterday, Beijing's state media reported, as the world's two biggest economies seek to shore up a shaky truce after bruising tit-for-tat tariffs. The two sides are meeting in the historic Lancaster House, run by the UK Foreign Office, following a first round of talks in Geneva last month. Chinese Vice Premier He Lifeng was again heading the team in London. Chinese state news agency Xinhua reported the start of the talks. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer are leading the US delegation, President Donald Trump said Friday. 'The meeting should go very well,' Trump said on his Truth Social platform. His press secretary, Karoline Leavitt, told Fox News on Sunday: 'We want China and the United States to continue moving forward with the agreement that was struck in Geneva.' While the UK government reiterated that it was not involved in the discussions, a spokesperson said: 'We are a nation that champions free trade.' UK authorities 'have always been clear that a trade war is in nobody's interests, so we welcome these talks', the spokesperson added. Rare earths The talks in London come just a few days after Trump and Chinese President Xi Jinping finally held their first publicly announced telephone talks since the Republican returned to the White House. Trump said Thursday's call reached a 'very positive conclusion'. Xi was quoted by Xinhua as saying 'correcting the course of the big ship of Sino-US relations requires us to steer well and set the direction'. Tensions between the two nations have soared, with Trump accusing Beijing of violating a tariff de-escalation deal reached in Geneva in mid-May. 'We need China to comply with their side of the deal. And so that's what the trade team will be discussing tomorrow,' Leavitt said Sunday. A key issue will be Beijing's shipments of rare earths -- crucial to a range of goods including electric vehicle batteries and which have been a bone of contention for some time. 'Rare earth shipments from China to the US have slowed since President Trump's 'Liberation Day' tariffs in April,' said Kathleen Brooks, research director at trading group XTB. 'The US wants these shipments to be reinstated, while China wants the US to rethink immigration curbs on students, restrictions on access to advanced technology including microchips, and to make it easier for Chinese tech providers to access US consumers,' she added. In April, Trump introduced sweeping worldwide tariffs that targeted China most heavily. At one point, Washington hit Beijing with additional levies of 145 percent on its goods, triggering a tit-for-tat escalation as China's countermeasures on US goods reached 125 percent. In Switzerland, after two days of talks, the two sides agreed to slash their staggeringly high tariffs for 90 days. But differences have persisted, including over China's restrictions on exporting rare earth minerals. The impact was reflected in the latest official export data released Monday in Beijing. Exports to the United States fell 12.7 percent in May from the previous month, with China shipping $28.8 billion worth of goods. This was down from $33 billion in April, according to Beijing's General Administration of Customs. 'Green channel' Throughout its talks with Washington, China has also launched discussions with other trading partners -- including Japan and South Korea -- to try to build a united front to counter Trump's tariffs. On Thursday, Beijing and Canada agreed to regularise their channels of communication after strained ties. Canadian Prime Minister Mark Carney and Chinese Premier Li Qiang also discussed trade and the fentanyl crisis, Ottawa said. Beijing has also proposed establishing a 'green channel' to ease exports of rare earths to the European Union, and fast-tracking approval of some export licenses. China is expected to host a summit with the EU in July, marking 50 years since Beijing and Brussels established diplomatic ties.
