Dubai 24-carat gold price today exceeds AED414, global rates approach two-month high on Middle East tensions
Gold prices climbed on Monday, approaching a two-month high as investors flocked to safe-haven assets amid heightened tensions in the Middle East, raising fears of a wider regional conflict.
In Dubai,
gold rates
surged, with 24-carat gold increasing by over AED2.00 to AED414.15, and 22-carat gold rising to AED383.45. Additionally, 21-carat gold reached AED366.01, while 18-carat gold edged up to AED313.72.
Spot gold rose by 0.4 percent to $3,447.07 an ounce (currently trading above $3,430), having hit its highest level since April 22 earlier in the day. U.S. gold futures also increased by 0.4 percent to $3,467.20 (currently trading above $3,450).
The U.S. Federal Reserve
is set to hold its policy meeting on June 17-18, with an announcement expected on Wednesday. While the central bank is largely expected to maintain interest rates, markets are looking for indications of possible rate cuts in the near future. The Fed has kept its benchmark federal funds rate at 4.25-4.50 percent since December, following a quarter-point reduction. Futures markets indicate expectations for two rate cuts by the end of the year, potentially starting in September, supported by last week's subdued inflation data.
Read more: Dubai gold prices rise AED3.75, global rates hit near 2-month high on Middle East tensions
Consumer sentiment
Gold, typically viewed as a safe-haven asset during periods of geopolitical and economic uncertainty, tends to perform well in low-interest-rate environments. Meanwhile, U.S. consumer sentiment improved for the first time in six months in June as trade tensions between the U.S. and China eased, although households remain concerned about the economy's direction. In other metals, spot silver decreased by 0.2 percent to $36.23 per ounce, platinum rose by 0.6 percent to $1,234.47, and palladium gained 0.9 percent to $1,036.58.
Recent data and events include China Urban Investment (YTD) year-on-year for May, China Retail Sales year-on-year for May, China CPI month-on-month non-seasonally adjusted for May, India WPI Inflation year-on-year for May, and EU Reserve Assets total for May.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
34 minutes ago
- Zawya
Oman's Asyad opens technical bids for drydock expansion consultancy
Oman's integrated logistics group Asyad has opened technical bids for its consultancy tender covering engineering, feasibility studies, and tendering support for the proposed expansion of its drydock. Technical proposals were submitted by AZD Engineering Consultancy and Engineering Systems Group, following the bid submission deadline on 3 June and technical opening on 4 June 2025. The scope of work includes yard expansion layout, evaluation of berth arrangement and dock options in terms of economic feasibility, revenue generation, environmental impact and operational efficiency. The tender documents were available for purchase from 6 May to 28 May 2025. A total of 18 local and international companies purchased the documents. Local participants included: Haskoning International Engineering Consultancy, Design Group Engineering Consultants, WSP International, AZD Engineering Consultancy, Moore Stephens, Dar Al Handasah, Meridian Engineering Consultancy, Maha Consulting Engineering, Modon Engineering Consultancy, Worley Oman Engineering, Almanarah Engineering Consultancy, Nicholson Jones Partnership, F M Middle East Engineering Consultancy, Egolesi Business Solutions, and Alghazi Engineering Consultancy. International bidders included Engineering Systems Group, Lloyd Engineering, and RINA Consulting. Asyad Drydock (formerly Oman Drydock Company - a subsidiary of Asyad Group) is located at the Port of Duqm, and features a 2,800-metre quay, a water depth of 9-10 metres, 14 sets of jib cranes and two graving docks with vessel handling capacity of up to 600,000 DWT, according to ASYAD's website. (Reporting by Deva Palanisamy; Editing by Anoop Menon) (
Zawya
34 minutes ago
- Zawya
Nakheel awards over $204.2mln in contracts for Palm Jebel Ali infrastructure works
Nakheel, part of Dubai Holding Real Estate, has awarded three major contracts, collectively valued at over AED750 million, for infrastructure works on Palm Jebel Ali, which are scheduled for completion in Q4 2026. The contracts, awarded to DBB Contracting LLC, mark a significant milestone in the ongoing development of the landmark waterfront destination in Dubai. DBB Contracting LLC has an established track-record of working on Palm Jebel Ali, having previously been contracted to undertake other infrastructure projects on the island, including provision for public access and road construction. Setting a global benchmark in waterfront living, Palm Jebel Ali is one of Nakheel's most visionary projects, offering an exceptional breadth of lifestyle amenities that will significantly contribute to Dubai's future growth over the next few decades. Revealed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Palm Jebel Ali supports the Dubai Economic Agenda D33 and marks the beginning of a new growth corridor in the Jebel Ali area, underlining the expansion of the emirate. Khalid Al Malik, Chief Executive Officer of Dubai Holding Real Estate, said: 'Palm Jebel Ali exemplifies Dubai's ambition to redefine global waterfront living through an innovative luxury lifestyle mega project. The iconic development is set to transform the city's urban landscape in alignment with the leadership's vision to create a world-class destination that will attract residents, tourists and investors. We are pleased to extend our association with DBB Contracting LLC, a partner whose proven expertise and unwavering dedication to quality will help ensure the successful delivery of this important project." Eugene Terreblanche, General Manager, DBB Contracting LCC, added: 'DBB Contracting LCC is proud to be part of this landmark project and is excited to collaborate with Nakheel in shaping the future of Dubai. With our expertise and commitment to excellence, we look forward to bringing this visionary development to life.' The comprehensive infrastructure scope encompasses Fronds A to G, including utility connections, all associated ground works for excavation and backfilling as well as road and pavement construction. It also entails all related utility works for 11kV power distribution and telecoms. The Spine District's infrastructure works include utility mains, connection to all utility links on the fronds and all major and secondary road construction. The scope also consists of rough grading for the DEWA power transmission line serving Palm Jebel Ali, including associated works. Spanning 13.4 kilometres, Palm Jebel Ali's seven islands feature 16 fronds and over 90 kilometres of beachfront, directly supporting the Dubai 2040 Urban Master Plan's commitment to expand public beach access. The development is set to establish a new standard for waterfront living with several mixed-use pedestrian-friendly neighbourhoods offering panoramic views of the Arabian Gulf. Residents and visitors will enjoy diverse recreational spaces, the latest smart city technologies and sustainable practices, complemented by seamless mobility solutions that enhance connectivity for residents, visitors and the surrounding community.
Gulf Business
an hour ago
- Gulf Business
Islamic New Year 2025: UAE declares June 27 a private sector holiday
The UAE has officially declared Friday, June 27, 2025, as a paid public holiday for the Islamic New Year — giving residents across the country a welcome long weekend. The Ministry of Human Resources and Emiratisation announced on Monday that the private sector would observe the day off, following an earlier confirmation from the Federal Authority for Government Human Resources for public sector employees. The holiday marks the beginning of the Islamic year 1447 AH and commemorates the Hijrah — the Prophet Muhammad's (PBUH) migration from Mecca to Medina in 622 CE — a defining moment that signifies the start of the Islamic lunar calendar. Though the Islamic New Year, or Ra's As-Sanah Al-Hijriyah , is not traditionally celebrated with the same prominence as Eid Al Fitr or Eid Al Adha, it remains a significant spiritual occasion and is recognised as an official public holiday in the UAE. With the day falling on a Friday, many in the country will enjoy an extended weekend. Looking ahead, the next expected public holiday will be Mawlid Al Nabawi , the birthday of the Prophet Muhammad (PBUH), likely to fall on Thursday, 4 September 2025 — subject to official moon-sighting confirmation. The UAE's final public holidays for the year will be Commemoration Day and National Day, observed on 2 and 3 December respectively.
