Dubai: Gold prices recover ahead of Eid Al Adha holidays
Gold prices recovered in Dubai on Monday morning, rising Dh3 per gram ahead of the Eid holidays.
The 24K variant of the precious metal rose to Dh399.25 per gram on Monday, up from Dh396.25 per gram at the close of the market over the weekend. Among the other variants, 22K, 21K and 18K opened higher at Dh369.75, Dh354.5 and Dh303.75 per gram, respectively.
In the UAE, employees in the public and private sectors will have four-day holidays from Thursday to Friday. Gold jewellery sales pick up during some of the major festivals such as Eid Al Adha.
Spot gold was trading at $3,318.14 per ounce, up 0.84 per cent, as an escalation in the Russian war in Ukraine and US President Donald Trump's fresh threat to double tariffs on imported steel and aluminium prompted investors to seek refuge in safe-haven bullion.
The US president threatened on Friday that he plans to raise tariffs on imported steel and aluminium to 50 per cent from 25 per cent, prompting the European Commission to warn that Europe is prepared to retaliate.
Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, said trade tensions are heating up again.
'Not only does Donald Trump seem unfazed by growing questions around the legitimacy of his tariffs, but he also accused China of violating the trade truce they signed in Geneva earlier this month. The US spent the week cancelling Chinese student visas and imposing fresh restrictions on chip designers doing business in China. China responded, accusing the US of imposing 'discriminatory restrictions,' he said.
'Cherry on top, the US announced an increase in tariffs on steel and aluminium imports to 50 per cent, from the 25 per cent previously in place — perhaps to help facilitate the recent deal between the US and Nippon Steel,' he added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Middle East Eye
38 minutes ago
- Middle East Eye
Trump fires slew of pro-Israel officials in America First 'course correction'
US President Donald Trump's course correction of his foreign policy team is shifting into overdrive with Iran hawks and staunchly pro-Israel officials axed, including one who drew the ire of "America First" Trump allies. The officials being dismissed are all those with previous track records opposing what are shaping up to be Trump's most significant Middle East endeavours: swiftly lifting sanctions on Syria and negotiating a nuclear deal with Iran. The reshuffle comes after Trump's landmark visit to Saudi Arabia, the UAE and Qatar last month. In a speech in Riyadh, Trump tore into "interventionists" and the American "nation builders". Underscoring just how rapid the turnaround has been, the Middle East advisor at the White House National Security Council (NSC) who was photographed taking notes while Trump spoke to the leaders of Syria and Saudi Arabia in May was one of the officials fired. Eric Trager was notified late last month that he would be removed from his position, one former US official and one source with knowledge of the matter confirmed to Middle East Eye. His firing has been reported by several Israeli news sites. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters The latter source said Trager was still working on the NSC for now. Trager is an Iran hawk. He also wrote a book criticising the Muslim Brotherhood and Qatar. Unlike previous Middle East directors at the NSC, his influence in the White House was limited. US President Donald Trump meeting Saudi Crown Prince Mohammed bin Salman in Riyadh. Eric Trager is behind the president on the right, on 14 May 2025 (Bandar al-Jaloud/Saudi Royal Palace/AFP) He was dismissed as part of a wider Trump shakeup at the NSC, which The New York Times reported will see the organisation's headcount cut in half. Another notable firing was Merav Ceren, the NSC director for Israel and Iran, in late May. Ceren's biography at the Foundation for Defense of Democracies think tank states that she worked at the Israeli Ministry of Defence, where she participated in negotiations in the occupied West Bank between Israel's Coordinator for Government Activities in the Territories, known as Cogat, and Palestinian Authority officials. Her appointment, first reported by Drop Site News in April, created a firestorm among America First media personalities. 'Neo-con Mike Waltz has now hired basically a dual citizen and former IDF official to work under him,' Conservative podcaster Clayton Morris, a former Fox News anchor, said in April, referring to Ceren. Some of Trump's most vocal defenders in the media, who exercise unprecedented influence in communicating his worldview, are media figures like Tucker Carlson and former advisor Steve Bannon. Morris is a friend of Carlson. Broad sweep The latest firings come after Trump brushed away his former national security advisor, Mike Waltz, by nominating him to be ambassador to the United Nations. Waltz was reportedly sidelined for consulting with Israeli Prime Minister Benjamin Netanyahu on preemptively attacking Iran. 'Tensions between Trump and Netanyahu over Iran are real' - Marwa Maziad, Israel expert Trump's administration was divided between traditional Republican hawks and 'America First' isolationists like White House chief of staff Susie Wiles and director of national intelligence Tulsi Gabbard. The latest firing underscores the "America First" bent of Trump's foreign policy team. The NSC isn't the only place Trump is cleaning house. On Sunday, Israel's Channel 14 reported that Morgan Ortagus, the deputy to US envoy Steve Witkoff and the official overseeing the Trump administration's Lebanon portfolio, will be leaving her position. One source briefed on her departure told MEE that Ortagus had irritated Witkoff, her de facto boss. Trump looking for 'Iran doves' Overall, Trump's sweeping dismissals reflect how he is upending the traditional ways Republican presidents approached the Middle East. It's unclear how much Trump himself cared about these specific positions or the officials who filled them. He has been relying on close friends like Witkoff to negotiate with Iran and, more recently, the US ambassador to Turkey, Tom Barrack, to manage Syria. Some speculate that the shakeup is a natural outcome of US Secretary of State Marco Rubio taking over as temporary national security advisor after Waltz's departure. Both Trager and Ceren were part of Waltz's team. But the axed officials are all united by a common thread. They are traditional hawks who have supported Israel's offensives in Syria, Lebanon and Yemen. All of the officials were critics of compromising with Iran to reach a nuclear deal. Trump announces pro-Israel commentator to Mideast post then ridicules her Read More » 'Trump's foreign policy team is undergoing a course correction in keeping with his own pivot,'Marwa Maziad, a professor of Israeli politics at the University of Maryland, told MEE. 'In March, Trump allowed [Israeli Prime Minister Benjamin] Netanyahu to relaunch his offensive on Gaza. Trump was not in the driver's seat,' Maziad said. The pivotal change for his administration came in mid-May when he visited the Gulf, bypassing Israel to seal economic deals with oil-rich monarchs. Trump struck a unilateral ceasefire with the Houthis even as they continue to attack Israel, and made a historic announcement to lift all sanctions on Syria. But the main theatre of diplomacy is the Iranian nuclear deal. 'Whether the staff reshuffling is related to these officials' views on Israel or not is besides the point. The tensions between Trump and Netanyahu over a potential strike on Iran are real. Trump is trying to take the wheel back from Netanyahu,' Maziad said. On Monday, Axios reported that the Trump administration provided a proposal to Iran for a nuclear deal that allows them to enrich a low level of uranium. Trump later undercut the story on Monday, saying he would not allow enrichment at any level. But one source briefed on the firings told MEE that they appeared in keeping with a White House that is looking for officials to follow Trump's desire for a deal. 'They are looking for Iran doves and people aligned to Vance,' the source said, referring to US Vice President JD Vance, who has emerged as the most prominent opponent of US military intervention in the Middle East.
Al Etihad
an hour ago
- Al Etihad
UAE companies highly confident about trade prospects despite global disruption: Survey
4 June 2025 00:23 MAYS IBRAHIM (ABU DHABI)Companies in the UAE are among the most confident globally about their trade prospects despite ongoing geopolitical and supply chain turbulence, according to HSBC's 2025 Global Trade Pulse report – which surveyed more than 5,700 international firms across 13 countries – found that 94% of UAE-based businesses believe their operations will benefit from the shift in trade dynamics in the long surpasses the global average of 89%, putting the UAE just behind India (96%) in terms of optimism, and ahead of the US (93%).This sentiment comes amid a wider reshuffle in global trade patterns, as many companies grapple with increased costs and revenue pressures due to tariffs and supply chain UAE's positive outlook contrasts with a growing sense of caution in Western markets. For example, 51% of US firms surveyed expect supply chain disruptions to reduce their revenue by 25% or more. 'As trade policies continue to fluctuate, businesses are compelled to rethink their long-term strategies. The current landscape demands agility and foresight, with companies prioritising domestic markets and exploring new regions to mitigate risks,' the report stated.'These strategic shifts are crucial to maintaining competitiveness and ensuring business continuity in an unpredictable global economy.'The HSBC survey highlights a global trend of 'reshoring' and 'nearshoring', with 83% of companies planning to bring production closer to their customer bases. Companies in the US have been the most active in reshoring to date (44%), while companies in China are the most likely to be planning similar steps in the future (48%).'In parallel with these shifts in production strategy, the majority of businesses globally (nearly 90%) are also planning to diversify their supplier base – expanding across multiple regions to further reduce their exposure to tariffs and ongoing trade uncertainty,' the report said. While the financial impact of ongoing trade disruption is expected to be substantial and long-lasting, the HSBC survey highlights strong signs of resilience and of corporate all surveyed markets, 77% of companies say the uncertainty has prompted them to evolve and seek new is emerging as a core response strategy, according to the report. Nearly 9 in 10 businesses globally report they have already invested in or are planning to invest in tools to enhance supply chain visibility, adopt automation in production and logistics, or improve their use of data analytics. The same proportion of respondents are expanding into new markets, developing new products, adopting technology, or adjusting cost structures to respond to shifting trade dynamics. Nearly 60% of all respondents have already adopted a new technology or digital platform, while 56% improved internal efficiency or altered their cost base and 51% have developed new products or services.
The National
2 hours ago
- The National
Trump to attend Nato summit, White House confirms
The White House on Tuesday said US President Donald Trump would attend the Nato summit this month, amid his administration's efforts to end the war in Ukraine and have alliance members increase their defence spending. The high-profile meetings, which will be held in The Hague from June 24-25, will come shortly after Mr Trump is set to attend the Group of Seven leaders' summit in Canada, where allies are also expected to discuss a peace deal that would end Russia's war in Ukraine. White House press secretary Karoline Leavitt said the President "remains positive at the progress" in the talks. "The President does not want to see this war prolonged," she told reporters. "He wants the fighting to stop, he wants people to stop dying, and he wants this to be solved at the negotiating table." On Monday, delegates from Russia and Ukraine met briefly in Istanbul for a new round of talks. The day before, Kyiv unleashed a surprise drone offensive that hit Russian heavy bombers and surveillance planes Mr Trump took office this year on a promise to swiftly end the war in Ukraine and end US military aid to Kyiv. He has also advanced an "America First" approach to foreign policy, questioning continued US membership in Nato. He has pushed for members of the alliance to spend larger rates of their gross domestic products on defence, saying European states, which are geographically closer to Ukraine, should do more to support Kyiv. At the same time, Mr Trump has resisted calls, including from his own Republican Party, to impose additional sanctions on Russia as pressure to agree to a ceasefire. "The President has spoken about his position on sanctions on Russia," Ms Leavitt said. "He has smartly kept this as a tool in his toolbox, if necessary."
