Oman: Geopolitical uncertainty, oil prices stable, gold prices rise
The EU's 18th sanctions package aims to cut Russia's oil revenues by banning imports of petroleum products refined from Russian crude, even when processed in third countries like India, and imposing a dynamic price cap, according to Vijay Valecha, chief investment officer, Century Financial.
Despite these measures, prices haven't sharply fallen, partly due to ongoing geopolitical factors, shifting trade routes, and market uncertainties, including U.S.-China trade talks and supply disruptions like Canadian wildfires.
Adding to the complexity, US President Donald Trump has threatened sanctions on Russian oil buyers and new tariffs on the EU, while upcoming Iran nuclear talks further cloud the future supply outlook, creating a tug-of-war between bearish pressures from increased supply and demand worries and bullish risks from sanctions and other uncertainties.
Gold is up by about 0.55% today.
From a fundamental standpoint, the ongoing episode over central bank independence and policy direction triggered safe-haven buying last week. Although the momentum seems to have faded, the tensions remain.
Gold prices in Oman
24k - RO42.500
22k- RO39.750
18k- RO31.400
From a technical standpoint, the commodity is trading at the neckline of an ascending triangle formation, with a price mark of $3,364-$3,374. A break above the $3,374 price mark signals the bullish trend, with targets extending towards $3,436.
On the contrary, a break of the trendline support connecting the lows of $2,832 on 28th February, $2,956 on 7th April, $3,247 on 30th June, $3,282 on 9th July, and $3,309 on 17th July triggers a bearish trend.
The nearest support levels are at $3,345, followed by $3,331
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economy ME
a few seconds ago
- Economy ME
Crude oil prices rise above $71.8 amid new tariffs impacting Russian supply
Oil prices remained relatively stable on Friday following a decline of more than 1 percent in the previous session, as traders assessed the implications of newly imposed higher U.S. tariffs that could hinder economic activity and diminish global fuel demand growth. Brent crude futures increased by 4 cents, or 0.06 percent, reaching $71.74 a barrel by 12:01 GMT (currently trading above $71.8). Meanwhile, U.S. West Texas Intermediate crude rose by 1 cent, or 0.01 percent, to $69.27 (currently trading above $69.34). Despite this, Brent prices are set to achieve a weekly gain of 4.9 percent, while WTI is expected to rise by 6.4 percent after U.S. President Donald Trump earlier this week threatened to impose tariffs on buyers of Russian crude, particularly targeting China and India, in an effort to persuade Russia to cease its aggression against Ukraine. On Friday, however, investors were primarily focused on Trump's announcement of new, predominantly higher, tariff rates on U.S. trading partners, which are scheduled to take effect on August 1. Trump signed an executive order on Thursday imposing tariffs ranging from 10 percent to 41 percent on U.S. imports from numerous countries and territories, including Canada, India, and Taiwan, that failed to secure trade agreements by his August 1 deadline. Some analysts have cautioned that these levies will restrain economic growth by increasing prices, which could negatively impact oil consumption. On Thursday, indications emerged that existing tariffs are already exerting upward pressure on prices in the U.S., the world's largest economy and oil consumer. Read more: Oil prices fall to $73.08 as Trump's tariff threats mount, U.S. inventories rise Rising U.S. inflation and tariffs U.S. inflation rose in June as tariffs elevated costs for imported goods, such as household furniture and recreational products. This trend supports the notion that price pressures will intensify in the latter half of the year, potentially delaying the U.S. Federal Reserve 's decision to lower interest rates until at least October. Sustaining interest rates would also influence oil, as higher borrowing costs can restrict economic growth. Concurrently, Trump's threats to enforce 100 percent secondary tariffs on Russian crude buyers have buoyed prices due to worries that this could disrupt oil trade flows, removing some oil from the market. JP Morgan analysts noted in a report on Thursday that Trump's warnings to China and India regarding penalties for their ongoing purchases of Russian oil could jeopardize 2.75 million barrels per day of Russian seaborne oil exports. The two nations rank as the world's second- and third-largest crude consumers, respectively.
Zawya
a few seconds ago
- Zawya
Qatar's QSE index gains 6.53% since start of 2025
Doha: The Qatar Stock Exchange (QSE) ended this week on a positive note, rising by 0.360 percent, or 40.86 points, to close at 11,261 points - up from last week's closing- supported by gains across five sectors, led by the telecommunications sector, which recorded the highest increase at 3.620 percent. Commenting on the market's performance this week, financial market analyst Youssef Bouhlaiqa told Qatar News Agency (QNA) that QSE index held steady above its key support level of 11,200 points throughout the week. He noted that the index gained approximately 6.53 percent since the beginning of the year. Bouhlaiqa highlighted strong performance of the banking sector, which saw a 1.4 percent rise in net profits during the first half of 2025 compared to the same period last year, reaching QR15.1bn. Eight out of nine banks listed on QSE reported profit growth in the first six months of the year. Notably, Lesha Bank posted an impressive 52.29 percent increase in net profit. Qatar National Bank (QNB) accounted for the largest share of the sector's net profits, contributing 54 percent, with net profits reaching around QR8.4bn, a 2.93 percent year-on-year increase. Bouhlaiqa emphasized that the sector's positive performance underscores the resilience and strength of Qatar's banking industry, and its ability to adapt swiftly to changing local market conditions. Total trading value over the past week stood at approximately QR1.979bn, with a daily average of around QR396m, while the total number of transactions across all sectors reached 89,525. Qatar Stock Exchange general index closed yesterday's trading higher by 112.16 points, or 1.01 percent, to close at 11,261.62 points. During the session, 193,609,425 shares, valued at QR621,549,135.910, were traded in 21,682 transactions across all sectors. The session saw shares of 25 companies rise, 24 companies decline in their share price, and 3 companies maintain their previous closing price. Market capitalization at the end of the trading session amounted to QR668,298,298,297, compared to QR662,441,971,650 in the previous session. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Khaleej Times
28 minutes ago
- Khaleej Times
Danube Properties offers first-time buyers a head start with Dubai-backed ownership plan
Danube Properties has partnered with the Dubai Department of Economy and Tourism (DET) and the Dubai Land Department (DLD) to support the launch of a dedicated First- Time Home Buyer (FTHB) initiative, aimed at making homeownership more accessible in Dubai. The programme aims to support both Emiratis and expatriates in stepping onto the property ladder by offering unmatched flexibility and affordability. As part of the initiative, Danube Properties has allocated 10% of its residential units exclusively for first-time home buyers. Key Features of the FTHB Initiative Include: Exclusive pre-launch access: First-time buyers will receive priority access to select units before public launch, ensuring the best availability and options. Only 60% payable before handover: Buyers need to pay just 60% of the total property value before receiving the keys, easing upfront financial commitments. Flexible 1% monthly payment plan: This program complements Danube's industry-first 1% monthly payment scheme, which has reshaped affordability in Dubai's real estate sector. Rizwan Sajan, founder and chairman of Danube Group, said: 'This initiative is a game-changer for aspiring homeowners who've been waiting for the right opportunity. Our flexible plans and on-time project delivery have already made us the preferred brand for smart investors and now, we're going one step further by enabling first-time buyers to take that all-important step with confidence." By combining these benefits, the initiative removes traditional barriers to property ownership, such as large down payments and rigid financing options, making it easier than ever for residents — especially young professionals and families to step onto the property ladder. The First-Time Home Buyer initiative is in line with Dubai's broader economic goals, as envisioned by the Dubai 2040 Urban Master Plan, which aims to make Dubai the best city in the world to live and work in. Encouraging property ownership is a key driver of long-term investment, community stability, and economic resilience.
