Dubai: Gold prices jump over Dh2 per gram on US tariff worries
Gold prices jumped over Dh2 per gram at the opening of markets in Dubai on Thursday as precious metal rose globally due to its safe-haven status amid US President Donald Trump's tariff worries.
The Dubai Jewellery Group data showed 24K trading at Dh365.75 per gram on Thursday morning compared to last night's close of Dh363.25 per gram. While 22K rose Dh2 per gram to Dh338.5 per gram. Similarly, 21K and 18K opened higher at Dh324.75 and Dh278.25 per gram, respectively.
Globally, gold was trading at $3029.55 per ounce, up 0.39 per cent. It rose to over $3,035 per gram in the early morning trade.
Late on Wednesday, Trump announced a 25 per cent tariff on car imports into the US.
Samer Hasn, senior market analyst at xs.com, said gold's gains come as sentiment toward the US economy continues to deteriorate, fuelled by growing concerns over the impact of Donald Trump's policies, which are deepening pessimism among consumers and businesses alike.
'On the consumer side, yesterday we saw a shocking report from the Conference Board on Consumer Confidence. The headline index recorded a reading below expectations, falling below 100-point for the second consecutive month, and the Expectations Index fell to a 12-year low. Concerns about inflation, uncertainty surrounding Trump's policies, and growing pessimism about interest rate cuts, along with the negative sentiment they are experiencing due to the stock market decline, have all contributed to this deterioration in consumer sentiment, which could be reflected in reduced spending,' said Hasn.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economy ME
an hour ago
- Economy ME
Crude oil prices climb above $67.2 as U.S.-China trade talks show promise
Oil prices increased on Tuesday as investors anticipated the results of U.S.-China discussions that might facilitate the easing of trade tensions and enhance fuel demand. Brent crude futures climbed by 28 cents, or 0.4 percent, reaching $67.32 a barrel by 03:30 GMT (currently trading above $67.2). Meanwhile, U.S. West Texas Intermediate crude gained 23 cents, or 0.4 percent, to $65.52 (now trading above $65.35). On Monday, Brent had surged to $67.19, marking the highest level since April 28, buoyed by the potential for a U.S.-China trade agreement. U.S.-China trade talks were scheduled to continue for a second day in London, with top officials seeking to alleviate tensions that have escalated from tariffs to rare earth restrictions, threatening global supply chain stability and slower economic growth. Prices have rebounded as concerns regarding demand have diminished, thanks to the trade discussions between Washington and Beijing, alongside a favorable U.S. jobs report. However, analysts from Goldman Sachs warned of risks to North American supply due to wildfires in Canada. Read more: Crude oil prices steady above $66.4 as market eyes U.S.-China trade discussions Market implications of OPEC supply increases U.S. President Donald Trump stated on Monday that the discussions with China were progressing positively and that he was 'only getting good reports' from his team in London. A trade agreement between the U.S. and China could bolster the global economic outlook and increase demand for commodities, including oil. Additionally, a Reuters survey indicated that the Organization of the Petroleum Exporting Countries ( OPEC) oil output increased in May, although the rise was constrained as Iraq produced below its target to offset earlier overproduction. OPEC+, which accounts for about half of the world's oil supply and includes OPEC members and allies like Russia, is expediting its plan to reverse its most recent layer of output cuts. 'The prospect of further hikes in OPEC supply continues to hang over the market,' Reuters reported, citing Daniel Hynes, senior commodity strategist at ANZ, who noted in a statement, 'A permanent shift to a market-driven strategy (in OPEC) would push the oil market into a sizeable surplus in the second half of 2025 and almost surely lead to lower oil prices.'
Khaleej Times
an hour ago
- Khaleej Times
UAE: Gold prices slip on Tuesday, but hover around Dh400 per gram
Gold prices were hovering around Dh400 per gram on Tuesday morning, dipping slightly at the opening of the markets. The 24K variant of the precious metal was trading at Dh398.50 per gram, while 22K, 21K, and 18K were trading at Dh369.00, Dh354.00, and Dh303.25 per gram, respectively. Spot gold was trading at $3,308.05 per ounce, down 0.77 per cent. Nadir Belbarka, an analyst at XMarabia, said the modest pullback comes against a mix of macro signals. "Friday's US nonfarm payrolls reading was a bit higher than forecast, as falling long-term unemployment suggests a still-strong labour market. That, in turn, reduced nearby inflation concerns as well as nearby pressure on monetary easing. However, political pressure is contributing volatility to rate expectations,' said Belbarka US President Donald Trump's comments on Saturday, urging a 100-basis-point cut in rates and accusing Fed Chairman Jerome Powell of "costing us a fortune," have once again generated concerns over central banks being susceptible to more political interference. 'While Fed has ridden out such attacks in earlier cycles, markets are repricing risk on perceived central bank autonomy, fueling demand for gold as a geopolitical, as well as a monetary, hedge,' he added. 'It is a short-term gold tug-of-war. Firm economic news has moderated some of the need for a hawkish tone but has not eliminated dovish desires. Lacking a top-line economic release today, gold's trend is more dictated by sentiment than concrete facts. "Any escalation in Trump policy speeches or more breakdown in trade hostility with China would push the metal to test resistance levels at $3,350 per ounce. Conversely, a strong Fed tone in forthcoming speeches would keep prices on a consolidating stance above levels of $3,300 per ounce, prior to mid-week CPI releases,' he added.
Al Etihad
2 hours ago
- Al Etihad
Asian markets extend gains as China-US talks head into second day
10 June 2025 08:33 Hong Kong (AFP) Asian stocks squeezed out more gains Tuesday as the latest round of China-US trade talks moved into a second day, with one of Donald Trump's top advisers saying he expected "a big, strong handshake".There is optimism the negotiations -- which come after the US president spoke to Chinese counterpart Xi Jinping last week -- will bring some much-needed calm to markets and ease tensions between the economic advances in Asian equities built on Monday's rally and followed a broadly positive day on Wall Street, where the S&P 500 edged closer to the record high touched earlier in the week's meeting in London will look to smooth key issues on the agenda at the talks are expected to be exports of rare earth minerals used in a wide range of things including smartphones and electric vehicle batteries."In Geneva, we had agreed to lower tariffs on them, and they had agreed to release the magnets and rare earths that we need throughout the economy," Trump's top economic adviser, Kevin Hassett, told CNBC on even though Beijing was releasing some supplies, "it was going a lot slower than some companies believed was optimal", he he said he expected "a big, strong handshake" at the end of the talks."Our expectation is that after the handshake, any export controls from the US will be eased, and the rare earths will be released in volume," Hassett also said the Trump administration might be willing to ease some recent curbs on tech president told reporters at the White House: "We are doing well with China. China's not easy."I'm only getting good reports."Tokyo led gains in Asian markets, with Hong Kong, Shanghai, Sydney, Seoul, Singapore, Taipei, Wellington and Jakarta also well up."The bulls will layer into risk on any rhetoric that publicly keeps the two sides at the table," said Pepperstone's Chris Weston."And with the meeting spilling over to a second day, the idea of some sort of loose agreement is enough to underpin the grind higher in US equity and risk exposures more broadly."Investors are also awaiting key US inflation data this week, which could impact the Federal Reserve's monetary policy amid warnings Trump's tariffs will refuel inflation strengthening the argument to keep interest rates on it also faces pressure from the president to cut rates, with bank officials due to make a decision at their meeting next week. While recent jobs data has eased concerns about the US economy, analysts remain cautious. Stock Markets Continue full coverage
