logo
Dubai: Gold prices witness slight drop, 24K trading at Dh402.5

Dubai: Gold prices witness slight drop, 24K trading at Dh402.5

Khaleej Times16-07-2025
On Wednesday morning, gold prices in Dubai opened slightly lower with 24K trading at Dh402.5 and 22K at Dh372.5 per gram. Spot gold was trading at $3,338.87 per ounce, up 0.25 per cent.
According to analysts at World Gold Council (WGC), gold prices could see a moderate increase in the second half of 2025, driven by trade tensions, US inflation dynamics and monetary policy.
The precious metal entered the second half of 2025 coming off an exceptionally strong start to the year — up 26 per cent — shaped by a weaker US dollar, persistent geopolitical risk, robust investor demand, and continued central bank purchases.
With gold prices reaching an all-time high this year, jewellery shoppers and investors in Dubai and the UAE have been wondering whether they should buy or sell.
'While some of these drivers are expected to persist, the path forward remains highly dependent on multiple factors, including trade tensions, inflation dynamics, and monetary policy. Consensus expectations suggest a relatively steady finish for gold with moderate upside potential if macro conditions hold. Gold could also be partly supported by contributions from new institutional investors, such as Chinese insurance companies,' World Gold Council analysts said in the half-yearly report.
Gold has been rallying over the past couple of years due to geopolitical tensions, buying by central banks and the US tariffs row with its trading partner.
The WGC analysts noted that 'a more volatile geopolitical and geo-economic scenario could push gold significantly higher, particularly if more substantial stagflation or recession risks materialise and investor appetite for safe-haven assets grows.'
On the other side, analysts said widespread and sustained global trade normalisation would bring higher yields and resurgent risk appetite, challenging gold's momentum. Gold could also be tested by a visible deceleration in central bank demand beyond current expectations.
"We believe that gold, through its fundamentals, remains well-positioned to support tactical and strategic investment decisions in the current macro landscape,' they said.
If the market turns bearish, WGC analysis suggests that gold could retreat by 12 per cent to 17 per cent in the second half, finishing the year with positive but low double-digit or even single-digit returns.
'The reduction in risk, combined with an increase in opportunity cost — through rising yields and a stronger dollar — would trigger gold ETF outflows and reduce overall investment demand. We could also see a deceleration in central bank demand if US Treasuries are again favoured. Gold market technical analysis and speculative positioning suggest that $3,000/oz would be a natural 'support level', prompting opportunistic investment buying. If gold were to break through these levels, disinvestment may accelerate,' analysts said.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Gold extends losses after trade deal hopes curb safe-haven demand
Gold extends losses after trade deal hopes curb safe-haven demand

Zawya

time22 minutes ago

  • Zawya

Gold extends losses after trade deal hopes curb safe-haven demand

Gold prices extended losses on Thursday from the previous session as easing trade tensions increased risk sentiment and weighed on demand for safe-haven assets. Spot gold was down 0.6% at $3,362.59 per ounce, as of 0930 GMT, after shedding 1.3% in the previous session. U.S. gold futures dropped 0.9% to $3,367.30. Following this week's trade deal between the U.S. and Japan, two European diplomats said on Wednesday the European Union and the U.S. are also edging toward a trade deal that could include a 15% U.S. baseline tariff on EU goods and exemptions. "Gold is down this morning due to the positive news flow around global trade... this is reducing downside risks for global growth and supports the prevailing risk-on mood in financial markets," said Carsten Menke, an analyst at Julius Baer. The trade expectations meanwhile drove risk sentiment in the global financial markets propelling stocks to fresh record highs. "Demand from safe-haven seekers has cooled while central bank buying stays sound, even though not as strong as earlier in the year. We still expect gold to move higher in the longer term," Menke said. A safe-haven asset during times of economic uncertainties, gold also tends to do well in a low-interest rate environment. U.S. President Donald Trump will visit the Federal Reserve on Thursday, the White House said, which could intensify tensions between the administration and the central bank. The Fed's policy meeting, scheduled for July 29-30, is expected to maintain interest rates within their current range. Investors anticipate the central bank will resume rate cuts in September. Elsewhere, the European Central Bank is also expected to keep interest rates steady on Thursday. Spot silver slipped 0.7% to $39.02 per ounce, while palladium dipped 2% to $1,252.70. Platinum fell 2.5% to $1,376.45, its lowest in more than a week.

Multiply Group completes acquisition of Spanish apparel maker Tendam
Multiply Group completes acquisition of Spanish apparel maker Tendam

Arabian Business

time26 minutes ago

  • Arabian Business

Multiply Group completes acquisition of Spanish apparel maker Tendam

Abu Dhabi's Multiply Group has completed the acquisition of a majority stake in Tendam, Spain's second-largest apparel group by market share – its first major investment in Europe. Multiply now has a majority interest of 67.91 per cent in Castellano Investments, the owner of Tendam Brands and other subsidiaries. The deal will double Multiply's post-consolidation operational EBITDA. Tendam, one of Europe's leading omnichannel apparel groups, operates over 1,800 points of sale and runs successful digital loyalty programmes in over 80 markets, including Spain, Portugal, France, the UAE, and Latin America. Its diversified portfolio of 12 brands caters to multiple customer segments through such established names such as Women'secret, Springfield, Cortefiel and Pedro del Hierro. Tendam has recorded steady, quarter-on-quarter growth, strengthening its business model in core markets while expanding its international presence. At the end of June 2025, the company reported last 12-month sales of €1.4 billion (US$1.65 billion) and EBITDA of €340.7 million (US$401.2 million). With the acquisition, Multiply Group has deepened its investments in consumer-focused industries and established a presence in the retail and apparel sector. Samia Bouazza, Group CEO and Managing Director of Multiply Group, commented: 'This acquisition marks Multiply Group's strategic entry into the retail and apparel sector. By securing a controlling interest in a leading omnichannel platform, we are investing in a future-focused, high-performing business model backed by an outstanding management team. 'Built on strong, well-established owned brands, the platform offers the agility and vision to expand into new categories and scale emerging brands globally. With our expertise in creating synergies, deploying AI, and driving strategic M&A, we are poised to accelerate growth and unlock long-term value for our shareholders.' Multiply will fuel the next growth phase of Tendam, including further international expansion across Europe, Latin America, and the Middle East. Embedding AI across all aspects of the business, from sourcing to customer operations, Multiply will support this growth journey and will leverage the digital infrastructure the company already has in place. It will also support the business with targeted M&A to introduce new brands and categories. Jaume Miquel, Chairman and CEO of Tendam, added: 'Today, we are starting a new era. We will fully deploy the Tendam potential, extending our brands to new formats, markets and channels supported by advanced artificial intelligence and digital technology, delivering stronger growth and profitability through a unique, unrivalled omnichannel brand ecosystem.' From a strategic standpoint, the acquisition offers Multiply Group a significant opportunity to leverage Tendam's strong brand platform and proven performance to drive future growth, supported by favourable consumer tailwinds in the global apparel retail market.

Saudi Arabia launches first phase of autonomous vehicles operations in Riyadh
Saudi Arabia launches first phase of autonomous vehicles operations in Riyadh

Arabian Business

time28 minutes ago

  • Arabian Business

Saudi Arabia launches first phase of autonomous vehicles operations in Riyadh

Saudi Arabia launched the initial operational phase of autonomous vehicles in Riyadh, a significant step aimed at enabling advanced technology and expanding the development of a smart and safe transportation ecosystem in the country. In the first phase, autonomous vehicles will operate within a real-world environment covering King Khalid International Airport and several key locations across Riyadh, including major highways and selected city centre destinations. جانب من تدشين المرحلة التطبيقية الأولية للمركبات ذاتية القيادة في المملكة. #مسارات_مستقبلية ⁩ #وزارة_النقل_والخدمات_اللوجستية — وزارة النقل والخدمات اللوجستية (@SaudiTransport) July 23, 2025 These vehicles will transport passengers with a safety officer onboard each vehicle to ensure safety and monitor the performance of smart systems in actual operating conditions. It is being implemented under the direct regulatory and technical supervision of the Transport General Authority. Saleh Al-Jasser, Minister of Transport and Logistic Services and Chairman of the Board of the Transport General Authority said the launch of this initial operational phase reflects the Kingdom's ambitious vision to build a smart and integrated transport system that supports economic growth and enhances quality of life. Al-Jasser added that enabling modern technologies and developing regulatory and operational frameworks are key pillars to expanding the implementation of this technology. The initiative aligns with the objectives of the National Transport and Logistics Strategy and is an extension of Saudi Vision 2030, aiming to adopt sustainable mobility solutions powered by the latest artificial intelligence technologies. The project is the result of a partnership that brings together the transport and logistics ecosystem and relevant stakeholders, including the Ministry of Interior, the Ministry of Communications and Information Technology ecosystem, the Saudi Data and AI Authority, the General Authority for Survey and Geospatial Information, and the Saudi Standards, Metrology and Quality Organisation. Technology and operations partners, including Uber, WeRide, and AiDriver represent private sector partners in this phase. Mohamed Jardaneh, Head of Autonomous Mobility Middle East at Uber, said: 'Today, we're proud to mark a key milestone in our ongoing commitment to helping drive the future of mobility in the Kingdom. 'Our partnership with the Transport General Authority, alongside our technology partner WeRide, on this pilot, is an important first step toward making autonomous vehicles a reality in one of the most promising countries globally for AV adoption.'

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store