Dubai gold prices rise AED3.75, global rates hit near 2-month high on Middle East tensions
Gold prices surged to their highest in nearly two months on Friday, and were on track for a weekly gain as investors sought safe-haven assets after heightened Middle East tensions.
In Dubai,
gold rates
surged, with 24-carat gold gaining AED3.75 to AED412.5 and 22-carat gold rising AED3.25 to AED381.75. Additionally, 21-carat gold increased by AED3.75 to 366.5, while 18-carat gold inched up AED2.75 to AED313.75.
Globally, spot gold climbed 1.38 percent to $3,426.01 at 4:07 GMT, after hitting its highest since April 22 earlier in the session. Bullion has gained more than 3.5 percent so far this week. Meanwhile, U.S. gold futures rose 1.40 percent to $3,449.95.
Investor focus shifts to safe-haven assets
Gold prices surged as geopolitical tensions in the Middle East escalated after Israel targeted Iran's nuclear facilities. Rising tensions in the region have shifted investor focus from trade negotiations as they head towards safe-haven assets in response.
Gold prices have surged over their resistance around $3,400 on news of the airstrikes, and further upside is expected if tensions escalate further.
Fed to cut rates earlier as labor market cools
Elsewhere, new data signaled a cooling in the U.S. labor market and subdued inflation pressures. New applications for unemployment benefits held at an eight-month high last week, while slowing domestic demand helped restrain
producer prices
in May.
The data, released a day after the Labor Department reported a moderate rise in consumer prices in May, bolstered expectations of an earlier rate cut by the Federal Reserve.
Traders are now expecting a Fed interest rate cut of 55 basis points by the end of the year, starting in September rather than October as previously expected.
Read: Boeing shares plunge 8 percent following India plane crash
Other precious metals
As gold prices surged to a near two-month high, the precious metals market was largely down. Spot silver fell 0.23 percent to $36.29 per ounce, platinum dipped 0.83 percent to $1,284.44, after hovering near a more than 4-year high in the previous session, while palladium was down 0.15 percent to $1,053.99.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
TAG 91.1
2 hours ago
- TAG 91.1
H.H. Sheikh Abdullah concludes visit to US to bolster bilateral cooperation
His Highness Sheikh Abdullah bin Zayed Al Nahyan, the UAE's Deputy Prime Minister and Minister of Foreign Affairs, concluded a visit to the US aimed at strengthening cooperation in economic development, trade, AI, and regional security. During the visit, Sheikh Abdullah held talks with US Secretary of State Marco Rubio, as well as senior officials from the White House, members of Congress, and other key government figures, to advance the UAE-US strategic partnership. He also met with Steve Witkoff, US Special Envoy to the Middle East, and Stephen Miller, Deputy Chief of Staff for Policy and Homeland Security Adviser, to discuss regional developments and shared efforts toward peace and stability. Talks with US Secretary of Commerce Howard Lutnick centred on economic and trade collaboration. In engagements with several members of Congress, Sheikh Abdullah reaffirmed the UAE's commitment to deepening ties with the US, emphasising shared goals of peace, prosperity, and international cooperation.
Arabian Business
3 hours ago
- Arabian Business
GCC flights cancelled: Saudi Arabia, UAE, Qatar, Bahrain, Kuwait and Oman announce suspensions amid rising tensions
Airlines and airports across the GCC announced suspended flights to and from multiple destinations amid rising tensions between Israel and Iran. Saudi Arabia, Qatar, Bahrain, Kuwait and Oman revealed updated schedules with flights to Iraq, Jordan, Lebanon and Iran suspended in many circumstances. UAE carriers also announced significant disruption to travel in the region. Saudi flights Airports across Saudi Arabia, and airlines operating in the Kingdom, announced expected travel disruption. Khalid International Airport in Riyadh, King Abdulaziz International Airport in Jeddah, King Fahd International Airport in Dammam and Prince Mohammad bin Abdulaziz International Airport in Madinah all advised passengers to check with airlines before heading to the airport. تنويه لمسافري #مطار_الملك_خالد الدولي Attention #Kkia Passengers — مطار الملك خالد الدولي (@KKIASA) June 13, 2025 A message on social media said: 'In the interest of your safety and comfort and due to the current developments in some countries in the region, travellers heading to destinations affected by airspace closures are kindly advised to contact their respective airlines directly before proceeding to the airport. 'This is to confirm the latest updates on their flights and to avoid any unexpected delays or changes. We appreciate your understanding and cooperation, and we are always pleased to serve you.' Bahrain flights Bahrain's national carrier Gulf Air announced the cancellation of all scheduled flights to and from Baghdad and Najaf in the Republic of Iraq, and Amman in the Hashemite Kingdom of Jordan, from June 14 to 16, 2025. The decision was made in light of current regional developments. Gulf Air emphasised that it continues to monitor the situation closely, with the safety of its passengers and crew remaining its top priority. The airline expressed regret over the inconvenience caused and confirmed that it is working closely with partners and relevant stakeholders to assist, accommodate, and reroute affected passengers to their final destinations. Passengers were advised to check the latest updates on flight schedules online. Qatar flights Qatar Airways temporarily cancelled flights to Iran, Iraq and Syria due to the current situation in the region. The affected airports in Iran include: Imam Khomeini Airport (IKA) Mashhad Airport (MHD) Shiraz Airport (SYZ) In Iraq, the affected airports are: Baghdad Airport (BGW) Erbil Airport (EBL) Basra Airport (BSR) Sulaymaniyah Airport (ISU) Najaf Airport (NJF) It added that, in Syria, flights to Damascus Aiport (DAM) will be cancelled until end of Saturday June 14. In a travel advisory, the airline said: 'Passengers are advised to check the status of their flight on Qatar Airways fully complies with international aviation regulations for safe aircraft routes. Passengers safety remains our highest priority.' Oman flights Oman Air cancelled flights between Muscat and Amman on June 13, 2025 while also rerouting flights to and from Europe. In a statement on social media, it said: 'Due to the current situation, flights WY413 Muscat-Amman and WY414 Amman-Muscat scheduled for June 13, 2025, have been cancelled. We are assisting affected passengers and apologise for any inconvenience caused. 'The rest of our network is operating as scheduled and European flights are being rerouted to avoid affected airspace. We encourage guests to check their flight status at Meanwhile, we continue to monitor the situation closely and will provide updates as necessary. Due to the current situation, flights WY413 Muscat-Amman and WY414 Amman-Muscat scheduled for today, 13th June 2025, have been cancelled. We are assisting affected passengers and apologise for any inconvenience caused. The rest of… — Oman Air (@omanair) June 13, 2025 'We apologise for any inconvenience caused. The safety and wellbeing of our guests and crew remain our highest priority.' Kuwait flights Some flights to and from Kuwait International Airport were diverted, cancelled and rescheduled, according to the Directorate General of Civil Aviation. In a statement on social media, the authority said: 'The Directorate General of Civil Aviation announced the diversion, cancellation, and rescheduling of some flights at Kuwait International Airport due to the current situation in the region. 'The administration confirmed in a statement issued on Friday that it is currently coordinating with airlines operating inbound and outbound flights to and from Kuwait International Airport'. أعلنت الادارة العامة للطيران المدني عن تحويل والغاء واعادة جدولة بعض الرحلات في مطار الكويت الدولي نتيجة الأوضاع الحالية في المنطقة . واكدت الادارة في بيان صادر اليوم الجمعة بانه يتم حاليا التنسيق مع شركات الطيران العاملة للرحلات القادمة والمغادرة من والى مطار الكويت الدولي .… — الطيران المدني (@Kuwait_DGCA) June 13, 2025 Jazeera Airways said: 'Due to the evolving situation in the region, all Jazeera Airways flights to and from Iran have been temporarily suspended until further notice. 'We are closely monitoring developments and will share updates once every 24 hours as the situation progresses'. Kuwait Airways said that all flights were currently operating as scheduled, adding that it wasclosely monitoring the situation.
Khaleej Times
4 hours ago
- Khaleej Times
Keolis MHI marks World Blood Donor Day with impactful donation drive
Ahead of World Blood Donor Day, observed annually today, Keolis MHI, a leading transportation company, proudly partnered with the Dubai Health Authority (DHA) to host a blood donation drive. This initiative highlights Keolis MHI's commitment to corporate social responsibility (CSR) and aligns with the UAE's national vision of becoming a global leader in community engagement and sustainable development. The 2025 World Blood Donor Day campaign, " Give blood, give hope: together we save lives," highlights the life-saving power of community through blood donation, inspiring new and existing donors with real stories. Keolis MHI's blood donation campaign, held in collaboration with the DHA, reflects the company's values of Imagine, Care, Commit. Employees eagerly participated, demonstrating Keolis MHI's strong belief in how individual actions can significantly boost community well-being. "At Keolis MHI, we are dedicated to making a positive impact on the communities we serve," said Adel Al Awadhi, marketing and communications director at Keolis MHI. "Blood donation is a critical act that can save lives, and we were honored to partner with the DHA to ensure a readily available blood supply for those in need. This drive reflected our core values of community engagement and social responsibility." The campaign also served as a platform to raise awareness about the urgent need for blood transfusions across a variety of medical scenarios, from emergency surgeries to chronic treatments. By encouraging a culture of voluntary donation, Keolis MHI contributed to building a more resilient and responsive healthcare system for the UAE. Keolis MHI's involvement went beyond simply organising an event, it demonstrated a strategic alignment with the UAE's CSR agenda and the national drive to promote public health and sustainable community development. "Blood donation offers a deeply personal reward, with donors experiencing the satisfaction of potentially saving someone and strengthening their sense of purpose," Al Awadhi explained. "It also reinforces social responsibility and allows individuals to witness the impact of collective action firsthand." By actively promoting employee participation and promoting the value of giving back, Keolis MHI reinforced its position as a responsible corporate citizen. The initiative not only contributed to public health but also helped build stronger emotional ties within the company and the wider community. The UAE government has consistently championed CSR principles, encouraging both public and private sectors to integrate social responsibility into the core of their operations. In alignment with this national vision, and with 2025 designated as the Year of Community, Keolis MHI continues to lead by example through impactful initiatives that contribute to the country's economic, social, and environmental development. "Keolis MHI is committed to being a catalyst for positive change in the UAE," Al Awadhi added. "By actively engaging in initiatives like the blood donation drive, we align ourselves with the UAE's vision of establishing the country as a global leader in corporate social responsibility. Our participation reflects our belief in the power of collective action to create a lasting impact and contribute to the betterment of society."
