Latest news with #Dh223.25
Gulf Insider
17-04-2025
- Business
- Gulf Insider
Dubai Gold Price Creates History As Key Level Is Broken
Gold prices are on fire – for a second consecutive day, with the Dubai Gold Rate for a gram of 22K up by Dh14 in just over a day. A gram costs Dh372.5 right now. Nothing like this has ever been seen before, with the price of a gram of 24K clearing Dh400 for the first time. A level that market sources at the start of the year said would take at least until September/October to happen. These days, gold is creating and resetting records by setting its own rules. The numbers tell the story – 'The price difference between the lowest Dubai gold price in the year to date and today's price is a near Dh150 a gram,' said Abdul Salam K.P., Vice-Chairman of Malabar Gold & Diamonds. This year's lowest local rate was the Dh223.25 a gram for 22K on February 14. In Saudi Arabia, the 22K and 24K gram prices are SR378 and SR409, respectively. In the global commodities market, bullion continues on its merry way, at one point earlier today shooting past $3,350 an ounce mark. Right now, it's at $3,337 – but the key point here is that it's still a good $115 up from 24 hours ago. 'Yesterday, when the gold stores were opening, we were wondering whether gold would be closing the day at $3,280,' said a jeweller. 'Who would have thought we could well be looking at reaching $3,380 within the next few days. Even today!' Global central banks and institutional investors keep buying gold amidst all the uncertainty in markets over US reciprocal tariffs – whether there will be a solution after the 90-day pass offered by President Trump to all nations except China. These days, bullion traders in Dubai are not even bothering to give price forecasts or when it could stabilize. Because it could change within an hour. It's been that kind of 48 hours… The only thing shoppers can wait for is for profit booking to take place when gold hits a certain point. But when will that point be reached?
Daily Tribune
17-04-2025
- Business
- Daily Tribune
Dubai Gold Price Hits Historic High as 24K Breaks Dh400 Mark for the First Time
Email : Gold prices in Dubai are rewriting history once again, with the price of 24K gold surpassing the Dh400 per gram mark for the first time ever, fueling a market frenzy and sending both consumers and traders into uncharted territory. As of Thursday morning, the Dubai Gold Rate for 22K stands at Dh372.5 per gram — a staggering Dh14 jump in just over a day. The once-unthinkable Dh400 level for 24K gold has now become reality, months ahead of what experts had predicted earlier this year. 'The price gap between the year's lowest and today's rate is nearly Dh150 a gram,' noted Abdul Salam K.P., Vice-Chairman of Malabar Gold & Diamonds. On February 14, the 22K rate was at Dh223.25 — today, it's over Dh372.5. The bullish trend isn't limited to the UAE. In Saudi Arabia, the 22K and 24K gold rates are at SR378 and SR409 respectively, reflecting the region-wide surge in demand and prices. 📈 Global Bullion Surge Globally, gold continues its meteoric rise. Bullion briefly breached the $3,350 per ounce mark today, and is currently trading around $3,337 — an eye-popping $115 increase in just 24 hours. 'Just yesterday we were wondering if it would close at $3,280,' said a Dubai-based jeweller. 'Now, $3,380 isn't just possible — it could happen today.' 💰 What's Driving the Surge? The rally is being driven by heavy buying from global central banks and institutional investors amidst persistent uncertainty over U.S. reciprocal tariffs. President Trump's recent 90-day extension — exempting all nations except China — has only deepened market speculation. Amid this volatility, traders in Dubai are holding back from issuing forecasts. 'We've stopped predicting. Prices are swinging by the hour,' one bullion trader said. ⏳ What's Next? With prices reaching new highs almost daily, the big question now is: when will profit-booking begin? Shoppers and investors are watching closely for signs of stabilization, but no one knows where the peak lies.
