Latest news with #Dh271
Khaleej Times
24-02-2025
- Business
- Khaleej Times
UAE: Gold prices rise in early trade on geopolitical tensions, trade wars
Gold prices rose half a dirham per gram at the opening of markets in Dubai on Monday. At 9am UAE time, 24K opened higher at Dh354.25 while 22K was trading at Dh329.75 per gram. Among other variants, 21K and 18K rose to Dh316 and Dh271 per gram, respectively. Globally, spot gold was trading at $2,940.96 per ounce, up 0.13 per cent. Saxo Bank said gold hovered near record highs at $2,935 an ounce due to geopolitical tensions, despite the US Federal Reserve's rate stance. 'Concerns grew as US President Donald Trump suggested pulling US support for Ukraine after Russia's 2022 invasion, urging Zelenskiy to negotiate with Russia swiftly,' it said. Vijay Valecha, chief investment officer, Century Financial, said the ongoing trade war tensions have spiked up the safe-haven demand for gold. Analysts expect the yellow metal to reach $3,000 due to geopolitical tensions. He said the minutes of the Fed's meeting presented a very hawkish stance; however, despite the same, gold continued its bullish trajectory, mainly owing to the uncertain economic implications of Trump's proposed policy measures. According to Valecha, the commodity is in a strong uptrend on the hourly chart, supporting the bullish stance.
Khaleej Times
20-02-2025
- Business
- Khaleej Times
UAE: Gold prices rise, inch closer to record highs
Gold prices inched again at the opening of markets in Dubai on Thursday, hovering around record highs. At 9am UAE time, 24K rose Dh354.25 per gram, up from Dh354 per gram at the close of markets on Wednesday. Among the other variants of the yellow metal, 22K, 21K and 18K inched higher to Dh329.75, Dh316 and Dh271 per gram, respectively. Globally, spot gold was trading at $2,941.12 per ounce, up 0.73 per cent. Rania Gule, senior market analyst for Mena at said gold prices continue to attract persistent buying amid global concerns pushing investors toward safe-haven assets. 'Gold is always seen as a haven in times of economic and geopolitical tensions, and currently, it seems to me that several intertwined factors are influencing gold price movements, including expectations surrounding interest rate cuts by the Federal Reserve, as well as geopolitical developments related to the trade war and tensions between major powers,' said Gule. Although gold has remained close to its all-time highs recently, traders are staying cautiously on the sidelines, waiting for the release of the Federal Open Market Committee (FOMC) meeting minutes. 'This event is pivotal as it could provide further clarity regarding future monetary policy direction, which will directly impact the movements of the US dollar and, consequently, the path of gold. So far, there has been no strong inclination for traders to take strong positions in either the bullish or bearish direction for gold, reflecting a cautious market awaiting clearer guidance on the Fed's next steps,' she added.
