Latest news with #Dh313
Khaleej Times
18-02-2025
- Business
- Khaleej Times
Dubai: Gold prices continue to rise, Dh1.75 higher in early trade
Gold prices in Dubai rose further at the opening of the markets on Tuesday as the US bank raised its gold price forecast. The Dubai Jewellery Group data showed 24K trading Dh1.75 per gram higher at Dh350.75 on Tuesday morning, up from Dh349.0 per gram at the close of the markets on Monday. Among the other precious metal variants, 22K rose to Dh326.5, 21K to Dh313, with 18K rising to Dh268.25 per gram. Globally, spot gold was trading at $2,912.82 per ounce, up 0.5 per cent. The US bank Goldman Sachs has raised its 2025 gold forecast to $3,100 per ounce, up from $2,890, due to good demand from central banks. The bank estimates that structurally higher central bank demand will add 9 per cent to the gold price by year-end. Last week, gold prices reached a new all-time high, surpassing $2,940 per ounce on February 10. This surge was primarily driven by rising trade tensions following the possible imposition of tariffs by the US However, analysts warn that this rally may not be sustainable in the long term. 'Unlike previous cycles, gold has demonstrated strength even without the traditional support of a weak dollar and declining US Treasury yields. Economic uncertainty has been the main driver of its price increase this time. Growing concerns over a potential trade war have led investors to seek refuge in this precious metal, considered a safe-haven asset during economic and geopolitical crises," said Antonio Di Giacomo, senior market analyst at said
Khaleej Times
31-01-2025
- Business
- Khaleej Times
Dubai: Gold prices at an all-time high, 22K crosses Dh313 per gram
Gold prices hit an all-time high in Dubai on Friday as 22K crossed Dh313 per gram at the opening of the markets. Analysts expect prices could rise further in case of a sell-off in global financial markets due to uncertainty around US President Donald Trump's policy around tariffs and the AI war between the US and Chinese companies. According to Dubai Jewellery Group data, the 24K variant rose to Dh338.5 per gram while 22K opened at D313.5 per gram. Among the other variants, 21K and 18K opened at Dh303.5 and Dh260.0 per gram, respectively. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Globally, gold was steady at $2,794.21 per ounce on Friday morning after touching an all-time high of $2,799.71 earlier in the day. The yellow metal jumped as investors rushed to safe-haven metal due to heightened US tariff concerns. 'Good news is that the US tariffs won't make America Great Again. The bad news is that it will be a lose-lose globally – which is probably why gold prices are on the rise again. The price of an ounce hit a fresh all-time-high, backed by a swift move to safety due to Trump's tariff threats, the rising geopolitical tensions, the rising US government debt and the fear of a potential tech rout that could lead to a global risk selloff,' said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. [Editor's Note: For real-time gold rates, click on the widget below or visit KT's dedicated Trading News page here. ] 'The move is probably amplified by uncertainty regarding the expectations around central bank policies and Trump-dependency, emerging markets' central bank gold buying – in case the relations with the US get worse, and shifting market positioning,' she said. Ozkardeskaya added that the question is whether gold could get more expensive. 'Yes, it could. A sizeable risk selloff in global financial markets could drive gold to fresh highs. But the rapid rise in speculative long positions hint that we should see a pullback in gold if the AI worries – triggered by DeepSeek – happen to be unfounded,' she added.
