Latest news with #Dh321.5
Khaleej Times
03-03-2025
- Business
- Khaleej Times
Dubai: Gold prices rise Dh1 per gram in early trade, start the week positively
Gold prices rose Dh1 per gram at the opening of the markets in Dubai on Monday. At 9am UAE time, 24K rose to Dh345.5 per gram, up from Dh344.5 per gram at the close of the markets over the weekend. Among the other variants, 22K, 21K and 18K also opened higher at Dh321.5, Dh308.25 and Dh264.25 per gram, respectively. Globally, spot gold was trading at $2,866.36 per ounce, up 0.24 per cent at 9.07 am UAE time. The yellow metal prices have been dictated by the US Federal Reserve's policy around interest rates, US President Donald Trump's policies around tariffs and central banks' buying of gold. Gold has not been a direct target of tariffs, but market reactions to trade uncertainty have driven a significant shift in trading behaviour and impacted the gold price. Gold prices hit an all-time high last month as it breached the $2,950 level for the first time. 'While a pullback after having flirted with the $3,000 level is healthy, the outlook for gold remains positive on the back of tense global geopolitical environment,' said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. Alex Kuptsikevich, chief market analyst at the FxPro, said investors moved into long-term US Treasuries in response to the many initiatives by the Trump administration to reduce the national budget. 'The potential pullback in gold allows us to consider the $2,800 area as a potential target for the current downside momentum from 2,955,' he said.
Khaleej Times
09-02-2025
- Business
- Khaleej Times
UAE: Gold prices may hit $3,400 later this year, say analysts
Gold prices, which hit a new record high last week, could touch $3,400 per ounce later this year due to a new global growth wave, steady buying of the yellow metal, geopolitical tension uncertainties and tariff rows, say analysts. The precious metal has been consistently reaching new highs since the end of last month. Gold prices, globally, closed at $2,861.26 per ounce, up 0.37 per cent. In the UAE, 24K and 22K variants of the yellow metal closed at Dh344.75 and Dh320.75 per gram, respectively. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Prices in Dubai also reached an all-time high last week when 22K touched Dh321.5 per gram. Alex Kuptsikevich, chief market analyst at the FxPro, said from a technical perspective, gold is starting a Fibonacci extension pattern. 'The global rally commenced in October 2023 following initial signals from the Federal Reserve indicating an easing of monetary policy and a subsequent slowdown in the pace of rate hikes. Between October and November 2024, after appreciating by 55 per cent to reach the $2,790 level, gold experienced significant profit-taking, resulting in a pullback to $2,550, which represents 76.4 per cent of the initial rally. This was followed by several weeks of intense trading between bullish and bearish market participants,' he said. 'By the end of December, steady buying momentum had returned to the gold market. A move above $2,800 in late January has led to discussions about the potential onset of a new global growth wave. If this trend continues, the price of gold may potentially reach the $3,400 per troy ounce area between August and October of this year,' said Kuptsikevich. Citi Research has also hiked its average gold price forecast, raising its three-month price target to $3,000 per ounce from $2,800 and hiked its 2025 average forecast to $2,900 from $2,800. 'The gold bull market looks set to continue under Trump 2.0 with trade wars and geopolitical tensions reinforcing the reserve diversification or de-dollarisation trend and supporting emerging markets official sector gold demand,' Citi Research said. Rania Gule, senior market analyst at said gold remains supported by rising inflation fears in the world's largest economy. 'Trump's trade policies, including the imposition of new tariffs, are expected to drive up import prices, which could translate into higher inflation in the US. In such circumstances, investors typically turn to gold as a hedge against the loss of purchasing power of the dollar. Additionally, higher inflation may reduce the likelihood of the Federal Reserve cutting interest rates, making investments in non-yielding assets like gold more attractive,' she added. 'Overall, the upward trend for gold remains intact despite the obstacles it faces. We can expect continued upward movement, and any corrective pullbacks should be seen as buying opportunities, based on the supporting factors that have not fundamentally changed,' added Gule.
Khaleej Times
06-02-2025
- Business
- Khaleej Times
Dubai: Gold prices hit new all-time high, continue to set records
Gold prices continue to set new records every day as 22K hit a new all-time high of Dh321.5 per gram in Dubai on Thursday morning. At the opening of the markets in Dubai on Thursday, 24K jumped Dh1 per gram to Dh345.75 while 22K rose Dh0.75 to Dh321.5 per gram. Among the other variants of the yellow metal, 21K and 18K opened higher at Dh308.25 and Dh264.25 per gram, respectively. Globally, gold was steady at $2,868.73 per ounce on Thursday morning. [Editor's Note: For real-time gold rates, click widget below or visit KT's dedicated Trading News page here.] Stay up to date with the latest news. Follow KT on WhatsApp Channels. Samer Hasn, senior market analyst at said gold's consecutive gains come amid escalating trade wars between the US and China, which are likely to deepen concerns about the economies of both countries. 'These consecutive peaks for gold also coincide with declining Treasury yields and lacklustre US stock market performance, reinforcing the safe haven demand hypothesis, which was also after a larger-than-expected decline in job openings in December,' he said. 'These factors add to the uncertainties surrounding the global economy and geopolitical realities,' he added. Hasn elaborated that the trade war now appears to be the most significant factor fuelling uncertainty, which in turn drives demand for safe havens. 'Concerns are growing as the trade war is expected to escalate further, although it began less severely than expected with the inauguration of Donald Trump.'
