Latest news with #Dh324.75
Khaleej Times
07-04-2025
- Business
- Khaleej Times
UAE: Gold prices fall to lowest levels in over 3 weeks as market sell-off hits bullion
Gold prices fell on Monday to their lowest levels in more than three weeks, continuing their retreat amid a wider market sell-off, as investors dumped bullion to cover losses in other trades on fears of a global recession due to an escalating trade war. In UAE, 24k opened at Dh365.75 per gram while 22K was selling at Dh338.50 per gram. Among the other variants, 21K and 18K opened at Dh324.75 and Dh278.25 per gram, respectively. Spot gold was down 0.1% at $3,034.02 an ounce, as of 0537 GMT. Earlier in the session, bullion dropped more than 1% to its lowest point since March 13. U.S. gold futures rose 0.5% to $3,051.00. Gold dropped more than 3 per cent on Friday, after US President Donald Trump's bigger-than-expected tariff measures rippled across global markets. China struck back with a slew of counter-measures including extra levies of 34 per cent on all US goods and export curbs on some rare earth metals. "There's a lot of confusion and uncertainties in the markets about whether there is room for de-escalation ahead, given that tensions are at an extreme right now, with many still struggling to see any quick resolution for now," IG market strategist Yeap Jun Rong said. The price drop in gold, usually a safe-haven asset during uncertain times, made dealers speculate that investors might be selling off bullion to realise profits and potentially cover losses or margin calls on other assets. Global recession fears wiped out nearly $6 trillion in value from U.S. stocks last week and caused Japan's Nikkei share average to tumble nearly 9 per cent on Monday. Meanwhile, China's central bank added gold to its reserves in March for the fifth straight month. "Central banks are evidently still keen on adding gold to their reserves, which has been underpinnning support for the precious metals," KCM Trade chief market analyst Tim Waterer said, adding that gold will continue to remain a favoured asset for central banks. "Such buying flows may serve to keep gold's upward trajectory intact." Spot silver gained 2% to $30.13 an ounce, after marking its lowest level in nearly seven months. Spot platinum advanced 1% to $926.09, palladium added nearly 1% to $919.50.
Khaleej Times
27-03-2025
- Business
- Khaleej Times
Dubai: Gold prices jump over Dh2 per gram on US tariff worries
Gold prices jumped over Dh2 per gram at the opening of markets in Dubai on Thursday as precious metal rose globally due to its safe-haven status amid US President Donald Trump's tariff worries. The Dubai Jewellery Group data showed 24K trading at Dh365.75 per gram on Thursday morning compared to last night's close of Dh363.25 per gram. While 22K rose Dh2 per gram to Dh338.5 per gram. Similarly, 21K and 18K opened higher at Dh324.75 and Dh278.25 per gram, respectively. Globally, gold was trading at $3029.55 per ounce, up 0.39 per cent. It rose to over $3,035 per gram in the early morning trade. Late on Wednesday, Trump announced a 25 per cent tariff on car imports into the US. Samer Hasn, senior market analyst at said gold's gains come as sentiment toward the US economy continues to deteriorate, fuelled by growing concerns over the impact of Donald Trump's policies, which are deepening pessimism among consumers and businesses alike. 'On the consumer side, yesterday we saw a shocking report from the Conference Board on Consumer Confidence. The headline index recorded a reading below expectations, falling below 100-point for the second consecutive month, and the Expectations Index fell to a 12-year low. Concerns about inflation, uncertainty surrounding Trump's policies, and growing pessimism about interest rate cuts, along with the negative sentiment they are experiencing due to the stock market decline, have all contributed to this deterioration in consumer sentiment, which could be reflected in reduced spending,' said Hasn.
Khaleej Times
11-03-2025
- Business
- Khaleej Times
Gold prices slip in Dubai as yellow metal trades below $2,900 globally
Gold prices fell at the opening of the markets in Dubai on Tuesday as global rates dropped below $2,900 per ounce. The Dubai Jewellery Group data showed 24K trading at Dh349.25 per gram at 9am on Tuesday morning, down from Dh349.75 per gram at the close of the markets on Monday. Among the other variants, 22K, 21K and 18K slipped to Dh324.75, Dh311.5 and Dh267.0 per gram, respectively. Globally, gold was trading at $2,898.14 per ounce, up 0.2 per cent. Linh Tran, market analyst at said geopolitical risks remain prolonged following last week's clash between US President Donald Trump and Ukrainian President Volodymyr Zelensky. 'Both sides have since taken further actions, with the US temporarily halting aid to Ukraine and Ukraine responding that they will continue their efforts despite lacking US support. However, the US emphasised that this is a 'temporary pause,' while the Ukrainian president has continued to express a desire to reach an agreement with the US,' said Tran. She said geopolitical uncertainty is expected to persist until Wednesday, causing investors to delay their actions regarding safe-haven assets. The health of the US economy is also another major factor which will influence the precious metal prices in the near future.
Khaleej Times
27-02-2025
- Business
- Khaleej Times
Dubai: Gold prices slip in early trade as yellow metal trades below $2,900
Gold prices slipped at the opening of the markets in Dubai on Thursday as precious metal fell below $2,900 per ounce. At 9am UAE time, the 24K variant of the yellow fell to Dh349.25 per gram, down from Dh350 per gram at the close of the markets on Wednesday. Among the other variants, 22K, 21K and 18K dropped to Dh324.75, Dh311.5 and Dh267.0 per gram, respectively. Globally, spot gold was trading at $2,896.11 per ounce, down 0.69 per cent at 9.10 am UAE time. Economic uncertainty and ongoing fears of instability around US President Donald Trump's tariff plans are causing worries among investors and providing some support to the yellow metal as a safe-haven asset. However, movements remain more or less rangebound. Vijay Valecha, chief investment officer at Century Financial, said the yellow metal has immediate support at the $2,900 psychological level. Below this, strong support can be $2,891. Samer Hasn, senior market analyst at said uncertainty about retaliatory steps that other countries may take against the US in tariff war is among the most important positive factors for gold demand. 'This safe-haven demand gives it the ability to face the upward risks of inflation from this trade war and the tightening outlook for monetary policy that will follow,' he said.
