Latest news with #Dh336
Khaleej Times
09-04-2025
- Business
- Khaleej Times
UAE: Gold prices climb higher as US tariffs take effect, dollar wavers
Gold prices rose 1 per cent on Wednesday as the dollar weakened after U.S. President Donald Trump's tariffs on China took effect, with most traders flocking to safe-haven bullion for cover as global trade tensions and recession fears intensified. In UAE, 24k opened at Dh363 per gram while 22K was selling at Dh336 per gram. Among the other variants, 21K and 18K opened at Dh322.25 and Dh276.25 per gram, respectively. Spot gold was up 0.9 per cent at $3,010.39 an ounce, as of 0500 GMT, after rising 1 per cent earlier in the session. U.S. gold futures rose 1.2 per cent to $3,026.90. The dollar lost ground, making greenback-priced gold cheaper for overseas buyers. Trump ratcheted up duties on Chinese imports to 104 per cent to counter Beijing's retaliatory tariffs, accusing Beijing of manipulating the yuan to offset the levies. China refused to bow to what it called a blackmail, vowing to "fight to the end". Country-specific tariffs took effect at 12:01am Eastern Time (0401 GMT), as planned. "The downward shift in the dollar on tariff worries effectively paved the way for gold to reclaim the $3000 level," KCM Trade chief market analyst Tim Waterer said. "Due to global growth and inflation uncertainties, gold is still on track to pursue new all-time highs despite experiencing a few bumps in its progress over the last week." Some gains in non-yielding bullion were limited by U.S. benchmark 10-year note yield hitting an over one-month high. Gold hit a record high of $3,167.57 on April 3. Its excursion to these levels has drawn comparisons with the last time political and economic turmoil were the main drivers of record prices, back in 1980 during the Iranian Revolution. Gold-backed exchange-traded funds registered the largest quarterly inflow in three years during January-March 2025, World Gold Council data showed. Markets await minutes of the Federal Reserve's latest policy meeting, expected later in the day, and U.S. consumer price index on Thursday. "The Fed's guidance will likely be the same, cautiously watching for inflationary resurgence over growth risks," said Kelvin Wong, senior market analyst, Asia Pacific at OANDA. Spot silver was steady at $29.84 an ounce, platinum lost 0.2 per cent to $919.10, and palladium firmed 0.2 per cent to $908.81.
Khaleej Times
03-04-2025
- Business
- Khaleej Times
Gold prices rise in UAE after Trump's trade tariff announcement
Gold prices in the UAE rose on Thursday, after Trump announced sweeping new trade tariffs on April 2. The more aggressive than expected import tariffs pushed investors to flock to gold. The Dubai Jewellery Group data showed 24K opening at Dh378.25 per gram while 22K was selling at Dh350.25 per gram compared to Dh377.25 and Dh349.25 respectively on Wednesday. Among the other variants, 21K and 18K opened at Dh336 and Dh288 per gram, respectively. Meanwhile, internationally gold hit an all-time high of $3,167.57 per ounce on Thursday. The rates fell a little to reach $3123.49 per ounce as the day progressed. After hitting record highs on April 1 when 24K opened at Dh379 per gram, gold prices in the UAE fell on Wednesday slightly before rising again on Thursday. Late last month, gold jewellers had expressed hopes that occasions such as Eid Al Fitr and Indian festivals like Akshaya Tritiya would drive up demand and prices. According to Dilin Wu, Research Strategist at Pepperstone, the new tariffs could put 'near-term pressure on gold prices' as potential retaliatory measures remain high. 'The risk of escalating trade tensions, concerns over tariffs dragging on U.S. economic growth, and continued gold buying by emerging market central banks all suggest that gold's longer-term trajectory remains tilted to the upside,' she said. 'If trade disputes intensify, global economic confidence could take a hit, potentially reigniting safe-haven demand.'
Khaleej Times
25-03-2025
- Business
- Khaleej Times
Dubai: Gold prices slip in early trade; 22k down to nearly Dh336
Gold prices continued to trend lower on Tuesday, as the 22K variant of the yellow metal slipped to nearly Dh336 per gram. At 9am, 24K was trading at Dh363.25 per gram, while 22K opened at Dh336.25. Similarly, 21K and 18K were trading at Dh322.5 and Dh276.5 per gram, respectively. Spot gold was trading at $3,018.11 per ounce, up 0.3 per cent in early trade. Inki Cho, financial markets strategist consultant to Exness, said potential developments around a cease-fire agreement in Eastern Europe could weigh on gold. 'However, an increase in tensions in the Middle East could counterbalance the impact and help support gold prices and a return to the upside. Additionally, trade policy uncertainty remains a key driver for gold, as tariffs have raised concerns over US economic stability,' he said. Alex Kuptsikevich, chief market analyst at the FxPro, said gold has been in an uptrend since the beginning of March, and the rally accelerated as gold hit new highs at the end of last week when the spot price hit a new record of $3,057. 'We see this breakout as the start of a new expansionary momentum with an upside potential of $3,180 per ounce, which represents 161.8 per cent of the upside momentum from the start of the year to the February peak. The alternative view is also bullish. According to it, gold has completed a correction since the beginning of the year, following the rally from October 2023 to November 2024,' said Kuptsikevich.
