Latest news with #Dh336.5
Khaleej Times
01-04-2025
- Business
- Khaleej Times
Will gold touch $3,400? Price forecast hiked after it touches new high
Gold price targets have been hiked by analysts after precious metal crossed $3,100 an ounce, expecting precious metal to touch $3,400. Analysts had previously projected that the yellow metal would touch $3,200 in the short term after it hit $3,000 in the middle of March. After it surpassed the $3,100 mark, many major investment banks raised their gold price forecasts for the end of 2025. Goldman Sachs currently targets gold at $3,300 per ounce, while Citi forecasts gold could reach $3,200/oz in the short term. However, some analysts cautioned that a correction could be due as the market is overbought. Alex Kuptsikevich, chief market analyst at the FxPro, said gold continues to extend gains into uncharted territories. 'The bulls are now targeting the level of $3,400 an ounce. This seems like the bulls' target for the coming months. However, we should not lose sight of the fact that the current rally in gold is accumulating extreme overbought conditions on both the daily and weekly timeframes,' said Alex Kuptsikevich, chief market analyst at the FxPro. In Dubai, gold prices hit an all-time high on Tuesday as 22K surpassed Dh250 per gram for the first time. The Dubai Jewellery Group data showed 24K trading at Dh379 per gram, 22K at Dh350.75, 21K at Dh336.5 and 18K at Dh288.25. Gold has gained approximately Dh62 per gram in the first three months of 2025. Globally, gold was trading at $3,145.51 per ounce, up 1.43 per cent on Tuesday morning as US tariff uncertainties propelled the yellow metal to a new all-time high. As a defensive asset against risks, gold has risen nearly 20 per cent in Q1 2025, recording the largest quarterly increase in nearly 40 years. Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said gold prices 'continue their journey to the north with little hesitation.' Linh Tran, a market analyst at said gold's upward trend is supported by an ideal environment, including concerns over US government tariff measures, global geopolitical instability, expectations of Federal Reserve interest rate cuts, and strong central bank demand. 'These are all factors driving capital flows into gold as a safe-haven asset, helping the precious metal maintain strong momentum throughout the first quarter. Financial market volatility, especially investors' risk aversion to uncertainties, has made gold the preferred choice,' she said. Tran elaborated that geopolitical risks are also a key driver of gold's rally. 'Tensions in the Middle East, conflicts in Europe, and instability in certain other regions continue to increase demand for defensive assets. In this context, gold is not only a value-preserving tool but also an effective hedge against political and economic fluctuations.' Another significant factor supporting gold prices is central bank purchases. Recent reports indicate that China, India, and several other countries are continuing to increase their gold reserves, contributing to a stable upward trend in prices. Finally, there are the tariff measures that President Donald Trump's administration is expected to impose. These moves increase financial market uncertainty, prompting investors to seek safe-haven assets like gold. However, tariff-related information has already been partly reflected in gold prices over the past week. If President Trump delays the implementation of these policies, the market may witness a short-term correction in gold as investors take profits after a strong rally.
Khaleej Times
01-04-2025
- Business
- Khaleej Times
Dubai gold prices at new record high, 22K surges above Dh350 per gram
Gold prices continued to scale new highs in Dubai on Tuesday, as 22K surpassed Dh350 per gram in early trade. The Dubai Jewellery Group data showed 24K opening at Dh379 per gram while 22K was selling at Dh350.75 per gram. Among the other variants, 21K and 18K opened at Dh336.5 and Dh288.25 per gram, respectively. Gold has gained approximately Dh62 per gram in the first three months of 2025. Globally, gold was trading at $3,143.94 per ounce, up 0.83 per cent. It ended the first quarter of 2025 with nearly 20 per cent. Linh Tran, market analyst at said this growth is supported by an ideal environment, including concerns over US government tariff measures, global geopolitical instability, expectations of Federal Reserve interest rate cuts, and strong central bank demand. 'These are all factors driving capital flows into gold as a safe-haven asset, helping the precious metal maintain strong momentum throughout the first quarter. As a defensive asset against risks, gold has risen nearly 20 per cent in Q1 2025, recording the largest quarterly increase in nearly 40 years,' said Tran. She elaborated that financial market volatility, especially investors' risk aversion to uncertainties, has made gold the preferred choice.
Khaleej Times
26-03-2025
- Business
- Khaleej Times
Dubai: Gold prices drop by up to Dh1.75 per gram in early trade
The Dubai Jewellery Group data showed a 24K variant of the yellow metal falling Dh1. 75 per gram to Dh363.25 per gram, on Wednesday morning, down from Dh365 per gram. While 22K fell Dh1.5 per gram to Dh336.5 per gram, down from Dh338 per gram last night. Similarly, 21K and 18K also opened lower at Dh322.5 and Dh276.5 per gram, respectively. Spot gold was trading at $3,015.63 per ounce, down 0.19 per cent. Gold hit a record historic high of $3,057 per ounce in spot trading last week, but it has been trending lower in the past few sessions. Samer Hasn, senior market analyst at said gold's gains came after US Federal Reserve chief Jerome Powell's speech, which appeared to be in line with what investors wish in various aspects, both by avoiding a hawkish tone and by emphasising the uncertainty created by tariffs. 'Powell's favourable speech was the latest link in a chain of factors fueling gold's continued gains, where growing concerns about the potential ramifications of Donald Trump's trade policy and the economic turmoil resulting from the continued reluctance to impose tariffs were among the most prominent factors supporting the yellow metal to continue its gains,' he said. Ultimately, Powell's speech and the Fed's Summary of Economic Projections did not change market expectations about the path of monetary policy, and the likelihood remains that we will see at least two to three rate cuts this year, allowing gold to continue its gains eventually,' added Hasn.
