Latest news with #Dh338.5
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
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.
