Latest news with #Dh34
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Dubai gold prices drop Dh34 per gram in a month: Will rates fall further?
Gold price is expected to drop below $3,000 per ounce in the near future as risk appetite is growing among investors, reducing demand for safe-haven commodity, say analysts. After hitting an all-time high of $3,500 per ounce on April 22, the precious metal has fallen 8.5 per cent to $3,201 per ounce in nearly a month. In Dubai, prices have fallen around 8.1 per cent or Dh34 per gram to Dh386 on May 18, down from an all-time high of Dh420 in April. The prices have rallied over the past few months due to the central bank's buying, the US tariffs row, and geopolitical tensions around the world. However, as the US and China reached a trade deal, the prices of the yellow metal dropped significantly. 'We have seen a strong gold rally from $3,000 to $3,500, fuelled by concerns about tension between the US Federal Reserve and the US President Donald Trump administration, trade war and geopolitical tensions. With regard to trade uncertainty, we are a little bit more certain because of sub-deals. "Talks are happening to ease geopolitical situations. So, things have eased now with these two developments. Therefore, the risk appetite has improved, and this weighed on the gold price. If things continue to move in the same direction and we don't see a sudden surprise on these fronts, we expect gold to continue sliding and could go even below $3,000, said Wael Makarem, financial markets strategist lead at Exness. 'Risk appetite is significantly growing as we have seen a 20 per cent rebound in US stock indices and similarly European indices are also close to a record. So this shows a significant rebound in risk appetite,' he said. Ahmed Negm, head of market research for Mena at projected that the yellow metal gold will go down below $3,000 in the second quarter of 2025. 'This is because there is no positive sentiment in the gold market. So risky assets such as cryptocurrencies will be in high demand and rise,' said Negm. Farah Mourad, senior market research analyst at Equiti, also sees 'a strong cushion' around the $3,000 level. 'The biggest catalyst in the gold rally was central banks and China bought when gold was $2,800 and even around $3,000. The big institutions followed. But the huge peak that followed and the price reached $3,500, it needed a correction. But we are not worried about this correction because it corrected another momentum that was not that logical. We see strong support around $3,000 and it's good for those who were waiting for the dip to re-enter the market,' she said. Ole Hansen, head of commodity strategy at Saxo Bank, said gold has experienced its sharpest correction in absolute and percentage terms since 2023, breaking through multiple technical support levels. 'Having already hit our 2025 price target of $3,500, we are currently adopting a wait-and-see approach. The market remains between profit-taking from those selling into strength and renewed interest from dip buyers. Despite the recent pullback, several key structural drivers remain intact, including central bank buying, geopolitical risks, fiscal debt concerns, and inflation hedging. These are likely to underpin prices over the longer term, though a period of consolidation may be required before the next significant upside catalyst emerges,' he said.
Al Etihad
24-04-2025
- Business
- Al Etihad
Palms Sports reports Dh276m revenue in Q1 2025
24 Apr 2025 14:29 ABU DHABI (ALETIHAD) Palms Sports, the region's preeminent sports training provider, and a subsidiary of International Holding Company (IHC), reported Dh276 million in total revenue in the first quarter, reflecting a 7% increase from Dh258 million in Q1 Sports on Thursday announced its financial results for the first quarter of 2025, showcasing strong growth and consistent profitability across all key metrics. The growth underscores the company's continued momentum in driving demand for its training programmes, wellness, and competitive event programmes, a statement by the company posted on the Abu Dhabi Securities Exchange(ADX) website company also posted an operating profit of Dh34 million, up from Dh32 million in the same quarter last year. Net profit before tax rose to Dh20 million, up 18% from Dh17 million in Q1 2024. 'Our Q1 performance is a direct result of Palms Sports' strategic direction—investing in innovation, expanding our vertical capabilities, and acquiring key assets that strengthen our competitive advantage,' said Fouad Darwish, CEO and Managing Director of Palms Sports. 'These tactics not only enhance our core operations but also allow us to deliver broader value across education, community development, and elite sports.' The company's performance is driven by the ongoing expansion of its flagship programmes, along with a focus on scaling its operations and investments alike, reinforcing its prominent position in shaping the local and regional fitness and sports ecosystem, the statement said.
