Latest news with #Dh344.5
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Dubai: Gold prices slip Dh1.5 in early trade on Tuesday
Gold prices slipped one-and-a-half dirham per gram at the opening of the markets in Dubai on Tuesday. At 9am UAE time on Tuesday, 24-carat slipped to Dh387.75 per gram, down from Dh389.25 per gram at the close of the markets on Monday. Similarly, 22-carat, 21-carat and 18-carat fell to Dh359.25, Dh344.5 and Dh295.25 per gram, respectively. Spot gold was trading at $3,217.7 per ounce, down 0.37 per cent due to a firmer dollar and optimism around the Russia-Ukraine war ceasefire. Linh Tran, a market analyst at said gold prices are likely to continue trading within a narrow range as markets await clearer signals from the high-level dialogue and upcoming economic data to determine the next directional move. Gold started the year off on solid footing at around $2,624.50 after rallying nearly 27 per cent in 2024. The momentum gained steam this year, as gold exhibited a relentless rally, creating a series of record highs amid a global flight to safety. By April 22, it had risen to a peak of over $3,500 – rallying more than 875 points or around 34 per cent in less than 4 months. 'However, the emergence of trade deals has since triggered a drop, with gold currently trading 8.4 per cent below its peak at $3,223. The precious metal was exhibiting a double top pattern on the day chart, which is typically indicative of bearish forces,' said Vijay Valecha, chief investment officer of Century Financial.
Khaleej Times
03-03-2025
- Business
- Khaleej Times
Dubai: Gold prices rise Dh1 per gram in early trade, start the week positively
Gold prices rose Dh1 per gram at the opening of the markets in Dubai on Monday. At 9am UAE time, 24K rose to Dh345.5 per gram, up from Dh344.5 per gram at the close of the markets over the weekend. Among the other variants, 22K, 21K and 18K also opened higher at Dh321.5, Dh308.25 and Dh264.25 per gram, respectively. Globally, spot gold was trading at $2,866.36 per ounce, up 0.24 per cent at 9.07 am UAE time. The yellow metal prices have been dictated by the US Federal Reserve's policy around interest rates, US President Donald Trump's policies around tariffs and central banks' buying of gold. Gold has not been a direct target of tariffs, but market reactions to trade uncertainty have driven a significant shift in trading behaviour and impacted the gold price. Gold prices hit an all-time high last month as it breached the $2,950 level for the first time. 'While a pullback after having flirted with the $3,000 level is healthy, the outlook for gold remains positive on the back of tense global geopolitical environment,' said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. Alex Kuptsikevich, chief market analyst at the FxPro, said investors moved into long-term US Treasuries in response to the many initiatives by the Trump administration to reduce the national budget. 'The potential pullback in gold allows us to consider the $2,800 area as a potential target for the current downside momentum from 2,955,' he said.
