Latest news with #Dh344.75
Khaleej Times
10-02-2025
- Business
- Khaleej Times
UAE: Gold prices jump over Dh2 per gram, reach new record high
Gold prices jumped over Dh2 per gram at the opening of markets in Dubai on Monday, touching a new record high. At 9am UAE time, the 24K variant of the yellow metal rose Dh2.25 per gram to Dh347 per gram on Monday, up from Dh344.75 per gram at the close of the markets over the weekend. Among the other variants, 22K, 21K and 18K opened higher at Dh322.75, Dh309.5 and Dh265.25 per gram, respectively. Globally, gold was trading at $2,878.59 per ounce, up 0.58 per cent. Stay up to date with the latest news. Follow KT on WhatsApp Channels. [Editor's Note: For real-time gold rates, click widget below or visit KT's dedicated Trading News page here.] The yellow metal has been consistently on the rise due to strong demand, uncertainty around US tariff policy and geopolitical tensions. Unsurprisingly, high prices dampened demand in the jewellery sector worldwide, with annual consumption decreasing by 11 per cent to 1,877 tonnes, according to the World Gold Council. Central banks continued to buy gold at pace in 2024, with purchases exceeding 1,000 tonnes for the third year in a row. Buying ramped up significantly in the fourth quarter of last year, reaching 333 tonnes and bringing the annual total for central banks to 1,045 tonnes, said the Council. It said total gold supply increased one per cent year-on-year, reaching a new record high of 4,794 tonnes. Global investment demand jumped 25 per cent year-on-year to 1,180 tonnes – a four-year high – driven by a revival in gold ETF demand in the second half of 2024. Global gold ETFs added 19 tonnes in the last quarter of 2024, marking two consecutive quarters of inflows for the asset class. Bar and coin demand stayed largely in line with 2023 volumes at 1,186 tonnes in 2024.
Khaleej Times
09-02-2025
- Business
- Khaleej Times
UAE: Gold prices may hit $3,400 later this year, say analysts
Gold prices, which hit a new record high last week, could touch $3,400 per ounce later this year due to a new global growth wave, steady buying of the yellow metal, geopolitical tension uncertainties and tariff rows, say analysts. The precious metal has been consistently reaching new highs since the end of last month. Gold prices, globally, closed at $2,861.26 per ounce, up 0.37 per cent. In the UAE, 24K and 22K variants of the yellow metal closed at Dh344.75 and Dh320.75 per gram, respectively. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Prices in Dubai also reached an all-time high last week when 22K touched Dh321.5 per gram. Alex Kuptsikevich, chief market analyst at the FxPro, said from a technical perspective, gold is starting a Fibonacci extension pattern. 'The global rally commenced in October 2023 following initial signals from the Federal Reserve indicating an easing of monetary policy and a subsequent slowdown in the pace of rate hikes. Between October and November 2024, after appreciating by 55 per cent to reach the $2,790 level, gold experienced significant profit-taking, resulting in a pullback to $2,550, which represents 76.4 per cent of the initial rally. This was followed by several weeks of intense trading between bullish and bearish market participants,' he said. 'By the end of December, steady buying momentum had returned to the gold market. A move above $2,800 in late January has led to discussions about the potential onset of a new global growth wave. If this trend continues, the price of gold may potentially reach the $3,400 per troy ounce area between August and October of this year,' said Kuptsikevich. Citi Research has also hiked its average gold price forecast, raising its three-month price target to $3,000 per ounce from $2,800 and hiked its 2025 average forecast to $2,900 from $2,800. 'The gold bull market looks set to continue under Trump 2.0 with trade wars and geopolitical tensions reinforcing the reserve diversification or de-dollarisation trend and supporting emerging markets official sector gold demand,' Citi Research said. Rania Gule, senior market analyst at said gold remains supported by rising inflation fears in the world's largest economy. 'Trump's trade policies, including the imposition of new tariffs, are expected to drive up import prices, which could translate into higher inflation in the US. In such circumstances, investors typically turn to gold as a hedge against the loss of purchasing power of the dollar. Additionally, higher inflation may reduce the likelihood of the Federal Reserve cutting interest rates, making investments in non-yielding assets like gold more attractive,' she added. 'Overall, the upward trend for gold remains intact despite the obstacles it faces. We can expect continued upward movement, and any corrective pullbacks should be seen as buying opportunities, based on the supporting factors that have not fundamentally changed,' added Gule.
