Latest news with #Dh345.75
Khaleej Times
15-04-2025
- Business
- Khaleej Times
UAE: Gold prices edge higher as markets grapple with US tariff uncertainty
Gold prices rose on Tuesday amid continued uncertainty over U.S. President Donald Trump's tariff plans and its impact on the global economy. In UAE, 24k opened at Dh389.50 per gram on Tuesday. The 22K variant was selling at Dh360.50 per gram. Among the other variants, 21K and 18K opened at Dh345.75 and Dh296.25 per gram, respectively. Spot gold was up 0.6% to $3,229.93 an ounce, as of 0501 GMT, not far from Monday's record high of $3,245.42. U.S. gold futures rose 0.6% to $3,246.50. "Gold continues to firm today... on ongoing investors' demand for defensive assets to mitigate portfolio volatility as the U.S. seems to be setting the stage for more tariffs to come," IG market strategist Yeap Jun Rong said. The US is proceeding with probes into imports of pharmaceuticals and semiconductors as part of a bid to impose tariffs on both sectors on the grounds that extensive reliance on foreign production of medicine and chips is a national security threat, Federal Register filings on Monday showed. Trump said on Sunday he would be announcing the tariff rate on imported semiconductors over the next week, keeping market participants on edge. With gold prices recently hitting a new high, the upward trend remains intact and as long as tariff uncertainties drag on, bullion may remain supported, Yeap said. Meanwhile, Atlanta Federal Reserve Bank President Raphael Bostic said the uncertainty surrounding tariffs and other policies has put the economy into a "big pause," and suggested the Fed should stay on hold until there is more clarity. Non-yielding gold acts as a hedge against global uncertainty and inflation, and also tends to thrive in a low-interest-rate environment. Investments into Chinese physically-backed gold exchange-traded funds so far this month have exceeded those for all of the first quarter and overtaken inflows registered by U.S.-listed funds, World Gold Council data showed. Spot silver was steady at $32.33 an ounce, platinum slipped 0.1% to $950.65 and palladium fell 1.1% to $945.19.
Khaleej Times
06-02-2025
- Business
- Khaleej Times
Some UAE shoppers delay gold jewellery purchases amid sky-high prices: Experts - News
KT Photo: File Some UAE shoppers have put their gold and jewellery purchases on hold as yellow metal prices reach an all-time high in Dubai and across the world, industry experts have said. The precious metal hit a record high of $2,882.16 per ounce earlier this week. In line with global rates, all the variants of the yellow metal also reached an all-time high in Dubai — with 24K and 22K trading at Dh345.75 and Dh321.50 per gram on Thursday morning, respectively. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Anuraag Sinha, managing director of Liali Jewellery, said gold shoppers were indeed adopting a wait-and-watch approach due to record-high prices, delaying their purchases in anticipation of potential price drops. 'However, we focus on diamonds, so this trend does not apply to our customers. Diamond-buyers tend to make decisions based on their love for the product rather than price fluctuations,' added Sinha. Anuraag Sinha 'Some customers may be adopting a wait-and-watch approach, monitoring price trends before committing to a purchase. However, a significant portion still perceives gold as a timeless asset, investing in it for special occasions and long-term value, despite the price volatility,' said John Paul Alukkas, managing director of Joyalukkas Group. Shamlal Ahamed, managing director of international operations at Malabar Gold and Diamonds, said shoppers in the UAE have the option to choose from an array of designs curated from all over the world. 'Therefore, it is safe to assume that gold rate hikes do not affect the buying behaviour of tourist customers. However, this may vary for residents as they have the luxury to opt for a wait-and-watch approach during a gold price hike,' he said. Shamlal Ahamed Anil Dhanak, managing director of Kanz Jewels, agreed, too, saying some customers are delaying their purchases, hoping for a price correction. In the UAE, he added, festivals, weddings, and gifting occasions continue to drive demand. 'Instead of postponing indefinitely, customers are adjusting their budgets and choosing designs that offer better value without compromising aesthetics.' Anil Dhanak Chirag Vora, managing director of Bafleh Jewellers, said minor fluctuations in gold prices don't make a big difference for retail buyers as they usually purchase in small quantities. 'Historically, gold prices have always risen in the long run, making it the right time to invest in gold jewellery. Special occasions like weddings and festivals continue to drive steady demand,' he added. Chirag Vora Ahamed said that even though gold prices have been on an upward slope for the past few weeks, customer footfall and subsequent sales across the UAE have remained unaffected due to yellow metal's status as a value-appreciating consumable investment. 'However, another pattern that we have noticed across our showrooms amidst the high prices is a shifting preference of buyers towards lightweight jewellery as opposed to heavier pieces.' In addition to price fluctuations, Alukkas elaborated that sales trends are influenced by consumer sentiment and seasonal demand. 'While some buyers may delay their purchases when prices rise, others continue to see gold as a reliable long-term investment. Despite higher prices, gold remains a valuable asset for many customers and we continue to see strong interest in our collections.' ALSO READ: Dubai: Gold prices hit new all-time high, continue to set records Gold soars amid trade war tensions; oil market remains stable Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that directly affect the lives of UAE consumers. He frequently reports human interest stories, too. waheedabbas@
Khaleej Times
06-02-2025
- Business
- Khaleej Times
Some UAE shoppers delay gold jewellery purchases amid sky-high prices: Experts
Some UAE shoppers have put their gold and jewellery purchases on hold as yellow metal prices reach an all-time high in Dubai and across the world, industry experts have said. The precious metal hit a record high of $2,882.16 per ounce earlier this week. In line with global rates, all the variants of the yellow metal also reached an all-time high in Dubai — with 24K and 22K trading at Dh345.75 and Dh321.50 per gram on Thursday morning, respectively. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Anuraag Sinha, managing director of Liali Jewellery, said gold shoppers were indeed adopting a wait-and-watch approach due to record-high prices, delaying their purchases in anticipation of potential price drops. 'However, we focus on diamonds, so this trend does not apply to our customers. Diamond-buyers tend to make decisions based on their love for the product rather than price fluctuations,' added Sinha. 'Some customers may be adopting a wait-and-watch approach, monitoring price trends before committing to a purchase. However, a significant portion still perceives gold as a timeless asset, investing in it for special occasions and long-term value, despite the price volatility,' said John Paul Alukkas, managing director of Joyalukkas Group. Shamlal Ahamed, managing director of international operations at Malabar Gold and Diamonds, said shoppers in the UAE have the option to choose from an array of designs curated from all over the world. 'Therefore, it is safe to assume that gold rate hikes do not affect the buying behaviour of tourist customers. However, this may vary for residents as they have the luxury to opt for a wait-and-watch approach during a gold price hike,' he said. Anil Dhanak, managing director of Kanz Jewels, agreed, too, saying some customers are delaying their purchases, hoping for a price correction. In the UAE, he added, festivals, weddings, and gifting occasions continue to drive demand. 'Instead of postponing indefinitely, customers are adjusting their budgets and choosing designs that offer better value without compromising aesthetics.' Chirag Vora, managing director of Bafleh Jewellers, said minor fluctuations in gold prices don't make a big difference for retail buyers as they usually purchase in small quantities. 'Historically, gold prices have always risen in the long run, making it the right time to invest in gold jewellery. Special occasions like weddings and festivals continue to drive steady demand,' he added. Gold maintains appeal Shamlal Ahamed said that even though gold prices have been on an upward slope for the past few weeks, customer footfall and subsequent sales across the UAE have remained unaffected due to yellow metal's status as a value-appreciating consumable investment. 'However, another pattern that we have noticed across our showrooms amidst the high prices is a shifting preference of buyers towards lightweight jewellery as opposed to heavier pieces.' In addition to price fluctuations, Alukkas elaborated that sales trends are influenced by consumer sentiment and seasonal demand. 'While some buyers may delay their purchases when prices rise, others continue to see gold as a reliable long-term investment. Despite higher prices, gold remains a valuable asset for many customers and we continue to see strong interest in our collections.'
Khaleej Times
06-02-2025
- Business
- Khaleej Times
Dubai: Gold prices hit new all-time high, continue to set records
Gold prices continue to set new records every day as 22K hit a new all-time high of Dh321.5 per gram in Dubai on Thursday morning. At the opening of the markets in Dubai on Thursday, 24K jumped Dh1 per gram to Dh345.75 while 22K rose Dh0.75 to Dh321.5 per gram. Among the other variants of the yellow metal, 21K and 18K opened higher at Dh308.25 and Dh264.25 per gram, respectively. Globally, gold was steady at $2,868.73 per ounce on Thursday morning. [Editor's Note: For real-time gold rates, click widget below or visit KT's dedicated Trading News page here.] Stay up to date with the latest news. Follow KT on WhatsApp Channels. Samer Hasn, senior market analyst at said gold's consecutive gains come amid escalating trade wars between the US and China, which are likely to deepen concerns about the economies of both countries. 'These consecutive peaks for gold also coincide with declining Treasury yields and lacklustre US stock market performance, reinforcing the safe haven demand hypothesis, which was also after a larger-than-expected decline in job openings in December,' he said. 'These factors add to the uncertainties surrounding the global economy and geopolitical realities,' he added. Hasn elaborated that the trade war now appears to be the most significant factor fuelling uncertainty, which in turn drives demand for safe havens. 'Concerns are growing as the trade war is expected to escalate further, although it began less severely than expected with the inauguration of Donald Trump.'
