Latest news with #Dh347.75
Khaleej Times
17-02-2025
- Business
- Khaleej Times
Dubai: Gold prices start week on a higher note, rises Dh1.75 per gram in early trade
Gold prices in Dubai opened higher at the opening of the markets on Monday, rising up to Dh1.75 per gram. At 9am UAE time, 24K rose to Dh349.5 per gram compared to Dh347.75 per gram at the close of the market over the weekend. Similarly, 22K opened Dh1.5 per gram higher at Dh325.0 per gram. Among the other variants, 21K and 18K opened higher at Dh311.75 and Dh267.25 per gram, respectively. Globally, spot gold was trading at $2,901.11 per ounce, up 0.59 per cent. Investors are awaiting US President Donald Trump's move on tariffs for further clues. Alex Kuptsikevich, chief market analyst at the FxPro, said the growth trajectory of gold has become less straightforward. 'After briefly surpassing $2,940 at the start of the week, gold experienced a sharp pullback of nearly $80. However, by the week's end, the price rebounded, signalling that while buyers remain cautious, they continue to apply upward pressure,' he said. 'On daily timeframes, gold has entered the overbought territory on the RSI index. Historically, this has led to a temporary pause rather than a reversal,' Kuptsikevich said, adding that on the weekly frame, the market still favours bulls, as the pullback over the last two months has created space for further acceleration, easing the overbought condition.
Khaleej Times
12-02-2025
- Business
- Khaleej Times
UAE: Gold prices drop further after precious metal surpassed $2,900 this week
Gold prices fell further at the opening of the markets in Dubai on Wednesday as the global precious metal slipped below $2,900 per ounce. At 9am UAE time, 24K fell to Dh347.75 per gram on Wednesday compared to last night's close of Dh349 per gram. Among the other variants, 22K, 21K and 18K fell to Dh323.5, Dh310.25 and Dh266 per gram, respectively. Globally, spot gold was trading at $2,885.41 per ounce, down 0.73 per cent at 9am UAE time. Samer Hasn, senior market analyst at said gold surpassed $2,900 per ounce for the first time in history this week. 'Gold's gains come as more chapters of the trade war unfold with Donald Trump talking about his intention to impose more tariffs, including on all steel and aluminium imports,' he said. The US President announced a 25 per cent tariff on imports of these metals, in addition to imposing retaliatory tariffs for these on US imports. The US imports a quarter of its steel needs and half of its aluminium, with Canada supplying 79 per cent. The US also has the capacity of only 1.73 per cent of the global smelting industry for this metal. 'What we have seen from the beginning of Trump's trade escalation may only be the beginning of a wider war, which could expand to include the European Union and South Korea. Trump's steps will also be met with countermeasures from targeted countries, which in turn could drag Trump into an even broader escalation than before,' he said. 'We must see what Trump will do, not what he says. So far, he has not taken any real steps to implement either of the previous two ideas, which would have catastrophic consequences,' said Hasn.
