Latest news with #Dh348
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Dubai: Gold prices rise to Dh392, recover in early trade after big drop
Gold prices increased at the opening of the markets in Dubai on Tuesday after losing over Dh11 in yesterday's session. At 9am on Tuesday, the 24 karat traded at Dh392, recovering some of the losses recorded yesterday. Among the other variants, 22 karat, 21 karat and 18 karat were trading at Dh362.75, Dh348 and Dh298.25 per gram, respectively. Spot gold was trading at $3,258.43 per ounce, up 1 per cent. Precious metal plunged yesterday after the US and China announced a trade deal, prompting investors to move away from the safe haven commodity. Analysts said positive trade developments reduced demand for safe-haven assets. US-China trade tensions showed signs of easing following a major breakthrough in talks held in Switzerland. The two countries agreed to temporarily suspend tariffs. The 90-day pause provided further relief to global markets. 'There is some value-buying happening on gold at current levels which is helping to prop up the price, despite the generally better outlook for global growth with the US and China on better terms. The consolidation move in the dollar has allowed the gold price to make a mild push higher," said Tim Waterer, chief market analyst at KCM Trade. Traders await the US Consumer Price Index report which is due today for fresh signals on the US Federal Reserve's monetary policy trajectory. The market is expecting a 55-basis-point rate cut this year by the Fed, starting September. 'If the inflation data happened to produce a downside miss this could take some momentum away from the US dollar, which could see gold make forward progress," Waterer said.
Khaleej Times
21-02-2025
- Business
- Khaleej Times
Union Coop reports higher revenue, operational flexibility
The leading Dubai-based retailer 'Union Coop' announced its financial results for the fiscal year ending December 31, 2024, showcasing 'revenue surge' and operational flexibility. The cooperative recorded a total revenue of Dh2,491 million, with Dh1,854 million from retail operations and Dh637 million from other activities, reflecting a five per cent year-on-year increase. Profit before tax surged to Dh348 million, marking an 18 per cent rise compared to Dh297 million in 2023. These strong financials reaffirm Union Coop's strategic transformation journey, reinforcing its position for sustained growth and expansion, thereby re-affirming its position as the industry leader. In 2024, Union Coop doubled down on its digital transformation efforts to improve retail innovation and digital adoption. The retailer's smart app recorded 203K users by year-end, reflecting an improving digital presence and enhanced consumer reach. Additionally, the Tamayaz loyalty programme expanded to total 1,029,881 cardholders, strengthening customer engagement, retention, and satisfaction. Union Coop remains steadfast in its corporate social responsibility (CSR) commitments, allocating Dh19.5 million to social, educational, security, and charitable programmes across Dubai. This ongoing effort underscores the cooperative's dedication to fostering community well-being and promoting a sustainable development model. Mohamed Al Hashemi, Union Coop's CEO, commented on the company performance: "Our strong 2024 financial performance, with profit before tax reaching Dh348 million - an 18 per cent increase from the previous year—demonstrates our unwavering commitment to creating long-term shareholder value. The remarkable revenue growth across retail and other business segments underscores our ability to adapt to market dynamics and seize new opportunities. By embracing digital transformation, strengthening customer engagement through initiatives like the Tamayaz loyalty program, and upholding our social responsibility with Dh19.5 million allocated to community initiatives, we are ensuring sustainable success and a meaningful impact on the communities we serve." Looking ahead, Union Coop remains committed to expanding its market presence, leveraging technology, and further enhancing customer experiences. The cooperative's forward-thinking strategies and community-driven approach will continue to drive long-term sustainable growth in the evolving retail landscape of the UAE.
