Latest news with #Dh349.25
Khaleej Times
03-04-2025
- Business
- Khaleej Times
Gold prices rise in UAE after Trump's trade tariff announcement
Gold prices in the UAE rose on Thursday, after Trump announced sweeping new trade tariffs on April 2. The more aggressive than expected import tariffs pushed investors to flock to gold. The Dubai Jewellery Group data showed 24K opening at Dh378.25 per gram while 22K was selling at Dh350.25 per gram compared to Dh377.25 and Dh349.25 respectively on Wednesday. Among the other variants, 21K and 18K opened at Dh336 and Dh288 per gram, respectively. Meanwhile, internationally gold hit an all-time high of $3,167.57 per ounce on Thursday. The rates fell a little to reach $3123.49 per ounce as the day progressed. After hitting record highs on April 1 when 24K opened at Dh379 per gram, gold prices in the UAE fell on Wednesday slightly before rising again on Thursday. Late last month, gold jewellers had expressed hopes that occasions such as Eid Al Fitr and Indian festivals like Akshaya Tritiya would drive up demand and prices. According to Dilin Wu, Research Strategist at Pepperstone, the new tariffs could put 'near-term pressure on gold prices' as potential retaliatory measures remain high. 'The risk of escalating trade tensions, concerns over tariffs dragging on U.S. economic growth, and continued gold buying by emerging market central banks all suggest that gold's longer-term trajectory remains tilted to the upside,' she said. 'If trade disputes intensify, global economic confidence could take a hit, potentially reigniting safe-haven demand.'
Khaleej Times
11-03-2025
- Business
- Khaleej Times
Gold prices slip in Dubai as yellow metal trades below $2,900 globally
Gold prices fell at the opening of the markets in Dubai on Tuesday as global rates dropped below $2,900 per ounce. The Dubai Jewellery Group data showed 24K trading at Dh349.25 per gram at 9am on Tuesday morning, down from Dh349.75 per gram at the close of the markets on Monday. Among the other variants, 22K, 21K and 18K slipped to Dh324.75, Dh311.5 and Dh267.0 per gram, respectively. Globally, gold was trading at $2,898.14 per ounce, up 0.2 per cent. Linh Tran, market analyst at said geopolitical risks remain prolonged following last week's clash between US President Donald Trump and Ukrainian President Volodymyr Zelensky. 'Both sides have since taken further actions, with the US temporarily halting aid to Ukraine and Ukraine responding that they will continue their efforts despite lacking US support. However, the US emphasised that this is a 'temporary pause,' while the Ukrainian president has continued to express a desire to reach an agreement with the US,' said Tran. She said geopolitical uncertainty is expected to persist until Wednesday, causing investors to delay their actions regarding safe-haven assets. The health of the US economy is also another major factor which will influence the precious metal prices in the near future.
Khaleej Times
27-02-2025
- Business
- Khaleej Times
Dubai: Gold prices slip in early trade as yellow metal trades below $2,900
Gold prices slipped at the opening of the markets in Dubai on Thursday as precious metal fell below $2,900 per ounce. At 9am UAE time, the 24K variant of the yellow fell to Dh349.25 per gram, down from Dh350 per gram at the close of the markets on Wednesday. Among the other variants, 22K, 21K and 18K dropped to Dh324.75, Dh311.5 and Dh267.0 per gram, respectively. Globally, spot gold was trading at $2,896.11 per ounce, down 0.69 per cent at 9.10 am UAE time. Economic uncertainty and ongoing fears of instability around US President Donald Trump's tariff plans are causing worries among investors and providing some support to the yellow metal as a safe-haven asset. However, movements remain more or less rangebound. Vijay Valecha, chief investment officer at Century Financial, said the yellow metal has immediate support at the $2,900 psychological level. Below this, strong support can be $2,891. Samer Hasn, senior market analyst at said uncertainty about retaliatory steps that other countries may take against the US in tariff war is among the most important positive factors for gold demand. 'This safe-haven demand gives it the ability to face the upward risks of inflation from this trade war and the tightening outlook for monetary policy that will follow,' he said.
