Latest news with #Dh350.75
Khaleej Times
01-04-2025
- Business
- Khaleej Times
Will gold touch $3,400? Price forecast hiked after it touches new high
Gold price targets have been hiked by analysts after precious metal crossed $3,100 an ounce, expecting precious metal to touch $3,400. Analysts had previously projected that the yellow metal would touch $3,200 in the short term after it hit $3,000 in the middle of March. After it surpassed the $3,100 mark, many major investment banks raised their gold price forecasts for the end of 2025. Goldman Sachs currently targets gold at $3,300 per ounce, while Citi forecasts gold could reach $3,200/oz in the short term. However, some analysts cautioned that a correction could be due as the market is overbought. Alex Kuptsikevich, chief market analyst at the FxPro, said gold continues to extend gains into uncharted territories. 'The bulls are now targeting the level of $3,400 an ounce. This seems like the bulls' target for the coming months. However, we should not lose sight of the fact that the current rally in gold is accumulating extreme overbought conditions on both the daily and weekly timeframes,' said Alex Kuptsikevich, chief market analyst at the FxPro. In Dubai, gold prices hit an all-time high on Tuesday as 22K surpassed Dh250 per gram for the first time. The Dubai Jewellery Group data showed 24K trading at Dh379 per gram, 22K at Dh350.75, 21K at Dh336.5 and 18K at Dh288.25. Gold has gained approximately Dh62 per gram in the first three months of 2025. Globally, gold was trading at $3,145.51 per ounce, up 1.43 per cent on Tuesday morning as US tariff uncertainties propelled the yellow metal to a new all-time high. As a defensive asset against risks, gold has risen nearly 20 per cent in Q1 2025, recording the largest quarterly increase in nearly 40 years. Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said gold prices 'continue their journey to the north with little hesitation.' Linh Tran, a market analyst at said gold's upward trend is supported by an ideal environment, including concerns over US government tariff measures, global geopolitical instability, expectations of Federal Reserve interest rate cuts, and strong central bank demand. 'These are all factors driving capital flows into gold as a safe-haven asset, helping the precious metal maintain strong momentum throughout the first quarter. Financial market volatility, especially investors' risk aversion to uncertainties, has made gold the preferred choice,' she said. Tran elaborated that geopolitical risks are also a key driver of gold's rally. 'Tensions in the Middle East, conflicts in Europe, and instability in certain other regions continue to increase demand for defensive assets. In this context, gold is not only a value-preserving tool but also an effective hedge against political and economic fluctuations.' Another significant factor supporting gold prices is central bank purchases. Recent reports indicate that China, India, and several other countries are continuing to increase their gold reserves, contributing to a stable upward trend in prices. Finally, there are the tariff measures that President Donald Trump's administration is expected to impose. These moves increase financial market uncertainty, prompting investors to seek safe-haven assets like gold. However, tariff-related information has already been partly reflected in gold prices over the past week. If President Trump delays the implementation of these policies, the market may witness a short-term correction in gold as investors take profits after a strong rally.
Khaleej Times
01-04-2025
- Business
- Khaleej Times
Dubai gold prices at new record high, 22K surges above Dh350 per gram
Gold prices continued to scale new highs in Dubai on Tuesday, as 22K surpassed Dh350 per gram in early trade. The Dubai Jewellery Group data showed 24K opening at Dh379 per gram while 22K was selling at Dh350.75 per gram. Among the other variants, 21K and 18K opened at Dh336.5 and Dh288.25 per gram, respectively. Gold has gained approximately Dh62 per gram in the first three months of 2025. Globally, gold was trading at $3,143.94 per ounce, up 0.83 per cent. It ended the first quarter of 2025 with nearly 20 per cent. Linh Tran, market analyst at said this growth is supported by an ideal environment, including concerns over US government tariff measures, global geopolitical instability, expectations of Federal Reserve interest rate cuts, and strong central bank demand. 'These are all factors driving capital flows into gold as a safe-haven asset, helping the precious metal maintain strong momentum throughout the first quarter. As a defensive asset against risks, gold has risen nearly 20 per cent in Q1 2025, recording the largest quarterly increase in nearly 40 years,' said Tran. She elaborated that financial market volatility, especially investors' risk aversion to uncertainties, has made gold the preferred choice.
Khaleej Times
10-03-2025
- Business
- Khaleej Times
Dubai: Gold prices inch higher in early trade; 24K variant at Dh350.75
Gold prices inched higher at the opening of the markets on the first trading day of the week as global prices remained steady in early trade. At 9am on Monday, the 24K variant rose to Dh350.75 per gram, up from Dh350.50 per gram at the close of the markets over the weekend. Among the other variants, 22K, 21K and 18K opened at Dh326.25, Dh313.0 and Dh268.25 per gram, respectively. Globally, spot gold was trading at $2,910.44 per ounce, up 0.05 per cent. Vijay Valecha, chief investment officer, Century Financial, said investors are closely monitoring the evolving tariff situation and its potential impact on the US economy and Federal Reserve policy decisions. 'Additionally, concerns have arisen regarding the potential tightening of supplies in London following Trump's tariff threats. Investors have been observed moving record volumes of the metal to New York warehouses in recent months due to these uncertainties,' he said Gold support could be seen near the psychological level of $2,900. Linh Tran, a market analyst at said that gold continued to trade sideways as market sentiment remained cautious on geopolitical developments and trade tensions. 'Geopolitical risks, trade wars, and a weak economy have been strong drivers of gold's recent upward trend. However, these factors now seem to be experiencing delays and uncertainty,' Linh added.
Khaleej Times
05-03-2025
- Business
- Khaleej Times
UAE: Gold prices slip after jumping nearly Dh5 per gram yesterday
Gold prices dropped in Dubai on Wednesday morning after jumping nearly Dh5 per gram on Tuesday. The Dubai Jewellery Group data showed 24K slipping Dh1.5 to Dh350.75 at the opening of markets in Dubai on Wednesday. Among the other variants, 22K, 21K and 18K opened lower at Dh326.25, Dh313 and Dh268.25 per gram, respectively. Globally, gold was steady at $2,911.04 per ounce at 9.20am UAE time. Samer Hasn, senior market analyst at said gold's gains come amid the highest levels of uncertainty this year in the US market, whether for stocks or bonds. 'This coincides with the US escalating its trade war with Canada, Mexico and China, and the beginning of the effects of this trade conflict in the slowdown in economic activity,' he said. The trade conflict escalated as new tariffs on Canada, and Mexico, and additional tariffs on China took effect. In response, China retaliated by imposing tariffs on American agricultural imports, specifically targeting soybeans, of which it is the largest importer, purchasing over $12 billion in 2024. Additionally, China introduced export restrictions on certain products with both civilian and military applications. Meanwhile, tariffs on American agricultural exports were one of the most prominent points that raised experts' concerns about the consequences of the trade war on the economy. China may also move to expand its restrictions on American companies, especially those in the technology sector, which is a source of concern for markets. 'The market is facing risks of an economic slowdown coupled with rising inflationary pressures, which could keep the state of high uncertainty about the path of monetary policy and could explain the heightened concerns in the bond market. This confusion could preserve gold's ability to recover,' added Hasn.
Khaleej Times
18-02-2025
- Business
- Khaleej Times
Dubai: Gold prices continue to rise, Dh1.75 higher in early trade
Gold prices in Dubai rose further at the opening of the markets on Tuesday as the US bank raised its gold price forecast. The Dubai Jewellery Group data showed 24K trading Dh1.75 per gram higher at Dh350.75 on Tuesday morning, up from Dh349.0 per gram at the close of the markets on Monday. Among the other precious metal variants, 22K rose to Dh326.5, 21K to Dh313, with 18K rising to Dh268.25 per gram. Globally, spot gold was trading at $2,912.82 per ounce, up 0.5 per cent. The US bank Goldman Sachs has raised its 2025 gold forecast to $3,100 per ounce, up from $2,890, due to good demand from central banks. The bank estimates that structurally higher central bank demand will add 9 per cent to the gold price by year-end. Last week, gold prices reached a new all-time high, surpassing $2,940 per ounce on February 10. This surge was primarily driven by rising trade tensions following the possible imposition of tariffs by the US However, analysts warn that this rally may not be sustainable in the long term. 'Unlike previous cycles, gold has demonstrated strength even without the traditional support of a weak dollar and declining US Treasury yields. Economic uncertainty has been the main driver of its price increase this time. Growing concerns over a potential trade war have led investors to seek refuge in this precious metal, considered a safe-haven asset during economic and geopolitical crises," said Antonio Di Giacomo, senior market analyst at said
