Latest news with #Dh351.75
Khaleej Times
19-02-2025
- Business
- Khaleej Times
UAE: Gold prices continue to rise with 22K above Dh328 per gram
Gold prices rally continued as prices rose over Dh1 per gram in Dubai on Wednesday morning. At 9am UAE time, 24K rose to Dh353 per gram at the opening of the markets on Wednesday, up from Dh351.75 per gram at the close of the markets on Tuesday – an increase of Dh1.25 per gram. Among the other variants, prices of 22K, 21K and 18K increased to Dh328.5, Dh315 and Dh270 per gram, respectively. Globally, spot gold was steady at $2,929.71 per ounce. Gold saw a sharp correction after testing its all-time high of $2,942 on Friday, dropping to $2,877 before rebounding above 2,900. Yassin K. Fawaz, CEO of Raddington Group, said gold prices are seeing a significant rise, fuelled by ongoing trade tensions and increased demand from central banks, all of which are shaped by US President Donald Trump's strong economic leadership. 'Under Trump's administration, his tough stance on global trade — especially his tariff policies targeting China and his commitment to fair trade deals — has created an environment of uncertainty, which is driving investors to seek the stability of gold. This kind of unpredictability has traditionally pushed people toward safe-haven assets like gold,' he said. Fawaz added that despite some cautious comments from Federal Reserve officials about inflation and economic targets, Trump's policies have proven to create an environment of strength. 'With inflation still above the Fed's two per cent target and the economy on solid footing, many are now expecting the Fed to keep interest rates high for a while, which could dampen the appeal of assets like gold, which offer no yield,' he added.
Khaleej Times
13-02-2025
- Business
- Khaleej Times
UAE: Gold prices stay high as global rates trade above $2,900
Gold prices continued to trade higher in Dubai on Thursday morning as global prices rose above $2,900 again. At 9am UAE time, the 24K variant of the yellow metal opened at Dh351.75 per gram and 22K at D327.25 per gram. Among the other variants, 22K and 18K opened at Dh313.75 and Dh269 per gram, respectively. Globally, gold was trading at $2,920.52 per ounce, up 0.64 per cent on Thursday morning. Dr Salem Alremeithi, CEO of SHR Capital, said gold's upward trajectory continues to find support from increased safe-haven demand, particularly following US President Trump's announcement of aggressive tariff measures. 'The prospect of additional trade levies has heightened concerns about a potential trade war, further bolstering gold's appeal as a safe-haven asset. Furthermore, escalating geopolitical tensions have provided additional support for gold prices, notably Israel's recent warning about terminating the Gaza ceasefire,' he said. Alremeithi elaborated that the precious metal's positive outlook is additionally reinforced by the accommodative monetary policies adopted by major central banks worldwide, coupled with their sustained gold-purchasing activities.
