Latest news with #Dh362.75
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
18-03-2025
- Business
- Khaleej Times
Dubai: Gold prices touch new highs in early trade.
Gold prices rose to a new record high in Dubai on Tuesday, as precious metal crossed $3,015 per ounce. At 9am, 24K was trading at Dh362.75 per gram, up Dh2.75 per gram from the previous close. Similarly, 22K rose to Dh336.0, 21K to Dh322.0 and 18K to Dh276.0 per gram. Spot gold was trading at $3,011.58 per ounce, up 0.46 per cent, at 9.10am. It crossed $3,015 per ounce earlier in the day as tariff uncertainty fueled the safe-haven metal's demand. Vijay Valecha, chief investment officer at Century Financial, said the ongoing tariff uncertainties have set off the demand for safe-haven assets, and the trend is expected to continue. 'This week also beholds the US Federal Reserve's meeting, in which the comments of Fed Chair Jerome Powell will be of focus as market participants try to gauge the interest rate outlook sentiment. With regards to the interest rate decision, according to CME's Fed watch tool, there is a 99 per cent probability that the interest rates will remain at current levels,' said Valecha. Inki Cho, financial markets strategist consultant at Exness, said the gold market could see some corrections, but geopolitical and economic uncertainties may continue to provide support. 'In this regard, rising tensions in the Middle East could sustain demand for gold,' said Cho.
