Latest news with #Dh363.25
Khaleej Times
27-03-2025
- Business
- Khaleej Times
Dubai: Gold prices jump over Dh2 per gram on US tariff worries
Gold prices jumped over Dh2 per gram at the opening of markets in Dubai on Thursday as precious metal rose globally due to its safe-haven status amid US President Donald Trump's tariff worries. The Dubai Jewellery Group data showed 24K trading at Dh365.75 per gram on Thursday morning compared to last night's close of Dh363.25 per gram. While 22K rose Dh2 per gram to Dh338.5 per gram. Similarly, 21K and 18K opened higher at Dh324.75 and Dh278.25 per gram, respectively. Globally, gold was trading at $3029.55 per ounce, up 0.39 per cent. It rose to over $3,035 per gram in the early morning trade. Late on Wednesday, Trump announced a 25 per cent tariff on car imports into the US. Samer Hasn, senior market analyst at said gold's gains come as sentiment toward the US economy continues to deteriorate, fuelled by growing concerns over the impact of Donald Trump's policies, which are deepening pessimism among consumers and businesses alike. 'On the consumer side, yesterday we saw a shocking report from the Conference Board on Consumer Confidence. The headline index recorded a reading below expectations, falling below 100-point for the second consecutive month, and the Expectations Index fell to a 12-year low. Concerns about inflation, uncertainty surrounding Trump's policies, and growing pessimism about interest rate cuts, along with the negative sentiment they are experiencing due to the stock market decline, have all contributed to this deterioration in consumer sentiment, which could be reflected in reduced spending,' said Hasn.
Khaleej Times
26-03-2025
- Business
- Khaleej Times
Dubai: Gold prices drop by up to Dh1.75 per gram in early trade
The Dubai Jewellery Group data showed a 24K variant of the yellow metal falling Dh1. 75 per gram to Dh363.25 per gram, on Wednesday morning, down from Dh365 per gram. While 22K fell Dh1.5 per gram to Dh336.5 per gram, down from Dh338 per gram last night. Similarly, 21K and 18K also opened lower at Dh322.5 and Dh276.5 per gram, respectively. Spot gold was trading at $3,015.63 per ounce, down 0.19 per cent. Gold hit a record historic high of $3,057 per ounce in spot trading last week, but it has been trending lower in the past few sessions. Samer Hasn, senior market analyst at said gold's gains came after US Federal Reserve chief Jerome Powell's speech, which appeared to be in line with what investors wish in various aspects, both by avoiding a hawkish tone and by emphasising the uncertainty created by tariffs. 'Powell's favourable speech was the latest link in a chain of factors fueling gold's continued gains, where growing concerns about the potential ramifications of Donald Trump's trade policy and the economic turmoil resulting from the continued reluctance to impose tariffs were among the most prominent factors supporting the yellow metal to continue its gains,' he said. Ultimately, Powell's speech and the Fed's Summary of Economic Projections did not change market expectations about the path of monetary policy, and the likelihood remains that we will see at least two to three rate cuts this year, allowing gold to continue its gains eventually,' added Hasn.
Khaleej Times
25-03-2025
- Business
- Khaleej Times
Dubai: Gold prices slip in early trade; 22k down to nearly Dh336
Gold prices continued to trend lower on Tuesday, as the 22K variant of the yellow metal slipped to nearly Dh336 per gram. At 9am, 24K was trading at Dh363.25 per gram, while 22K opened at Dh336.25. Similarly, 21K and 18K were trading at Dh322.5 and Dh276.5 per gram, respectively. Spot gold was trading at $3,018.11 per ounce, up 0.3 per cent in early trade. Inki Cho, financial markets strategist consultant to Exness, said potential developments around a cease-fire agreement in Eastern Europe could weigh on gold. 'However, an increase in tensions in the Middle East could counterbalance the impact and help support gold prices and a return to the upside. Additionally, trade policy uncertainty remains a key driver for gold, as tariffs have raised concerns over US economic stability,' he said. Alex Kuptsikevich, chief market analyst at the FxPro, said gold has been in an uptrend since the beginning of March, and the rally accelerated as gold hit new highs at the end of last week when the spot price hit a new record of $3,057. 'We see this breakout as the start of a new expansionary momentum with an upside potential of $3,180 per ounce, which represents 161.8 per cent of the upside momentum from the start of the year to the February peak. The alternative view is also bullish. According to it, gold has completed a correction since the beginning of the year, following the rally from October 2023 to November 2024,' said Kuptsikevich.
