Latest news with #Dh365.75
Gulf News
21-04-2025
- Business
- Gulf News
Historic surge: Gold roars to record high above $3,400 as dollar slides to 2024 low
Gold rallied to a record as a fresh bout of US dollar weakness, criticism of the Federal Reserve by President Donald Trump and persistent trade war concerns underpinned haven demand. Bullion roared above $3,400 an ounce, as the US currency fell to the lowest since early 2024. In Dubai, 24K gold was priced at Dh412 per gram, while 22K stood at Dh381.50. The 21K and 18K variants were retailing at Dh365.75 and Dh313.50 per gram, respectively, across the emirate. Trump has contemplated firing Fed Chair Jerome Powell, while making the case for lower interest rates. Fed Bank of Chicago President Austan Goolsbee warned against efforts to curtail the monetary authority's independence. "Firing Powell not only undermines the principle of central-bank independence, but risks politicizing US monetary policy in a way that markets will find unsettling," said Christopher Wong, a strategist at Oversea-Chinese Banking Corp. If the Fed's credibility is called into question, that could erode confidence in the dollar and accelerate flows into havens, including gold, he said. The precious metal has soared to successive records this year as the trade conflict has unsettled markets, hurting appetite for risk assets, while accelerating a rush to havens. Holdings in bullion-backed exchange-traded funds have risen for the past 12 weeks, the longest run since 2022. Central banks have also been adding the metal to their reserves, underpinning robust worldwide demand. On the trade front, China warned it was opposed to any party reaching a deal at the expense of Beijing's interests, according to the Ministry of Commerce. Data due this week "- including revised forecasts from the International Monetary Fund "- may reinforce concerns about a global slowdown. Banks have become progressively more positive about gold's prospects as this year's rally has gone from strength to strength. Among them, Goldman Sachs Group Inc. has forecast the metal could hit $4,000 midway through next year. Spot gold surged as much as 1.8% to touch $3,385.98 an ounce, and traded at $3,385.77 at 1:59 p.m. in Singapore. The Bloomberg Dollar Spot Index fell 0.9%. Silver reversed an early drop to push more than 1% higher, platinum gained, while palladium declined.
Khaleej Times
07-04-2025
- Business
- Khaleej Times
UAE: Gold prices fall to lowest levels in over 3 weeks as market sell-off hits bullion
Gold prices fell on Monday to their lowest levels in more than three weeks, continuing their retreat amid a wider market sell-off, as investors dumped bullion to cover losses in other trades on fears of a global recession due to an escalating trade war. In UAE, 24k opened at Dh365.75 per gram while 22K was selling at Dh338.50 per gram. Among the other variants, 21K and 18K opened at Dh324.75 and Dh278.25 per gram, respectively. Spot gold was down 0.1% at $3,034.02 an ounce, as of 0537 GMT. Earlier in the session, bullion dropped more than 1% to its lowest point since March 13. U.S. gold futures rose 0.5% to $3,051.00. Gold dropped more than 3 per cent on Friday, after US President Donald Trump's bigger-than-expected tariff measures rippled across global markets. China struck back with a slew of counter-measures including extra levies of 34 per cent on all US goods and export curbs on some rare earth metals. "There's a lot of confusion and uncertainties in the markets about whether there is room for de-escalation ahead, given that tensions are at an extreme right now, with many still struggling to see any quick resolution for now," IG market strategist Yeap Jun Rong said. The price drop in gold, usually a safe-haven asset during uncertain times, made dealers speculate that investors might be selling off bullion to realise profits and potentially cover losses or margin calls on other assets. Global recession fears wiped out nearly $6 trillion in value from U.S. stocks last week and caused Japan's Nikkei share average to tumble nearly 9 per cent on Monday. Meanwhile, China's central bank added gold to its reserves in March for the fifth straight month. "Central banks are evidently still keen on adding gold to their reserves, which has been underpinnning support for the precious metals," KCM Trade chief market analyst Tim Waterer said, adding that gold will continue to remain a favoured asset for central banks. "Such buying flows may serve to keep gold's upward trajectory intact." Spot silver gained 2% to $30.13 an ounce, after marking its lowest level in nearly seven months. Spot platinum advanced 1% to $926.09, palladium added nearly 1% to $919.50.
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.
