Latest news with #Dh369.50
Gulf News
05-05-2025
- Business
- Gulf News
Gold sees sudden Dh8 price spike after weekly loss: Here's why
Dubai: Gold prices bounced back on Monday, climbing more than 2% after two straight weeks of losses, as investors turned cautious ahead of a key US interest rate decision and reacted to ongoing uncertainty around global trade. Globally, spot gold rose to around $3,316 an ounce, clawing back most of last week's 2.4% drop. In the UAE, prices rose by Dh8 a gram by Monday evening, with a gram of 22K selling at Dh369.50 (and Dh399 for 24K). Why sudden move? The sudden move comes as markets await the US Federal Reserve's upcoming decision on interest rates, expected on Wednesday. Although the Fed is likely to hold rates steady, investors are closely watching for any signals about future rate cuts or changes in economic outlook. The recent recovery in gold follows a sharp rally earlier this year, when prices surged 26% to a record high above $3,500 an ounce in April. That run-up was driven largely by fears over global economic stability, rising geopolitical tensions, and strong demand from central banks and Chinese investors. Monday's spike was also supported by a dip in the US dollar. A weaker dollar tends to make gold more attractive to international buyers, since the metal is priced in dollars. The Bloomberg Dollar Spot Index fell by 0.4%, adding to gold's appeal. Adding to the uncertainty were recent comments from US President Joe Biden, who said there are no immediate plans to hold talks with Chinese President Xi Jinping. Trade tensions between the US and China have weighed on global markets in recent weeks, and gold often benefits in such risk-off environments as a "safe-haven" asset. Although the US economy continues to show strength — with surprisingly strong job data reported last week — this only complicates the picture for rate decisions. Some, including former US President Donald Trump, argue that rates should be cut regardless, but analysts believe the Fed may hold steady due to a still-firm labor market. Next steps?
Express Tribune
16-04-2025
- Business
- Express Tribune
Dubai gold rate hits record high amid global price surge
Listen to article The Dubai gold rate has hit an all-time high of Dh369.50 per gram for 22-karat gold, reflecting a sharp Dh11 increase from the previous day's rate of Dh358.50, according to local market data on Wednesday. This marks the steepest single-day rise in recent memory, as the global gold price also surged by nearly $60 in the last 24 hours, now trading at $3,267 an ounce and approaching the critical $3,300 level. 'There is no such thing as global commodity prices remaining within a certain range over a day,' said a jewellery retailer. 'A change of $10-$50 on an ounce basis is happening every few hours. This is what's being reflected in the Dubai gold rate too.' The last time the Dubai rate saw this level of volatility was earlier this month, when on April 3 it crossed Dh350 for the first time. The lowest rate in the last 30 days was Dh335.25 on March 21, indicating a Dh30 increase since then. 'Shoppers have not seen anything like this – usually price increases or drops are in the range of Dh2-Dh3 from overnight positions. This near Dh11 jump is incredible,' the retailer added. The timing of the spike comes just weeks ahead of the Indian festival of Akshaya Trithiya, observed on April 30 this year, which is traditionally one of the busiest gold-buying occasions in the UAE. 'Sure, there will be Indians buying gold on April 30, 2025 – but we are concerned whether there will be the usual number of shoppers turning up in UAE gold stores this year,' said another jeweller. 'Some have pre-booked to lock prices, but the vast majority were hoping they would get some price break before April 30.' Gold price movements had remained relatively stable earlier in the week, with only a Dh1 rise recorded between Monday and Tuesday. The sudden surge has sparked uncertainty among both shoppers and traders in the region.
