Latest news with #Dh369.75
Time of India
12 hours ago
- Business
- Time of India
Gold prices in UAE continue to fall, with 22K lowest in weeks: A smart time to buy?
In the UAE, 22K gold dropped to Dh370.25 per gram, its lowest price since June 9/ Image: File Dubai's gold market witnessed a significant overnight plunge, with the price of 22K gold falling by Dh7 to Dh370.25 per gram, the lowest level since June 9, when it touched Dh369.75 briefly. Just eleven days earlier, on June 13, gold was selling for Dh383.50 per gram, meaning the current rate is Dh13.25 lower, a sizable dip in less than two weeks. Prices of other gold variants have followed suit: 24K gold dropped to Dh403.50 per gram, down from around Dh404 just the night before. 22K slipped further to Dh373.75 21K fell to Dh358.00 18K declined to Dh307.25 The downward trend in gold prices isn't isolated to the UAE.. In international markets, spot gold fell sharply by $80 an ounce, now trading around $3,299.92, a 2.4% drop as of early Tuesday. Gold futures for August delivery, which reflect what traders expect prices to be in the near future, also slid to $3,322.40 an ounce, roughly 3.8% below the record high reached on June 13. The slump didn't stop there. Prices dipped further later in the day, with spot gold dropping another 1.5% to $3,315.20, its lowest level since June 10. US gold futures followed suit, falling 1.8% to $3,330.80. On the technical side, which investors often watch to predict market movement, gold has now fallen below its 20-day average, a sign that the short-term trend has weakened. Another key indicator, the Relative Strength Index (RSI), also slipped below 50, something that hasn't happened since mid-May, when prices briefly dropped to $3,120. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Stocks for Monthly Dividends Seeking Alpha Read Now Undo While these signals can be complex, they generally point to a market that's losing upward momentum, at least for now. Why Is Gold Falling Now? This slump in gold prices comes amid a broader cooling of geopolitical tensions in the Middle East, one of the key drivers of gold's recent rally. A ceasefire agreement between Israel and Iran, announced by US President Donald Trump on his social media platform, is at the heart of this development. The announcement followed weeks of back-and-forth retaliatory strikes between the two nations, which had previously driven investors to gold as a safe haven. With fears of wider regional conflict now subsiding, investor appetite for gold is retreating. 'Gold retreated as haven demand ebbed after Trump said Israel and Iran had agreed to a ceasefire,' Saxo Bank analysts noted. Although the truce is considered fragile, with minor violations reportedly occurring, financial markets are currently pricing in a lower geopolitical risk, triggering the gold pullback. In addition, global investors are shifting back to riskier assets, contributing further to gold's downward pressure. What Experts Are Saying: Key Support Levels and Outlook Despite the current downturn, analysts are closely watching technical levels and broader economic signals to gauge gold's next move. 'While the pullback is controlled, $3,330 is a critical support level. A break below could signal a deeper correction,' said Daniela Sabin Hathorn, senior market analyst at She also noted that while the immediate outlook points to more downside risk, the long-term fundamentals remain intact, including continued geopolitical uncertainty and persistent inflation concerns, both of which support gold's appeal over time. Traders and analysts are also watching for signals from the US Federal Reserve. Fed Chair Jerome Powell's upcoming testimony is expected to offer cues on future US interest rates. Any signs of monetary easing could lend new support to gold prices by making non-yielding assets more attractive. What This Means for UAE Buyers For buyers in the UAE, whether investing in gold bars or purchasing jewellery, this price drop could represent a timely buying opportunity. A Dh13 per gram drop translates to significant savings on bulk purchases, especially with wedding season and gifting occasions on the horizon. However, experts urge caution and close attention to market signals. Gold has a history of rebounding quickly, especially when global uncertainties re-emerge. 'If geopolitical risks continue to ease, gold prices could soften more in the short term,' analysts said, highlighting the importance of timing purchases. In Summary Dubai 22K gold is down to Dh370.25/g, a Dh13.25 fall since June 13 Spot gold fell globally to $3,299.92/oz, down 2.4%, and as low as $3,315.20 later in the day Israel-Iran ceasefire announcement by President Trump eased safe-haven demand Critical support level at $3,330, with possible deeper correction if breached Fed policy signals may shift the trend again, offering potential new support For now, UAE shoppers might find value in today's prices, but should stay alert to fast-moving global events that could reverse this trend just as quickly.
Khaleej Times
22-04-2025
- Business
- Khaleej Times
Dubai: Gold prices jump over Dh11 per gram in 24 hours
Gold prices rally continued on Tuesday as the precious metal hit a new record high in Dubai and globally. The 24K variant of the yellow metal jumped to Dh416.5 per gram on Tuesday, gaining over Dh11 per gram in the past 24 hours. Similarly, 22K rose to Dh385.5 per gram on Tuesday, up over Dh10 per gram since Monday morning. Among the other variants, 21K and 18K were trading at Dh369.75 and Dh317.0 per gram. Spot gold was trading at $3,472.22 per ounce, up 4.74 per cent at 7.10am UAE time due to weakness in the US dollar and uncertainty over US-China trade tension. Many research and financial institutes have recently raised their forecasts for gold to $3,500 per ounce. Many of them predicted that it would touch $4,000 next year. But if the tariff uncertainty persists, the precious metal could possibly touch the $4,000 market this year. As reported by Khaleej Times earlier, analysts and gold jewellers in Dubai believe that the prices of the precious metal will stay on the higher side and are unlikely to see a major correction. 'A weaker US dollar and heightened geopolitical risk — including tariff-led fear and uncertainty — have been key drivers of gold's performance. Alongside this, strong gold ETF buying across most regions has been propelling gold higher... Investor interest is likely to strengthen as gold's appeal as a safe-haven asset and portfolio diversifier heightens amid global economic uncertainties and financial market volatility,' said Kavita Chacko, research for India at World Gold Council. Going forward, she said seasonal and wedding-related purchases may support gold demand this month and next.
Gulf News
18-04-2025
- Business
- Gulf News
Dubai gold price eases after record high - More drops ahead?
Dubai: The Dubai Gold Rate has seen the first cooling off in the last 24 hours, at Dh369.75 from Dh372.75 for a gram of 22K. (The 24K too has slipped under Dh400, after breaching that level for the first time yesterday.) The price drop was not a given. At various points yesterday, gold threatened to reach for higher levels. In between, it would also drop below key levels seen in the last two days. "At no point yesterday did anyone have a clue as to where the gold price might settle at," said a jewellery retailer. "That so far today it's showing a Dh3 a gram drop should be seen as quite a big positive. We will be hoping that shoppers think that way today..." What would be a 'comfortable' gold rate at these levels? It was October last that the Dubai gold price crossed Dh300 for the first time on a 22K gram. While no one expects gold to 'crash' back to Dh300 levels any time soon, there is a consensus among jewellery retailers that any price of around Dh350 would be seen as accessible by shoppers.
