Latest news with #Dh371
Khaleej Times
24-04-2025
- Business
- Khaleej Times
Dubai: Gold prices rise to above Dh400 per gram in early trade
Gold prices traded above Dh400 per gram at the opening of the markets in Dubai on Thursday after plunging over Dh20 in the previous sessions. The Dubai Jewellery Group data showed 24K trading at Dh400.5 per gram on Thursday morning while 22K, 21K and 18K were selling at Dh371, Dh355.75 and Dh305 per gram, respectively. Globally, gold was trading at $3,327 per ounce, up 1.27 per cent. Yellow metal prices have retracted in the UAE and globally after reaching an all-time high on Tuesday, touching Dh420 per gram in Dubai and $3,500 per ounce globally. Gold gained nearly Dh20 per gram at the start of the week, but lost those gains later as US president Donald Trump said he would not ask Federal Reserve chair Jerome Powell to quit. US multinational financial services firm JP Morgan predicted that yellow metal could cross $4,000 per ounce next year amidst global uncertainties, geopolitical tensions and the US-China tariff row. The American bank sees precious metal averaging $3,675 per ounce by the fourth quarter of this year and hit $4,000 in the second quarter of next year. As reported by Khaleej Times earlier, analysts and gold jewellers in Dubai expect yellow metal to stay on the higher side due to tariff, geopolitical tensions, and central bank buying. However, the demand for gold jewellery has taken a hit due to high prices and many residents are opting to sell to take advantage.
Khaleej Times
09-04-2025
- Business
- Khaleej Times
Dubai Duty Free sales top Dh2 billion in first quarter
Dubai Duty Free on Wednesday announced first-quarter sales of Dh2.06 billion ($565 million). The sales growth was largely driven by an exceptional February, which set a new sales record for the month of Dh709 million ($194 million). Perfumes, beverages, tobacco, gold and confectionery held the top five spots category-wise with perfume sales reaching Dh371 million and contributing 18 per cent of total revenue. Beverages followed with sales of Dh258 million, while tobacco increased by 11 per cent over the same period last year with sales amounting to Dh220 million. Gold increased marginally with sales amounting to Dh212 million, contributing 10 per cent of total revenue. Confectionery showed robust growth, taking the fifth spot for the first time with a 57 per cent increase over the same period last year, with sales reaching Dh207 million and contributing 10 per cent of total revenue. Looking ahead, Dubai Duty Free will continue to bolster its retail offering throughout 2025, which includes the opening of boutiques in Concourse A featuring luxury brands such as LV, Cartier and Chanel. The events calendar is also busy with upcoming events, including the Dubai Duty Free Spring Trials taking place at the Newbury Racecourse in the UK on 11th and 12th April, followed by the UAE Nationals Cup taking place at the Montgomerie Golf Club on May 3rd. 'We are very pleased with our sales for the first three months of the year, especially in February when daily sales reached an average of Dh25.3 million ($6.93 million) and kept pace with passenger growth. A lot of credit goes to our hard-working team of staff who achieve sales targets on an ongoing basis,' said Ramesh Cidambi, managing director of Dubai Duty Free. 'The remarkable success of the 'Dubai' chocolate offering has contributed significantly to the surge in the Confectionary category with specialty brands such as Fix Chocolate, Locali, I Love Dubai, Bateel and Al Nassma collectively generated sales of Dh80.4 million ($22 million). That figure represents over 1.2 million individual chocolate bars sold in the first quarter of 2025,' he added. In addition, recent renovations in the arrivals shops have led to sales hitting Dh125 million in the first quarter. 'We are very pleased with the newly renovated and refurbished retail shops in Terminals 1 and l 2 Arrivals with Terminal 3 Arrivals shop 4 due for completion next month. These enhancements are already elevating our arrivals business,' said Cidambi.
