Latest news with #Dh400.5
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Dubai: Gold prices plunge further, losing over Dh11 per gram
Gold prices plunged further on Monday afternoon, taking the day's drop to over Dh11 per gram. The Dubai Jewellery Group data showed 24-karat trading at Dh389 per gram, down from Dh400.5 per gram at the close of the markets over the weekend. It was trading at Dh395.25 per gram when markets opened at 9am UAE time. Similarly, 22-karat, 21-karat and 18-karat slipped to Dh360, Dh345.25 and Dh295.75 per gram, respectively. Spot gold fell to $3,234 per ounce, down 2.7 per cent, at 5pm UAE time as the precious metal lost its appeal as a safe haven due to US-China temporarily agreeing to slash tariffs in order to defuse trade war. Vijay Valecha, chief investment officer of Century Financial, said gold's Friday rally was short-lived as prices stuck to intraday losses through the Asian session on Monday, and the latest optimism over a US-China trade deal undermined demand for traditional safe-haven assets. 'The US and China will temporarily lower tariffs on each other's products… in a move to cool trade tensions and give the world's two largest economies three more months to resolve their differences,' he said. The combined 145 per cent US levies on most Chinese imports will be reduced to 30 per cent including the rate tied to fentanyl by May 14, while the 125 per cent Chinese duties on US goods will drop to 10 per cent, according to the statement and officials in a briefing Monday. 'This, along with the Federal Reserve's pause on rate cuts, assisted the US dollar to stand firm near a multi-week top, exerting pressure on the commodity.' On the geopolitical front, Valecha added that risks have shown tentative signs of easing. Russian President Vladimir Putin has agreed to hold direct talks with Ukrainian President Volodymyr Zelenskyy on May 15, without preconditions. Meanwhile, Hamas announced plans to release Edan Alexander, the last known American hostage held in Gaza, and confirmed it will engage in direct discussions with the US aimed at achieving a ceasefire and resuming humanitarian aid. 'Looking ahead, the spotlight shifts to upcoming US inflation data and a key speech from Federal Reserve Chair Jerome Powell on Thursday. These events are likely to offer fresh insights into the Fed's monetary policy path and could play a pivotal role in shaping gold's trajectory in the near term,' added Valecha. He added that the yellow metal could test the psychological $3,200 level, followed by the $3,163 level. Resistance can be seen at $3,300, and any recovery above this level can solidify bullish momentum.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
UAE: Gold prices fall over Dh5 per gram on Monday amid positive US-China trade talks
Gold prices fell over Dh5 per gram to below Dh400 in Dubai on Monday morning as the precious metal fell below $3,300 per ounce amidst positive US-China trade talks and strengthening of the US dollar. At 9am UAE time, 24-karat opened at Dh395.25 per gram, down from around Dh400.5 per gram at the close of the markets last week. Among the other variants, 22-karat, 21-karat and 18-karat fell to Dh366, Dh350.75 and Dh300.75 per gram, respectively. Spot gold was trading at $3,277.53 per ounce, down 1.5 per cent. On Sunday, the US and China ended trade talks on a positive note in order to reduce the US trade deficit. The two countries imposed tit-for-tat tariffs on each other, triggering a trade war that fuelled fears of a global recession. Linh Tran, a market analyst at said precious metal fell due to progress in US-China trade negotiations and the notable rebound of the US dollar. The US media earlier reported that the Trump administration is reportedly considering cutting tariffs on Chinese goods from 145 per cent to 50 per cent — a move widely interpreted by markets as a step toward easing tensions after a series of tariff hikes and retaliatory measures in recent weeks. 'The immediate market reaction was a pullback in safe-haven assets such as gold, while risk appetite modestly improved across equities and currencies,' said Tran. Beyond trade factors, gold's decline was also amplified by the strength of the US dollar.
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.
