Latest news with #Dh405.25
Gulf News
21-04-2025
- Business
- Gulf News
Dubai gold price instantly hits new record after Dh17.75 gain in 7 days
Dubai: The Dubai gold rate has surged to another high as soon as the week started, with a gram of 22K at an eye-watering Dh375.25 a gram. That for a gram of 24K is now at Dh405.25. What all of this means is that in just one week the Dubai gold rate is higher by Dh17.75 per gram. Again, these are changes never seen before. There is also no sign of the relative cooling off in local prices seen Thursday last, when the 22K Dubai gold rate was Dh.369.75. 'I was hoping the Dubai gold rate would start this week lower because of the peace talks over Ukraine,' said Anil Dhanak, Managing Director of Kanz Jewels. 'I am still hopeful that at the first signs of some progress on a ceasefire, gold prices will slide.' But will it? In within touching distance of $3,400 Analysts say gold has got a good chance of making a clean break for the next level - $3,400 an ounce. It's trading now at $3,383, having crossed $3,000 mid-March and went past $3,200 and $3,300 this month. According to forecasts by Kuwait-based Kamco Invest, a price above $3,357 'would call for another leg up towards $3,400 before $3,425'. "On the other side, a fall below the first defense line at $3,280 is expected to trigger additional weaknesses and lead to $3,230 and maybe lower to $3,190. Book or just wait for April 30? The Indian festival of 'Akshaya Trithiya' - a big day for gold shopping among NRIs in the UAE and elsewhere - falls on April 30 this year. Some shoppers have pre-booked in recent days to have some leeway on what they will pay that day. But other shoppers have just given up hope of a major price correction happening between now and end of the month.
Gulf Insider
21-04-2025
- Business
- Gulf Insider
Dubai: Gold Prices Hit New Record High
Gold prices in Dubai jumped to a new record high on Monday morning as 24K crossed Dh405 per gram. The Dubai Jewellery Group data showed 24K trading at Dh405.25 per gram on Monday morning while 22K was selling at Dh375.25 per gram. Among the other variants, 21K and 18K were trading at Dh360.0 and Dh308.5 per gram, prices in Asia surged to touch a record high of $3,370.17 per ounce as concerns about tariffs and criticism of the Federal Reserve by US President Donald Trump hit the read: UAE Weather: Temperature Spike Expected Across All Emirates 20 minutes ago 16 hours ago 2 days ago
Khaleej Times
21-04-2025
- Business
- Khaleej Times
Dubai: Gold prices hit new record high, 24k crosses Dh405 per gram
Gold prices jumped to a new record high in Dubai on Monday morning as 24K crossed Dh405 per gram. The Dubai Jewellery Group data showed 24K trading at Dh405.25 per gram on Monday morning while 22K was selling at Dh375.25 per gram. Among the other variants, 21K and 18K were trading at Dh360.0 and Dh308.5 per gram, respectively. Gold prices in Asia surged to touch a record high of $3,370.17 per ounce as concerns about tariffs and criticism of the Federal Reserve by US President Donald Trump hit the markets. Many markets were closed on Friday and some remained closed for Easter Monday. Charu Chanana, chief investment strategist at Saxo in Singapore, said markets are already on edge due to escalating geopolitical tensions, and now concerns are rising that Trump's potential interference with the Fed could add another layer of uncertainty. "Any signs of political pressure on monetary policy could undermine the Fed's independence and complicate the path ahead for interest rates just as investors are looking for stability amid global volatility,' he said. Saxo Bank and Citi Research recently raised their 2025 forecast for gold to $3,500 per ounce. 'Market participants closely watch interest rate expectations set by the Federal Reserve, as they heavily influence the attractiveness of gold. Currently, the futures market is pricing in the possibility of a 75–100 basis point rate cut before year-end, suggesting a more accommodative monetary policy. Lower interest rates reduce the opportunity cost of holding gold (which doesn't pay interest), thereby supporting its price,' said Saxo Bank.
