Latest news with #DubaiJewellery
Khaleej Times
5 days ago
- Business
- Khaleej Times
Dubai: Gold prices rise a day ahead of Eid Al Adha
Gold prices slightly rose at the opening of markets in Dubai on Thursday ahead of key US economic data. The Dubai Jewellery Group data showed 24-carat trading at Dh406 per gram on Thursday morning, up from Dh404.5 per gram at the close of the markets on Wednesday. Among the other precious metal variants, 22-carat, 21-carat and 18-carat opened higher at Dh376, Dh360.5 and Dh309 per gram, respectively. Many gold jewellers and analysts expect gold to maintain its appeal as a safe haven and stay above Dh400 per gram in the medium to long term due to strong demand from central banks, geopolitical tensions and tariffs row. Gold jewellers in Dubai are expecting an increase in sales during Eid Al Adha holidays, which will be celebrated in the UAE from Friday to Sunday. Spot gold was trading at $3,367.62 per ounce, down 0.22 per cent amidst ongoing global economic and political uncertainties, while looking ahead to US payroll data for further economic cues. Ole Hansen, head of commodity strategy at Saxo Bank, said technically, gold has now broken above the downtrend from its April 22 record high at $3,500, with that former resistance line now turning into support near $3,325. 'Additional layers of support are seen at $3,280 and the 55-day moving average at $3,223. While we remain cautious about declaring an imminent charge to fresh all-time highs, the macro setup is shifting in favour of precious metals,' said Hansen. 'A potent mix of post-stimulus fiscal drag, tariff-induced supply shocks, waning consumer confidence, a weakening labour market, and deteriorating real spending power may soon warrant a dovish and potentially stronger-than-expected policy pivot from the US Federal Reserve, potentially then sending bullion prices higher towards $4,000,' he added.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Dubai: Gold prices recover, rise nearly Dh2 per gram in early trade
Gold prices jumped nearly Dh2 per gram at the opening of the markets in Dubai on Monday. The Dubai Jewellery Group data showed 24 carat trading at Dh387.75 per gram on Monday morning, up from Dh386 per gram at the close of the markets last week. Among the other variants, 22-carat opened at Dh359.25, 21-carat at Dh344.5 and 18-carat at Dh295.25 per gram. Spot gold was trading at $3,220.47 per ounce, up 0.52 per cent, as the US dollar softened after US President Donald Trump's tariff threat spurred demand for the safe-haven metal. The precious metal fell more than two per cent on Friday, recording its worst week since November 2024. Treasury Secretary Scott Bessent on Sunday said that the US president will impose tariffs at the rate he threatened last month on trade partners that do not negotiate in "good faith" on deals. Trump's trade wars have severely disrupted global trade flows and roiled financial markets over the past few months. In addition, Moody's downgraded the US credit rating, which also had an impact on the greenback. 'The Moody's downgrade of the US credit rating, and the corresponding risk-off reaction by the market, has put some pep back into the gold price,' said Tim Waterer, chief market analyst at KCM Trade.
