Latest news with #DubaiJewelleryGroup
Khaleej Times
20-05-2025
- Business
- Khaleej Times
UAE: Gold prices slip further as tariff row, geopolitical tensions ease
Gold prices slipped slightly at the opening of the markets in Dubai on Wednesday. According to Dubai Jewellery Group data, the 24-karat dipped to Dh388.25 per gram. The 22-karat, 21-karat, and 18-karat variants opened lower at Dh359.75, Dh345, and Dh295.5 per gram, respectively. Spot gold was trading at $3,226.59 per ounce, down 0.5 per cent. Vijay Valecha, chief investment officer of Century Financial, said gold fell due to optimism around the US-China trade deal. "Improved risk sentiment following the announcement of a temporary deal between the United States and China to reduce tariffs dragged the safe-haven asset's price lower. Additionally, it was reported that the US will cut 'de minimis' tariffs on China shipments from 120 per cent to 54 per cent, with a minimum flat fee of $100 to remain,' he said. On the geopolitical front, Ukrainian President Volodymyr Zelensky noted he is prepared to meet Russian President Vladimir Putin this week, shortly after US President Donald Trump urged him to 'immediately' accept the Russian leader's offer to hold peace talks in Turkey. Any signs of escalating tensions could boost the safe-haven flows, benefiting the yellow metal.
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
Dubai: Gold prices drop by nearly Dh10 per gram in 24 hours
Gold prices continued to trend downward in Dubai on Thursday morning, losing nearly Dh10 per gram in the past 24 hours as precious metal fell below $3,200 per ounce globally. The Dubai Jewellery Group data showed 24 karat trading at Dh378.5 per gram on Thursday morning, down from Dh388.25 per gram on Wednesday morning, losing Dh9.55 in the past 24 hours. Among the other variants, 22 karat fell to Dh350.5 per gram, losing Dh9.25 per gram since Wednesday morning. Similarly, 21 karat and 18 karat opened lower at Dh336.5 and Dh288 per gram, respectively. Spot gold was trading at $3,193.34 per ounce, down 1.5 per cent. The precious metal hit an over-one-month low ahead of key US data, which is expected to provide cues on the Federal Reserve's monetary policy path, while a thaw in US-China trade tensions also weighed on bullion's appeal. The US and China earlier this week agreed to cut tariffs and adopted a 90-day pause, de-escalating a potentially damaging trade war between the world's two largest economies. However, global markets still remain uncertain about the outcome after 90 days. Brian Lan, managing director at GoldSilver Central, said the yellow metal could touch $3,150. If it doesn't hold this level, then it may hit $3,100 at the next level.
Khaleej Times
29-04-2025
- Business
- Khaleej Times
Dubai: Gold prices slip in early trade on Tuesday
Gold prices slipped at the opening of the markets on Tuesday after touching Dh400 per gram on Monday. The Dubai Jewellery Group data showed 24K trading at Dh399.0 per gram on Tuesday morning, down from Dh400 per gram at the close of the markets on Monday. Among the other variants, 22K, 21K and 18K slipped to Dh369.5, Dh354.25 and Dh303.75 per gram, respectively. Globally, the precious metal was trading at $3,311.35 per ounce, down 0.74 per cent. It previously slipped below $3,300. Rania Gule, senior market analyst at said the yellow metal pullback reflects the market's reaction to global economic variables, particularly concerning the trade relations between the United States and China. 'Growing optimism about the improvement of these relations, following positive comments from US Agriculture Secretary Brooke Rollins about daily talks between the two countries regarding tariffs, led investors to reduce their positions in gold as a haven. This shift in sentiment has negatively impacted investor appetite for safe-haven assets like gold, causing it to drop below the $3,300 level, a noticeable decline after last week's record highs,' she added. 'However, gold remains a haven for investors during times of economic uncertainty, suggesting that this decline may be temporary. While the trade relationship between the US and China is a key driver of risk appetite in the markets, there are still concerning factors at the global economic level that could support gold's long-term stability,' added Gule.
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.
