Latest news with #Hasn
Khaleej Times
05-03-2025
- Business
- Khaleej Times
UAE: Gold prices slip after jumping nearly Dh5 per gram yesterday
Gold prices dropped in Dubai on Wednesday morning after jumping nearly Dh5 per gram on Tuesday. The Dubai Jewellery Group data showed 24K slipping Dh1.5 to Dh350.75 at the opening of markets in Dubai on Wednesday. Among the other variants, 22K, 21K and 18K opened lower at Dh326.25, Dh313 and Dh268.25 per gram, respectively. Globally, gold was steady at $2,911.04 per ounce at 9.20am UAE time. Samer Hasn, senior market analyst at said gold's gains come amid the highest levels of uncertainty this year in the US market, whether for stocks or bonds. 'This coincides with the US escalating its trade war with Canada, Mexico and China, and the beginning of the effects of this trade conflict in the slowdown in economic activity,' he said. The trade conflict escalated as new tariffs on Canada, and Mexico, and additional tariffs on China took effect. In response, China retaliated by imposing tariffs on American agricultural imports, specifically targeting soybeans, of which it is the largest importer, purchasing over $12 billion in 2024. Additionally, China introduced export restrictions on certain products with both civilian and military applications. Meanwhile, tariffs on American agricultural exports were one of the most prominent points that raised experts' concerns about the consequences of the trade war on the economy. China may also move to expand its restrictions on American companies, especially those in the technology sector, which is a source of concern for markets. 'The market is facing risks of an economic slowdown coupled with rising inflationary pressures, which could keep the state of high uncertainty about the path of monetary policy and could explain the heightened concerns in the bond market. This confusion could preserve gold's ability to recover,' added Hasn.
Khaleej Times
06-02-2025
- Business
- Khaleej Times
Dubai: Gold prices hit new all-time high, continue to set records
Gold prices continue to set new records every day as 22K hit a new all-time high of Dh321.5 per gram in Dubai on Thursday morning. At the opening of the markets in Dubai on Thursday, 24K jumped Dh1 per gram to Dh345.75 while 22K rose Dh0.75 to Dh321.5 per gram. Among the other variants of the yellow metal, 21K and 18K opened higher at Dh308.25 and Dh264.25 per gram, respectively. Globally, gold was steady at $2,868.73 per ounce on Thursday morning. [Editor's Note: For real-time gold rates, click widget below or visit KT's dedicated Trading News page here.] Stay up to date with the latest news. Follow KT on WhatsApp Channels. Samer Hasn, senior market analyst at said gold's consecutive gains come amid escalating trade wars between the US and China, which are likely to deepen concerns about the economies of both countries. 'These consecutive peaks for gold also coincide with declining Treasury yields and lacklustre US stock market performance, reinforcing the safe haven demand hypothesis, which was also after a larger-than-expected decline in job openings in December,' he said. 'These factors add to the uncertainties surrounding the global economy and geopolitical realities,' he added. Hasn elaborated that the trade war now appears to be the most significant factor fuelling uncertainty, which in turn drives demand for safe havens. 'Concerns are growing as the trade war is expected to escalate further, although it began less severely than expected with the inauguration of Donald Trump.'
