UAE: Gold rises by up to Dh10, continues rally after Trump tariff pause
Dubai Jewellery Group data showed 24k opening at Dh386.5 per gram, an increase of Dh10 from opening rates on Thursday morning.
22k opened at Dh358 per gram, compared to Dh348.75 per gram on previous day's opening. Both 21k and 18k saw similar increases, with the rates at Dh343.25 per gram and Dh294.25 per gram, a rise of Dh8.75 and Dh7.75, respectively, compared to Thursday opening rates.
Gold prices hit a rare low on Monday in the aftermath of the tariffs, and some UAE residents capitalised on the opportunity to invest in the precious metal. With rates quickly spiking after the all-time low, some residents made profits of up to Dh1,200 in 24 hours.
China to a staggering 125 per cent.
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Any effort by Washington to curtail these purchases is seen not just as economic interference but as a direct challenge to sovereign decision-making. In retaliation, India has dangled the cancellation of key defence deals, including the proposed purchase of the F-35 fighter jets—a symbolic snub that indicates a broader reassessment of strategic alignment. What makes this realignment especially potent is the breadth of its scope. It is not merely a matter of retaliatory tariffs or diplomatic rhetoric; it includes infrastructure cooperation, technological integration, and long-term investment planning. China and India, despite historic differences, have increased dialogue in recent months on trade facilitation and regional connectivity. Russia's role as a common energy partner and military supplier to both nations gives it leverage in the triangle. And with US credibility as a dependable trade partner being questioned, many smaller nations are also hedging their bets, diversifying their economic relations away from a US-centric model. Even traditional US allies in Europe are uneasy. Germany and France have voiced concerns about the destabilizing effects of Trump's tariffs on global trade norms. The EU is pursuing its own trade treaties with countries like Japan and Vietnam, carving out autonomous space in global commerce that doesn't necessarily involve Washington. At the heart of this geopolitical churn is a growing skepticism toward the idea that the United States can or should dictate the terms of global trade. The Trump administration's belief that economic might translates automatically into negotiating power has ignored the subtle but critical fact that globalisation has made nations more interconnected and interdependent. Trying to weaponise trade may yield short-term leverage, but it also creates lasting rifts and compels partners to seek alternatives. The economic structures of the 21st century no longer afford any single nation the luxury of acting as an economic autocrat without consequences. Furthermore, the economic impact within the United States is more complex and less flattering than the populist rhetoric suggests. While certain domestic industries may benefit from tariff protections, others are suffering from rising input costs and retaliatory measures. American farmers have been hit particularly hard by Chinese tariffs on agricultural imports, prompting the Trump administration to introduce multi-billion dollar bailout packages that, in effect, cancel out the supposed gains of the trade war. Manufacturing, far from being resurgent, is experiencing uncertainty and disruption due to volatility in global supply chains. The idea that tariff wars are 'easy to win' has proven to be one of the most misguided statements of Trump's presidency. Even American multinationals, once eager advocates of 'America First' policies, are quietly relocating parts of their supply chains to countries not caught in the tariff crossfire. This shift not only diminishes the US's leverage but also accelerates the decentralization of economic power. No longer is the American market an irresistible magnet for global commerce; it is increasingly seen as a zone of instability and risk. For many countries, the trade war has been a wake-up call—an impetus to invest in regional blocs, alternative trade corridors, and new financial instruments insulated from US influence. In the broader scheme, what Trump has unwittingly triggered is a reimagination of how global power is structured. The post-Cold War illusion of US-led globalisation is being replaced by a more pluralistic, competitive, and fragmented order. Emerging powers are no longer content to play by rules written in Washington. They are building parallel systems: China's digital yuan aims to reduce dependency on the dollar; India and Russia have revived rupee-rouble trade mechanisms; and regional trade agreements like RCEP are functioning without US participation. What's being born is a new kind of globalization—less hierarchical, more balanced, and far less dependent on any single country. (IPA Service)
