Time to buy? Dubai gold prices trending lower as 24K trades below Dh400 per gram
On Wednesday morning, 24K was trading at Dh397.0 per gram while 22K, 21K and 18K were selling at Dh367.75, Dh352.5 and Dh302.25 per gram, respectively.
Precious metal prices had been trending above Dh400 per gram in the previous weeks, thereby providing an opportunity for UAE residents looking to buy precious metals when prices slip below Dh400 per gram. Spot gold was trading at $3,294.19 per ounce, down 0.47 per cent in the morning trade.
Ole Hansen, head of commodity strategy, Saxo Bank, said a lack of fresh bullish catalysts has raised the risk of a deeper correction, especially after recent signs of buyer fatigue. "Gold notably failed to rally alongside silver and platinum or attract a safe-haven bid during the brief Israel-Iran conflict. At the same time, surprisingly strong US economic data has postponed rate cut expectations without triggering a significant gold selloff – another sign of underlying resilience,' he said.
Dilin Wu, research strategist at Pepperstone, said the market focus has shifted to developments in US trade policy and related comments from US President Donald Trump, which could serve as key short-term catalysts for gold this week.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Business
5 hours ago
- Gulf Business
Dubai to Fujairah: Sheikh Mohammed rides Etihad Rail ahead of 2026 launch
Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, reviewed the latest progress of the Etihad Rail project and embarked on a passenger train journey from Dubai to Fujairah, signaling a historic milestone for the UAE's national railway network. Read- The symbolic journey marks a pivotal phase in the development of the country's integrated rail system, with commercial operations of passenger services expected to begin in 2026. Sheikh Mohammed's visit highlights his personal commitment to overseeing strategic infrastructure initiatives that align with the UAE's long-term national development goals. A vision of integration and growth In remarks during the visit, Sheikh Mohammed described Etihad Rail as one of the UAE's most transformative infrastructure projects, bringing broad economic, social, and developmental benefits. Image credit: Dubai Media Office/Website 'Etihad Rail is a vital economic artery that supports the UAE's journey to the future,' he said. 'It is a key pillar in our vision to build an integrated transport network that strengthens the UAE's position as a leading logistics hub, while facilitating the movement of people and goods.' He emphasised that the project embodies the spirit of the Union and reflects national aspirations for sustainability, connectivity, and improved quality of life across all seven emirates. Sheikh Mohammed also praised the efforts of the Etihad Rail team, calling their work a source of national pride and a key contribution to the country's future-oriented, sustainable transport system. During the visit, he received a detailed briefing from Etihad Rail engineers and officials on project progress and upcoming milestones. Team members expressed their gratitude for the leadership's continued support and described the visit as a historic moment, reinforcing their dedication to delivering a world-class rail network. Connecting the emirates, empowering communities The passenger train connecting Dubai and Fujairah is part of the broader Etihad Rail vision to link 11 cities and regions across the country, from Al Sila in the west to Fujairah on the east coast. Once completed, the network will provide a safe, sustainable, and advanced mode of transportation for citizens, residents, and visitors. Passenger trains will operate at speeds of up to 200 km/h and are expected to accommodate up to 400 passengers per trip. By 2030, the system is projected to carry 36.5 million passengers annually. The first four passenger stations will be located in Abu Dhabi, Dubai, Sharjah, and Fujairah, with further expansion planned across the network. These strategically located hubs aim to reduce travel time, improve accessibility, and boost social and economic ties between communities. The rail system also promises to enhance everyday mobility, empower local economies, and serve as a catalyst for tourism, trade, and sustainable development throughout the country. Leadership endorsement of a national priority Sheikh Mohammed was welcomed at the station by a delegation from Etihad Rail, led by Saeed AlAhbabi, Chief Business Support Officer, along with several senior company executives. Commenting on the visit, Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of Etihad Rail, emphasised the leadership's role in advancing this national priority. 'We had the honour of hosting Sheik Mohammed aboard a passenger train between Dubai and Fujairah,' Sheikh Theyab said. 'His visit demonstrates the unwavering commitment of the UAE's leadership to support transformative national projects that propel our nation forward.' He noted that Sheikh Mohammed has been an integral part of the journey from the launch of the 'Projects of the 50' initiative in 2021, to the full inauguration of the national freight rail network in 2023. 'Today, we stand on the cusp of a transformative era in transportation and take immense pride in the leadership's support for a project that strengthens connectivity and enhances the UAE's global competitiveness.' Pioneering sustainable infrastructure Etihad Rail continues to advance its passenger service preparations with high standards of operational readiness and safety. Each train will offer a modern, integrated travel experience built around comfort, reliability, and sustainability. The network also reinforces the UAE's growing reputation as a regional leader in transport innovation. The national railway is central to the UAE's broader environmental goals, supporting the country's commitment to achieving net-zero emissions by 2050. As both a freight and passenger network, Etihad Rail plays a critical role in reducing carbon emissions, lowering traffic congestion, and promoting green alternatives to road travel. The railway is already fully operational for freight, connecting industrial zones and key logistics hubs across the country. The addition of passenger services will complete a vital link in the UAE's transport ecosystem, driving economic integration and improving quality of life nationwide. As the UAE prepares for commercial operations to begin in 2026, the Etihad Rail project stands as a testament to national unity, forward-looking leadership, and a shared vision for a connected, sustainable future.
Gulf Today
6 hours ago
- Gulf Today
India will buy Russian oil despite Trump's threats of penalties
India will keep purchasing oil from Russia despite US President Donald Trump's threats of penalties, two Indian government sources said, not wishing to be identified due to the sensitivity of the matter. 'These are long-term oil contracts,' one of the sources said. 'It is not so simple to just stop buying overnight.' Trump last month indicated in a Truth Social post that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters that he had heard that India would no longer be buying oil from Russia. The New York Times on Saturday quoted two unnamed senior Indian officials as saying there had been no change in Indian government policy, with one official saying the government had 'not given any direction to oil companies' to cut back imports from Russia. Reuters reported this week that Indian state refiners stopped buying Russian oil in the past week after discounts narrowed in July. 'On our energy sourcing requirements... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances,' India's foreign ministry spokesperson Randhir Jaiswal told reporters during a regular briefing on Friday. Jaiswal added that India has a 'steady and time-tested partnership' with Russia, and that New Delhi's relations with various countries stand on their own merit and should not be seen from the prism of a third country. The White House in Washington did not immediately respond to requests for comment. Indian refiners are pulling back from Russian crude as discounts shrink to their lowest since 2022, when Western sanctions were first imposed on Moscow, due to lower Russian exports and steady demand, sources said earlier this week. The country's state refiners — Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd - have not sought Russian crude in the past week or so, four sources familiar with the refiners' purchase plans told Reuters. On July 14, Trump threatened 100% tariffs on countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the top supplier to India, responsible for about 35% of India's overall supplies. Russia continued to be the top oil supplier to India during the first six months of 2025, accounting for about 35% of India's overall supplies, followed by Iraq, Saudi Arabia and the United Arab Emirates. India, the world's third-largest oil importer and consumer, received about 1.75 million barrels per day of Russian oil in January-June this year, up 1% from a year ago, according to data provided to Reuters by sources. Nayara Energy, a major buyer of Russian oil, was recently sanctioned by the European Union as the refinery is majority-owned by Russian entities, including oil major Rosneft. Last month, Reuters reported that Nayara's chief executive had resigned after the imposition of EU sanctions and company veteran Sergey Denisov had been appointed as CEO. Three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions on the Russia-backed refiner, Reuters reported late last month. Reuters
Al Etihad
8 hours ago
- Al Etihad
Trump orders firing of US official as cracks emerge in jobs market
2 Aug 2025 19:13 WASHINGTON (AFP)US President Donald Trump said Friday he has ordered the firing of a key economic official, accusing her of manipulating employment data for political reasons after a new report showed cracks in the US jobs job growth missed expectations in July, Labour Department data showed, and revisions to hiring figures in recent months brought them to the weakest levels since the Covid-19 providing evidence, Trump lashed out at the department's commissioner of labour statistics, writing on social media that the jobs numbers "were RIGGED to make the Republicans, and ME, look bad."In a separate post on his Truth Social platform, he charged that Commissioner Erika McEntarfer had "faked" jobs data to boost Democrats' chances of victory in the recent presidential election."McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months," Trump said, referring to the latest data for July."Similar things happened in the first part of the year, always to the negative," Trump said, insisting that the world's biggest economy was "booming" under his leadership. He later told reporters, "We need people that we can trust," accusing the economic official of inflating hiring figures under former President Joe Biden's administration.
