UAE: Gold surges by over Dh10 per gram amid Trump's 90-day pause on tariffs
The Dubai Jewellery Group data showed 24K opening at Dh376.5 per gram for Dh24k; this is an increase of Dh13.5, compared to Dh363 on Wednesday opening.
The 22k was selling at Dh348.75 per gram, compared to Dh336 on Wednesday morning; the 21k was at Dh334.5 per gram and the 18k at Dh286.5 per gram, an increase of Dh12.25 and Dh10.25, respectively, from Wednesday opening rates.
In an unprecedented turn-around, Trump announced a 90-day pause on the earlier stated 'reciprocal' tariffs, but hiked the duties on China to 125 per cent. Other economies are currently only subject to a 10 per cent baseline.
The halt on higher duties shook markets, with Wall Street stocks rocketing higher after the announcement.
On Wednesday, after Trump's pause was announced, the S&P 500 surged six per cent higher to 5,281.44, snapping a brutal run of losses since Trump's 'Liberation Day' tariff announcement a week ago. The Nasdaq Composite surged 7.6 per cent, while the Dow Jones Industrial Average gained 5.51 per cent in early afternoon trading.
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