UAE: Gold prices fall over Dh5 per gram on Monday amid positive US-China trade talks
At 9am UAE time, 24-karat opened at Dh395.25 per gram, down from around Dh400.5 per gram at the close of the markets last week. Among the other variants, 22-karat, 21-karat and 18-karat fell to Dh366, Dh350.75 and Dh300.75 per gram, respectively.
Spot gold was trading at $3,277.53 per ounce, down 1.5 per cent. On Sunday, the US and China ended trade talks on a positive note in order to reduce the US trade deficit.
The two countries imposed tit-for-tat tariffs on each other, triggering a trade war that fuelled fears of a global recession.
Linh Tran, a market analyst at xs.com, said precious metal fell due to progress in US-China trade negotiations and the notable rebound of the US dollar.
The US media earlier reported that the Trump administration is reportedly considering cutting tariffs on Chinese goods from 145 per cent to 50 per cent — a move widely interpreted by markets as a step toward easing tensions after a series of tariff hikes and retaliatory measures in recent weeks.
'The immediate market reaction was a pullback in safe-haven assets such as gold, while risk appetite modestly improved across equities and currencies,' said Tran.
Beyond trade factors, gold's decline was also amplified by the strength of the US dollar.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
11 hours ago
- Gulf Today
Russia first country to recognise Taliban govt
Afghanistan's government said on Thursday that Russia had become the first country to officially recognise its rule, calling it a "brave decision". The Taliban swept back to power in 2021 after ousting the foreign-backed government and have imposed an austere version of Islamic law. They have keenly sought official international recognition and investment, as the country recovers from four decades of war, including the Soviet invasion from 1979 to 1989. The announcement was made after Afghanistan's Foreign Minister Amir Khan Muttaqi met Russia's ambassador to Afghanistan, Dmitry Zhirnov, in Kabul on Thursday. "This brave decision will be an example for others... Now that the process of recognition has started, Russia was ahead of everyone," Muttaqi said in a video of the meeting on X. The flag of Afghanistan flutters at its embassy in Moscow on Friday. Reuters "Russia is the first country which has officially recognised the Islamic Emirate," Taliban foreign ministry spokesman Zia Ahmad Takal told AFP, using the government's name for their administration. Muttaqi said it was "a new phase of positive relations, mutual respect, and constructive engagement", the foreign ministry posted on X. Russia's foreign ministry added on Telegram: "We believe that the act of official recognition of the Islamic Emirate of Afghanistan will boost the development of productive bilateral cooperation between our countries in several areas." It highlighted potential "commercial and economic" cooperation in "energy, transportation, agriculture and infrastructure". 'Fight terrorism' The ministry said that Moscow hoped to continue helping Kabul "reinforce regional security and fight against the threats of terrorism and drug-trafficking". Moscow has taken recent steps to normalise relations with the Taliban authorities, removing them from a list of "terrorist organisations" in April and accepting a Taliban ambassador in Kabul. In July 2024, Russian President Vladimir Putin called the Taliban "allies in the fight against terrorism". Russia was the first country to open a business representative office in Kabul after the Taliban takeover, and has announced plans to use Afghanistan as a transit hub for gas heading to Southeast Asia. 'Allies' Only Saudi Arabia, Pakistan and the United Arab Emirates recognised the Taliban during their first stint in power from 1996 to 2001. This time, multiple other states, including China and Pakistan, have accepted Taliban ambassadors in their capitals, but have not officially recognised the Islamic Emirate since the end of the then-insurgency's two-decade war with US-led NATO troops. There has been limited but growing engagement with the Taliban authorities, particularly from regional neighbours, but also major global players China and Russia. China on Friday said it welcomed Russia's decision. An official gestures next to the flag of Afghanistan as he stands on the balcony of the Afghan embassy in Moscow on July 4, 2025. AFP "As a traditional friendly neighbour of Afghanistan, the Chinese side has always believed that Afghanistan should not be excluded from the international community," foreign ministry spokeswoman Mao Ning said. However, restrictions on women and girls, barring them from education and squeezing them from public life, have been key sticking points for Western nations. Multiple Afghan women activists were quick to condemn Russia's recognition. The move "legitimises a regime that bans girls from education, enforces public floggings, and shelters UN-sanctioned terrorists", said Mariam Solaimankhil, former member of Afghanistan's parliament. "The move signals that strategic interests will always outweigh human rights and international law." Senior Taliban figures remain under international sanctions, including by the United Nations. Another former MP in Kabul, Fawzia Koofi, said any recognition of the Taliban "will not bring peace it will legitimise impunity" and "risk endangering not just the people of Afghanistan, but also global security". Agence France-Presse
Gulf Today
11 hours ago
- Gulf Today
Stocks, dollar dip as Trump passes spending bill, deal deadline looms
Stocks slipped on Friday as US President Donald Trump got his signature tax cut bill over the line and attention turned to his July 9 deadline for countries to secure trade deals with the world's biggest economy. The dollar also fell against major currencies, with US markets already shut for the holiday-shortened week, as traders considered the impact of Trump's sweeping spending bill that is expected to add an estimated $3.4 trillion to the national debt. The pan-European STOXX 600 index fell 0.5%, with banks, mining-related stocks and retailers among the top laggards. US S&P 500 futures edged down 0.6%, following a 0.8% overnight advance for the cash index to an all-time closing peak. Wall Street was closed on Friday for the Independence Day holiday. Trump said Washington would start sending letters to countries on Friday specifying what tariff rates they would face on exports to the United States, a clear shift from earlier pledges to strike scores of individual deals before a July 9 deadline when tariffs could rise sharply. Investors are "now just waiting for July 9", said Tony Sycamore, an analyst at IG, with the market's lack of optimism for trade deals responsible for some of the equity weakness in export-reliant Asia, particularly Japan and South Korea. At the same time, investors cheered a surprisingly robust US jobs report on Thursday, sending all three of the main US equity indexes climbing in a shortened session. "The US economy is holding together better than most people expected, which suggests to me that markets can easily continue to do better (from here)," Sycamore said. Following Thursday's close, the House narrowly approved Trump's signature, 869-page bill, which averts the near-term prospect of a US government default but adds trillions to the national debt to fuel spending on border security and the military. Trump said he expected "a couple" more trade agreements, after announcing a deal with Vietnam on Wednesday to add to framework agreements with China and Britain as the only successes so far. US Treasury Secretary Scott Bessent said earlier this week that a deal with India was close. However, progress on agreements with Japan and South Korea, once touted by the White House as likely to be among the earliest to be announced, appears to have broken down. The US dollar index had its worst first half since 1973 as Trump's chaotic roll-out of sweeping tariffs heightened concerns about the US economy and the safety of Treasuries, but had rallied 0.4% on Thursday before retracing some of those gains on Friday. As of 1430 GMT it was down 0.1% at 96.94. The euro added 0.2% to $1.1778, while sterling held steady at $1.3662 as British assets steadied following investor fright over the last two days at a tearful appearance by Finance Minister Rachel Reeves in parliament on Wednesday. The US Treasury bond market was closed on Friday for the holiday, but 10-year yields rose 4.7 basis points (bps) to 4.34%, while the 2-year yield jumped 9.3 bps to 3.882%. Gold firmed 0.4% to $3,336 per ounce, on track for a weekly gain as investors again sought refuge in safe-haven assets due to concerns over the U.S.'s fiscal position and tariffs. Brent crude futures fell 57 cents to $68.23 a barrel, while US West Texas Intermediate crude dropped 66 cents to $66.34, as Iran reaffirmed its commitment to nuclear non-proliferation. Copper prices retreated on Friday as focus switched to US President Donald Trump's July 9 deadline when sweeping tariffs take effect on countries that have not yet secured trade agreements. Benchmark copper on the London Metal Exchange (LME) was down 0.8% at $9,880 a metric tone in official open-outcry trading, having hit a three-month high of $10,020.5 a tone earlier this week. Volumes were subdued due to the July 4 Independence Day holiday in the United States, traders said. Trump said his administration will begin sending letters later on Friday to 10 to 12 countries informing them of the tariff rate their products will face in the US Caution due to several large trading partners, including the European Union, Japan and India, still trying to negotiate a deal with the US had triggered profit-taking on long positions or bets on higher prices, traders said. On the technical front, first support for copper, used in power and construction, comes in at the 21-day moving average around $9,762. Elsewhere, worries about aluminium supplies on the LME created by large holdings of warrants and nearby contracts receded due to slowing outflows and deliveries to the LME-registered warehouses. Aluminium stocks in LME warehouses have climbed 27,025 tonnes to 363,925 tonnes since June 25. Cancelled warrants or metal earmarked for delivery at 2% indicate only small amounts are due to be delivered out. Overall, a softer dollar was providing some support for industrial metals on Friday. But traders said growing prospects of the Federal Reserve holding interest rates steady after Thursday's strong jobs report could boost the US currency and weigh on metals demand. Aluminium was down 0.6% at $2,590.5 a tone in official activity, zinc fell 0.5% to $2,736, lead eased 0.1% to $2,062, tin retreated 0.3% to $33,750 and nickel slipped 0.9% to $15,315. Agencies
Arabian Post
12 hours ago
- Arabian Post
Stock market information for Bitcoin
Bitcoin is a crypto in the CRYPTO market. The price is 107761.0 USD currently with a change of -1627.00 USD from the previous close. The intraday high is 110000.0 USD and the intraday low is 107741.0 USD. Whale Exodus, Institutional Surge Define Bitcoin Landscape A profound shift in Bitcoin ownership is underway as early large holders—or 'whales'—have offloaded more than 500,000 BTC over the past year, while institutions such as spot ETFs, corporate treasuries and asset managers have collectively swooped up nearly 900,000 BTC. That haul now places institutional ownership at roughly 4.8 million BTC, equivalent to 25% of the total ~20 million supply. ADVERTISEMENT This reshaping of ownership has already led to a marked decrease in price volatility. Deribit's 30-day BTC Volatility Index sits at its lowest point in around two years, a trend noted by industry figures such as DRW's Rob Strebel and Arca's Jeff Dorman, who have characterised Bitcoin's market as transitioning from a speculative instrument to 'slow‑burn' portfolio allocation. As a result, analysts are revising expectations downward, now forecasting restrained annual returns in the region of 10–20%, rather than expecting sharp bull‑run surges. The price has stabilised around US $110,000, reflecting the dampening effect of institutional inflows against whale outflows. However, experts caution that this equilibrium may be fragile: if whales continue to sell and institutional inflows cool, Bitcoin could become vulnerable to abrupt corrections, echoing past events when relatively modest outflows of 2% in 2018 and 9% in 2022 triggered collapses of 74% and 64% respectively. The implications of this structural change extend beyond price mechanics. When whales use institutional venues as an exit route—via ETF conversions or corporate treasuries—they secure liquidity that can facilitate large-scale unwinds without triggering immediate volatility. Critics like Hilary Allen argue this may leave smaller stakeholders exposed in the event of a broader downturn. Regulatory evolution has played a pivotal role. The introduction of U. S. spot BTC ETFs in January 2024 and subsequent inflows have legitimised institutional participation, with major asset managers—BlackRock, Fidelity and MicroStrategy among them—establishing significant positions, enhancing market depth and resilience. Interlinked macroeconomic conditions have further shaped trends. A weaker U. S. dollar, increased money supply, rising equity markets and higher mining costs—due to energy pricing—have slowed new issuance, tilting supply‑demand dynamics in Bitcoin's favour and reinforcing institutional demand. Nonetheless, the transformation is not without nuance. The repricing of Bitcoin—as volatility subsides—could dampen the appeal among short‑term traders and retail participants who previously thrived on speculative swings. Meanwhile, institutional models of 'faster money' mean that large‑scale monthly or quarterly rebalancing could trigger intermittent volatility spikes. Market observers are now closely monitoring whale behavioural patterns and ETF flow data to gauge whether institutional appetite will sustain. Markus Thielen from 10x Research suggests this transition could define Bitcoin's identity for years, positioning it for steady, long‑term growth at 10–20% annually—but warns that the absence of new inflows may precipitate sharp market corrections.
