10-04-2025
UAE: Gold surges by over Dh10 per gram amid Trump's 90-day pause on tariffs
As markets are in a period of global fluctuation due to Trump's tariff decisions, the yellow metal is one of those greatly impacted. In Dubai, the gold rate has shot up by over Dh10 in just the span of one market day.
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.
