Latest news with #Dh326.25
Khaleej Times
20-03-2025
- Business
- Khaleej Times
Dubai: Gold prices jump to new all-time high; 22K crosses Dh340 per gram
Gold prices jumped to a new all-time high at the opening of the markets in Dubai on Thursday as the precious metal crossed the $3,050 per ounce mark. At 9am, the 24K variant of the yellow metal opened at Dh367.5 per gram, up Dh2.25 from Dh365.25 per gram at the close of the markets on Wednesday. Similarly, 22K rose to Dh340.25, 21K to Dh326.25, and 18K to Dh279.75 per gram. Globally, spot gold was trading at $3,051.96 per ounce, up 0.61 per cent, as the US Federal Reserve held interest rates steady on Wednesday. The yellow metal rally is also driven by tariff jitters and tension in the Middle East. George Pavel, general manager at Middle East, said gold prices traded at record highs after surpassing the $3,000 level, as rising geopolitical tensions in the Middle East fuelled risk aversion. 'The end of the ceasefire saw a resurgence in hostilities and could drive investors toward safe-haven assets as they avoid volatility risks in other asset classes. Such conditions could help gold record new highs,' he said. 'However, positive developments in Eastern Europe could limit gold's gains although uncertainty on that front could play in the metal's favor. Traders could continue to monitor the situation in the region and the impact of new developments on sentiment,' said Pavel.
Khaleej Times
20-03-2025
- Business
- Khaleej Times
Dubai: Gold prices jump to new all-time high; 22K crosses Dh240 per gram
The yellow metal rally is also driven by tariff jitters and tension in the Middle East By Gold prices jumped to a new all-time high at the opening of the markets in Dubai on Thursday as the precious metal crossed the $3,050 per ounce mark. At 9am, the 24K variant of the yellow metal opened at Dh367.5 per gram, up Dh2.25 from Dh365.25 per gram at the close of the markets on Wednesday. Similarly, 22K rose to Dh340.25, 21K to Dh326.25, and 18K to Dh279.75 per gram. Globally, spot gold was trading at $3,051.96 per ounce, up 0.61 per cent, as the US Federal Reserve held interest rates steady on Wednesday. The yellow metal rally is also driven by tariff jitters and tension in the Middle East. George Pavel, general manager at Middle East, said gold prices traded at record highs after surpassing the $3,000 level, as rising geopolitical tensions in the Middle East fuelled risk aversion. 'The end of the ceasefire saw a resurgence in hostilities and could drive investors toward safe-haven assets as they avoid volatility risks in other asset classes. Such conditions could help gold record new highs,' he said. 'However, positive developments in Eastern Europe could limit gold's gains although uncertainty on that front could play in the metal's favor. Traders could continue to monitor the situation in the region and the impact of new developments on sentiment,' said Pavel.
Khaleej Times
10-03-2025
- Business
- Khaleej Times
Dubai: Gold prices inch higher in early trade; 24K variant at Dh350.75
Gold prices inched higher at the opening of the markets on the first trading day of the week as global prices remained steady in early trade. At 9am on Monday, the 24K variant rose to Dh350.75 per gram, up from Dh350.50 per gram at the close of the markets over the weekend. Among the other variants, 22K, 21K and 18K opened at Dh326.25, Dh313.0 and Dh268.25 per gram, respectively. Globally, spot gold was trading at $2,910.44 per ounce, up 0.05 per cent. Vijay Valecha, chief investment officer, Century Financial, said investors are closely monitoring the evolving tariff situation and its potential impact on the US economy and Federal Reserve policy decisions. 'Additionally, concerns have arisen regarding the potential tightening of supplies in London following Trump's tariff threats. Investors have been observed moving record volumes of the metal to New York warehouses in recent months due to these uncertainties,' he said Gold support could be seen near the psychological level of $2,900. Linh Tran, a market analyst at said that gold continued to trade sideways as market sentiment remained cautious on geopolitical developments and trade tensions. 'Geopolitical risks, trade wars, and a weak economy have been strong drivers of gold's recent upward trend. However, these factors now seem to be experiencing delays and uncertainty,' Linh added.
Khaleej Times
05-03-2025
- Business
- Khaleej Times
UAE: Gold prices slip after jumping nearly Dh5 per gram yesterday
Gold prices dropped in Dubai on Wednesday morning after jumping nearly Dh5 per gram on Tuesday. The Dubai Jewellery Group data showed 24K slipping Dh1.5 to Dh350.75 at the opening of markets in Dubai on Wednesday. Among the other variants, 22K, 21K and 18K opened lower at Dh326.25, Dh313 and Dh268.25 per gram, respectively. Globally, gold was steady at $2,911.04 per ounce at 9.20am UAE time. Samer Hasn, senior market analyst at said gold's gains come amid the highest levels of uncertainty this year in the US market, whether for stocks or bonds. 'This coincides with the US escalating its trade war with Canada, Mexico and China, and the beginning of the effects of this trade conflict in the slowdown in economic activity,' he said. The trade conflict escalated as new tariffs on Canada, and Mexico, and additional tariffs on China took effect. In response, China retaliated by imposing tariffs on American agricultural imports, specifically targeting soybeans, of which it is the largest importer, purchasing over $12 billion in 2024. Additionally, China introduced export restrictions on certain products with both civilian and military applications. Meanwhile, tariffs on American agricultural exports were one of the most prominent points that raised experts' concerns about the consequences of the trade war on the economy. China may also move to expand its restrictions on American companies, especially those in the technology sector, which is a source of concern for markets. 'The market is facing risks of an economic slowdown coupled with rising inflationary pressures, which could keep the state of high uncertainty about the path of monetary policy and could explain the heightened concerns in the bond market. This confusion could preserve gold's ability to recover,' added Hasn.
