Latest news with #Dh365
Time of India
04-07-2025
- Business
- Time of India
Will Dubai gold rates drop below Dh370? Trump's ‘big beautiful bill' sparks hope
Gold shoppers in Dubai await a price drop as global markets react to the U.S. budget bil/Image: File With US President Donald Trump's long-anticipated budget bill finally passed by Congress and Senate, gold shoppers in the UAE are watching closely to see if this could finally trigger a drop in Dubai gold prices, which have remained stubbornly high in recent weeks. Hope for a Price Dip: Gold Retailers Expect Drop Below Dh370 (approx. $100.75 ) As of now, the price of 22-karat gold in Dubai stands at Dh371.75( $101.20) per gram, slightly down from Dh374($101.85) on July 1. At 9:30am today, it hovered at Dh372.75 ($101.46), but this wasn't yet the price break that shoppers had been holding out for. Retailers, however, are optimistic that gold prices could soon fall below the Dh370 threshold. 'There are ready shoppers waiting for the right gold price drop anything between Dh360-Dh365 ($98.03-$99.32) will set off 'relief buying',' a gold retailer told Gulf News. 'We believe quite a lot of UAE resident-shoppers will actually start their summer vacations after July 15. They are the ones waiting to see if gold price will drop.' The Target Price: Why Dh365 Matters The Dh365 ($99.32) per gram level is emerging as a psychological tipping point for many gold buyers. Just a week ago, the gold price touched Dh365.5, which prompted a notable increase in footfall and transactions in local jewellery stores. "It's not easy for shoppers, but there is more acceptance of Dh360-Dh365 levels," another retailer told Gulf News. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo "Whereas earlier, anything over Dh350($95.31) would put off shoppers. It's been the case each time gold prices rise at some point, shoppers decide to accept the reality." The trend signals that buyers are increasingly adapting to higher gold price ranges, but a return to the Dh360–Dh365 level is seen as a crucial motivator to trigger larger-scale purchases before the summer travel season begins. Trump's 'Big Beautiful Bill': What It Means for Gold Prices Much of the hope for a decline in prices now hinges on how global financial markets react to the newly approved US budget bill, which President Trump has proudly referred to as his 'big beautiful bill'. The bill has cleared both Senate and Congress, and now awaits Trump's signature. If the legislation spurs faster economic growth in the US, as intended, it could strengthen the US dollar. A stronger dollar often dampens investor appetite for gold, which is traditionally seen as a safe-haven asset during times of economic uncertainty or currency weakness. Currently, gold is trading at $3,336 an ounce, with prices down by just over $10 per ounce this morning. The market remains cautious, but a further strengthening of the dollar could put more downward pressure on global gold prices, and by extension, Dubai's local gold rate. Looking Ahead: What Shoppers Should Expect Retailers remain on standby, closely watching both global and regional market cues. While shoppers are still hoping for prices to ease back to the Dh360($98.03) range, the decision to buy may ultimately come down to personal timing, especially with the summer vacation season approaching fast. The next 24 to 48 hours could be crucial in determining how the Dubai gold rate adjusts in response to international developments and whether Trump's bill will provide the much-needed relief UAE shoppers have been hoping for.
Gulf News
05-05-2025
- Business
- Gulf News
Gold prices spike in Dubai: Why UAE shoppers should wait until Thursday
Dubai: The Dubai Gold Rate has risen by Dh3.5 a gram to start the week, with a gram of 22K selling at Dh365 (and Dh394 for 24K), in what will be a huge disappointment for shoppers who were expecting prices to soften. Today's rate is still lower than last Monday's (April 28) Dh371, but all through last week the trend was for the local gold rate to drop. On May 1, it was at Dh359. 'Shoppers would have been expecting gold to slip to around Dh350-Dh355 levels, so to see prices around Dh365 will be a huge blow to sales this week if this trend continues,' said a jeweller. 'Even tourist demand will come in lower. The only hope is that some of the planning wedding purchases materialize.' 'Wait until Thursday' This week, gold buyers/investors will be better off waiting to see the outcome of the next US Federal Reserve Meeting, which will decide on whether retain interest rates at current levels or cut them. (President Trump has been vocal about the need for lower interest rates, which added to the market turbulence seen last month.) Hoping for gold demand spike in June The UAE gold trade is also hopeful that closer to June, there will be some pick up in gold buying activity, especially with a sizable section of the resident base planning their holiday trips after schools close. (At those times, buying gold and then selling them at a profit in their home countries has been a traditional pattern.) In fact, all trends suggest there should be some weakening in gold prices short-term. All that frenzied market movements over Trump tariffs have subsided to a good extent. The US dollar's still on the lower side but still at levels seen last week. Currently, in the global metals market, gold is trading at $3,266 an ounce, up nearly $30 so far. US Fed meeting Gold analysts say that today's rise has everything to do with the US Federal Reserve meeting scheduled for Wednesday. In recent times, there has always been a gold price spike ahead of such meetings.
Khaleej Times
26-03-2025
- Business
- Khaleej Times
Dubai: Gold prices drop by up to Dh1.75 per gram in early trade
The Dubai Jewellery Group data showed a 24K variant of the yellow metal falling Dh1. 75 per gram to Dh363.25 per gram, on Wednesday morning, down from Dh365 per gram. While 22K fell Dh1.5 per gram to Dh336.5 per gram, down from Dh338 per gram last night. Similarly, 21K and 18K also opened lower at Dh322.5 and Dh276.5 per gram, respectively. Spot gold was trading at $3,015.63 per ounce, down 0.19 per cent. Gold hit a record historic high of $3,057 per ounce in spot trading last week, but it has been trending lower in the past few sessions. Samer Hasn, senior market analyst at said gold's gains came after US Federal Reserve chief Jerome Powell's speech, which appeared to be in line with what investors wish in various aspects, both by avoiding a hawkish tone and by emphasising the uncertainty created by tariffs. 'Powell's favourable speech was the latest link in a chain of factors fueling gold's continued gains, where growing concerns about the potential ramifications of Donald Trump's trade policy and the economic turmoil resulting from the continued reluctance to impose tariffs were among the most prominent factors supporting the yellow metal to continue its gains,' he said. Ultimately, Powell's speech and the Fed's Summary of Economic Projections did not change market expectations about the path of monetary policy, and the likelihood remains that we will see at least two to three rate cuts this year, allowing gold to continue its gains eventually,' added Hasn.
