Latest news with #Dh370
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.
Time of India
01-07-2025
- Business
- Time of India
UAE gold prices: 22K gold hits Dh370+ today, last chance to lock in or wait for dip
UAE 22K gold crossed Dh370 on Tuesday, driven by global rate cut hopes and safe-haven demand/ Image: File Gold prices in Dubai have surged once again, crossing the Dh370-per-gram mark for 22K gold, a threshold that could prompt shoppers to rethink their buying plans. After weeks of relatively stable pricing that encouraged steady demand, this sharp increase is shifting market sentiment just as consumer confidence had begun to return. Gold Prices Climb Sharply: Current Rates and Recent Trends As of Tuesday afternoon, the retail gold price in Dubai for 22K gold has jumped more than Dh7 in just a matter of days. The rates now stand at: 24K gold: Dh403.75 per gram (≈ $110) 22K gold: Dh374.00 per gram (≈ $101.85) 21K gold: Dh358.25 per gram (≈ $97.60) 18K gold: Dh307.25 per gram (≈ $83.70) This upward move comes shortly after many UAE residents took advantage of prices around Dh365.75 ($99.60), locking in their purchases during what now appears to have been a brief window of stability. In recent weeks, jewellery retailers and the Gold Souk had seen increased footfall, with shoppers resuming purchases amid relatively calm pricing. But with gold now climbing sharply again, many potential buyers are likely to hold off in anticipation of a possible correction. Global Drivers Behind the Price Spike The price surge is not limited to the UAE. International spot gold prices climbed for a second consecutive day, reaching around $3,322 an ounce, up 0.6% on Tuesday in Asia, after rising 0.9% on Monday. Speaking to Gulf News , Vijay Valecha, Chief Investment Officer at Century Financial, attributed the rebound to multiple global pressures. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Sharp Design, Smoother Drives. Toyota Glanza Learn More Undo 'Despite recent losses from risk-off sentiment unwinding, gold has rebounded strongly after testing and bouncing off the long-term bullish trendline,' said Valecha. He further explained that market fears are being stoked by ongoing global uncertainties, including tensions in international trade and monetary policy decisions: 'Adding to gold's safe-haven appeal is the uncertainty surrounding trade deals with major countries, including President Trump's fresh tariff threats on Japan. With the Federal Reserve expected to cut interest rates later this year, gold is set to attract even more attention in the coming weeks,' Valecha added. Market watchers have noted that the recent strength in gold is also linked to macroeconomic cue, particularly speculation surrounding interest rate decisions by the U.S. Federal Reserve. Expectations of a rate cut have historically led to increased investor interest in non-yielding assets like gold. Market Sentiment: What Analysts and Traders Are Saying According to Vivek Dhar, an analyst at the Commonwealth Bank of Australia, gold remains one of the strongest-performing assets in the current global market environment. 'Despite recent losses, gold has the most short-term potential to gain if the US dollar continues to weaken,' Dhar wrote in a client note. Investors are also watching key upcoming indicators, including the U.S. jobs report and a July 9 tariff deadline, which could influence the short-term direction of gold. Many traders believe unless prices fall significantly below $3,200 an ounce, a major correction is unlikely. Market insiders have pointed out that gold prices have already gained more than 25% so far this year, and the commodity now sits less than $200 away from its all-time high set in April 2025. Some analysts saw last week's brief decline as a routine pause in an otherwise upward trend, supported by ongoing geopolitical tensions and inflationary concerns that continue to drive demand for safe-haven assets. What It Means for UAE Gold Buyers With gold nearing a new local peak, shoppers in the UAE face a familiar dilemma, buy now before prices climb further, or wait for a potential pullback? The recent spike may cause hesitation, especially for casual buyers or tourists. However, those who locked in purchases last week at Dh365.75 ($99.60) may have acted at the perfect time. Looking ahead, most analysts agree that while volatility is likely to continue, the bias remains toward further upside, particularly if U.S. rate cuts materialize or new geopolitical risks emerge. For now, the market is sending a clear signal: gold remains a safe-haven asset in turbulent times, and those who wait too long might end up paying more.
Gulf Insider
12-06-2025
- Business
- Gulf Insider
Dubai Gold Rate At Highest In 10 Days - Hurts Pre-Holiday Buys
At Dh375.25 a gram for 22K, the Dubai gold rate has shot up to its highest level in 10 days – and coming at a time when expat-residents in the UAE are still deciding whether to buy jewellery ahead of their summer holiday trips home. (The 24K gram is back over Dh400 and currently at Dh405.) One has to go back to June 2 to find a price higher than today's early rate. On June 2, a 22K gram was costing Dh376.5. (In India one tola (12 grams) is currently at Rs107,440 plus level. The Saudi gold price for 22K is Dh380 for a gram.) 'The hope is that like it did after June 2, gold prices would see some slipping back to under Dh370 levels soon,' said a gold retailer. 'There's price-resistance at anything over Dh370 from resident gold buyers. 'The one thing they had been hoping for was some price stability, even if it was Dh369. But the moment the price crosses Dh370, demand takes a serious hit.' In the global market, bullion has been having an extremely busy time, gaining over $50 to $3,370 an ounce level. The way price movements are happening, analysts say there is a clear chance to push towards $3,400. If that happens, then gold could be in for some serious upward price movement. It was in April that gold hit its highest on record, at $3,500 when global tensions over US trade tariffs were at its peak.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Ras Al Khaimah's property outlook remains bullish, fuelled by healthy demand
The outlook for Ras Al Khaimah's property market is very promising, fuelled by the Emirate's growing reputation as both an investment hub and a tourism destination. With continued government support, infrastructure upgrades, and a clear lifestyle proposition, the market is seeing healthy demand across residential, hospitality, and mixed-use segments. RAK Properties, the emirate's leading publicly listed property developer is playing a key role in shaping this momentum. The company currently has over Dh5 billion worth of developments in the pipeline, more than 3,000 units under construction, and over 800 handovers planned in 2025, its busiest year yet. RAK Properties had a strong start to 2025, with performance in Q1 reflecting a mix of solid delivery, smart project rollout, and healthy investor demand. Revenue rose by 28 per cent year-on-year to Dh370 million, while profit before tax increased by 64 per cent to Dh74 million, which is a clear indication of the momentum building across the business. 'This growth is being driven by strong uptake across new launches, particularly branded and waterfront developments like Mirasol and SKAI, as well as steady construction progress across our active pipeline. In fact, the company sold 503 units during the quarter, which is the highest quarterly figure to date, with sales valued at Dh839 million,' Sameh Muhtadi, CEO of RAK Properties, told Khaleej Times in an interview. There's also a healthy forward pipeline, with a development backlog of Dh2.33 billion, giving strong visibility into future revenue. 'On the operational side, we've been scaling up too by expanding our team by 31 per cent and rolling out a fully digital SPA process to simplify and enhance the customer journey. All of this supports a bigger picture: we're entering one of the most transformational phases in the company's 20-year history, and Q1 has set the tone for what's to come,' Muhtadi said. Flagship projects like Mina are helping redefine the waterfront experience in Ras Al Khaimah, blending luxury living with retail, hospitality, and leisure in one integrated destination. Branded residences and resort-style offerings are attracting a new wave of residents and investors looking for value, lifestyle, and long-term potential. 'We're also seeing more international names entering the market, brands like Four Seasons, Anantara, and Nikki Beach are anchoring some of the most exciting new developments. That kind of global interest signals real momentum in the luxury and branded property space,' Muhtadi said. RAK Properties reported revenue of Dh370 million in Q1 2025, reflecting an increase of 28 per cent compared to the same period in 2024. The growth was primarily driven by continued on-site development progress across multiple residential projects and strong uptake across new launches. Profit before tax rose to Dh74 million, up 64 per cent year-on-year, while Ebitda increased to Dh107 million — underscoring improved margins and operational leverage. The company maintained a solid financial position, with total assets reaching Dh8.15 billion and equity rising to Dh5.59 billion. As of 31 March 2025, the development backlog stood at Dh2.33 billion, offering strong visibility into future revenues. With new infrastructure like the upcoming hydrofoil service to Dubai and a fully equipped marina and yacht club, RAK is becoming more connected and more attractive than ever. 'All of this positions the Emirate as one of the UAE's most dynamic and fast-evolving real estate markets,' Muhtadi said. RAK Properties is actively working to merge real estate with hospitality to deliver community experiences. 'This approach is evident in Mina, our flagship waterfront destination, where hospitality brands and residential developments coexist in a vibrant, experience-led setting,' Muhtadi said. A standout example is the upcoming Anantara Mina Residences, where homeowners not only enjoy luxury beachfront living but also have the option to participate in a hotel-managed rental programme that blends long-term investment with access to five-star hospitality. 'We're also introducing other leading global names like Nikki Beach Resort & Spa, whose presence elevates the overall destination offering and strengthens Mina's position as a lifestyle hub. Beyond branded offerings, we're embedding hospitality-inspired living across our wider residential portfolio. Most of our upcoming projects are being designed with a focus on resort-style amenities, wellness spaces, concierge services, and curated communal areas which give residents a day-to-day experience that mirrors the feel of a high-end retreat,' Muhtadi said.
Gulf News
30-04-2025
- Business
- Gulf News
Dubai gold price is steady - and that's perfect for shoppers on 'Akshaya Trithiya'
Dubai: The Dubai Gold Rate is unchanged for a second consecutive day at Dh369 for a gram of 22K and sets up what will be one of the busiest sales day for gold shopping in the UAE in 2025. This is also the lowest gold rate since April 23, when it was Dh368. So, the stage is set for the Indian festival of 'Akshaya Trithiya', where gold buying is one of the traditions that need to be done. And a lot of expat Indians in the UAE have already done their part. 'Yes, there had been some fairly heavy pre-bookings from the moment Dubai gold rate dropped below Dh370 a gram,' said Abdul Salam K.P., Vice-Chairman of Malabar Gold & Diamonds, which is offering 150mg gold coins for each purchase of Dh3,000. 'What we are seeing is that because of the higher gold prices, most of the buying has shifted to lighter weight gold pieces, typically between 10-15 grams. But the most important thing is they are still buying despite the prices. 'The more budget-conscious shoppers are directly going for gold coins and bars, where the making charges are minimal." The feedback from gold retailers is that by close of business today, they will have had more shoppers in the stores, but the actual volume of gold sold might still be lower. But retailers will take it any which way it turns out. 'Huge relief' As for shoppers, the sentiment is one of relief. A good number of Indian expats buy for 'Akshaya Trithiya' because that's the done thing to do. "We would have bought whatever the price, but there's relief because today, we will need to pay only at Dh369 a gram rather than the Dh380 plus of April 21," said a shopper who is all set to head out to a store as soon as it opens.
