Latest news with #Dh376.5
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.
Gulf News
06-05-2025
- Business
- Gulf News
Dubai Gold Rate back to touching distance of highest level
Shock ripples through UAE gold trade after prices shoot higher by Dh15 in 24 hours Last updated: Dubai: The Dubai Gold Rate is just Dh5 away from its highest point in the last 30 days – and also the highest ever as prices swelled ahead of the crucial meeting of the US Federal Reserve Wednesday. Currently, the Dubai rate is at Dh376.5 a gram for 22K – and Dh406.5 for 24K. The highest single-day Dubai gold rate was the Dh381.5 on April 21. To put matters more starkly, the difference between today's Dubai Gold Rate and on April 7 is a whopping Dh45.50. That's the sort of price gap that will push shoppers to the sidelines. Most shoppers and jewellery retailers in the UAE certainly didn't see this coming, after gold recorded a gradually softening in rates last week. But everything has changed since Monday (May 5), with the Dubai gold rate pushing its way to Dh269.5 from Dh361.5 and now to Dh376.5. Lost sales after yesterday's price hike 'We were expecting some tourist groups to come to the Dubai Gold Souq yesterday afternoon – but they dropped those plans after prices shot up,' said a jeweler. 'This volatility is what's hurting the gold business these days. 'Who can convince any shopper they are coming in at the right time when the gold price gap in just 30 days is a staggering Dh45…' Another record high in the offing? The next 24-48 hours will be critical in deciding whether the Dubai gold rate will go past the Dh381.5 record. (For a brief period on April 21, it had even touched Dh388.) Everything sort of rests on what the US Fed meeting Wednesday will end up with. Some direction on future US interest rate cuts- and instantly reflected in the UAE – could be the prompt for gold prices to soften.
Khaleej Times
10-04-2025
- Business
- Khaleej Times
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.
