Latest news with #DubaiJewellery
Khaleej Times
03-07-2025
- Business
- Khaleej Times
Dubai: Gold prices climb, but shopping deals can help cushion the blow
Gold prices rose by over Dh1 per gram in Dubai on Thursday morning, keeping prices above Dh400 per gram. The Dubai Jewellery Group data showed 24K trading at Dh403.75 per gram at the opening of the markets on Thursday, up from Dh402.5 per gram at the close of the markets on Wednesday. Among the other variants, 22K, 21K and 18K opened higher at Dh374, Dh358.25 and Dh307.25 per gram, respectively. Globally, gold was trading at $3,353.78 per ounce, up 0.15 per cent. Higher gold prices don't augur well for UAE residents planning to buy precious metal jewellery ahead of their travel during summer vacation, as this will dent their spending plans. Gold jewellers in Dubai said smart shoppers can take advantage of good deals and schemes, such as reduced making charges announced by the retailers to offset the impact of high prices. Michael Brown, senior research strategist at Pepperstone, said despite encountering some selling pressure towards the back end of last week, which saw the yellow metal end last Friday below its 50-day moving average for the first time since January, bullion has started to find its shine once again, reclaiming not only that level, but also the $3,300 per ounce mark. 'These gains have come as uncertainty on the trade front continues ahead of next week's deadline for the expiration of the pause on 'Liberation Day' tariffs,' he said. 'Of much more importance, albeit still on the political front, is the US President Donald Trump Admin's continued attacks on the Federal Reserve, not only Chair Jerome Powell, but also the entire Board of Governors, with Trump also indicating that his pick for the next Chair will be someone who wants to deliver rate cuts. This continued erosion of monetary policy independence is fuelling continued outflows from the greenback, and subsequent inflows into gold, as reserve allocators seek to diversify their portfolios to an increasing degree,' said Brown
Khaleej Times
01-07-2025
- Business
- Khaleej Times
Dubai: Gold prices rise above Dh400, shoppers shift to cheaper variants
Gold prices bounced back above Dh400 per gram again on Tuesday as rates jumped above $3,300 per ounce globally due to uncertainty around tariffs and a weaker dollar. The Dubai Jewellery Group data showed 24K trading at Dh400.25 per gram while 22K, 21K and 18K were trading at Dh370.75, Dh355.5 and Dh304.75 per gram, respectively. According to gold jewellers in Dubai, the volatility in precious metal prices influences the purchasing decisions of UAE residents, as higher prices constrain their budgets, forcing them to shift to smaller variants of 18K due to affordability concerns. This becomes even more important when many residents travel to their homes and spend a handsome amount on buying jewellery for gifts and weddings. Spot gold was trading at $3,329.84 per ounce, up 0.99 per cent in early trade. It was trading below $3,300 in the previous day's session. US President Donald Trump on Monday expressed frustration with US-Japan trade negotiations as US Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs. 'Weaker dollar and concerns about the impact if Trump's tariff deadline is not extended are supporting gold at the moment," said Nicholas Frappell, global head of institutional markets at ABC Refinery.
Khaleej Times
05-06-2025
- Business
- Khaleej Times
Dubai: Gold prices rise a day ahead of Eid Al Adha
Gold prices slightly rose at the opening of markets in Dubai on Thursday ahead of key US economic data. The Dubai Jewellery Group data showed 24-carat trading at Dh406 per gram on Thursday morning, up from Dh404.5 per gram at the close of the markets on Wednesday. Among the other precious metal variants, 22-carat, 21-carat and 18-carat opened higher at Dh376, Dh360.5 and Dh309 per gram, respectively. Many gold jewellers and analysts expect gold to maintain its appeal as a safe haven and stay above Dh400 per gram in the medium to long term due to strong demand from central banks, geopolitical tensions and tariffs row. Gold jewellers in Dubai are expecting an increase in sales during Eid Al Adha holidays, which will be celebrated in the UAE from Friday to Sunday. Spot gold was trading at $3,367.62 per ounce, down 0.22 per cent amidst ongoing global economic and political uncertainties, while looking ahead to US payroll data for further economic cues. Ole Hansen, head of commodity strategy at Saxo Bank, said technically, gold has now broken above the downtrend from its April 22 record high at $3,500, with that former resistance line now turning into support near $3,325. 'Additional layers of support are seen at $3,280 and the 55-day moving average at $3,223. While we remain cautious about declaring an imminent charge to fresh all-time highs, the macro setup is shifting in favour of precious metals,' said Hansen. 'A potent mix of post-stimulus fiscal drag, tariff-induced supply shocks, waning consumer confidence, a weakening labour market, and deteriorating real spending power may soon warrant a dovish and potentially stronger-than-expected policy pivot from the US Federal Reserve, potentially then sending bullion prices higher towards $4,000,' he added.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Dubai: Gold prices recover, rise nearly Dh2 per gram in early trade
Gold prices jumped nearly Dh2 per gram at the opening of the markets in Dubai on Monday. The Dubai Jewellery Group data showed 24 carat trading at Dh387.75 per gram on Monday morning, up from Dh386 per gram at the close of the markets last week. Among the other variants, 22-carat opened at Dh359.25, 21-carat at Dh344.5 and 18-carat at Dh295.25 per gram. Spot gold was trading at $3,220.47 per ounce, up 0.52 per cent, as the US dollar softened after US President Donald Trump's tariff threat spurred demand for the safe-haven metal. The precious metal fell more than two per cent on Friday, recording its worst week since November 2024. Treasury Secretary Scott Bessent on Sunday said that the US president will impose tariffs at the rate he threatened last month on trade partners that do not negotiate in "good faith" on deals. Trump's trade wars have severely disrupted global trade flows and roiled financial markets over the past few months. In addition, Moody's downgraded the US credit rating, which also had an impact on the greenback. 'The Moody's downgrade of the US credit rating, and the corresponding risk-off reaction by the market, has put some pep back into the gold price,' said Tim Waterer, chief market analyst at KCM Trade.
