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Thursday, June 12, 2025

UAE: Gold prices jump nearly Dh5 per gram on Middle East tension

تم إعداد هذا المنشور من قبل فيجاي فاليتشا

UAE: Gold prices jump nearly Dh5 per gram on...
 
   

Vijay Valecha, June 12, 2025, Khaleej Times

Gold prices jumped in Dubai at the opening of the markets on Thursday due to rising tensions in the Middle East and the weakening of the US dollar.

On Thursday morning, 24K was trading at Dh406 per gram, rising nearly Dh5 per gram since last night’s close. Similarly, 22K, 21K and 18K jumped to Dh376, Dh360.5 and Dh309 per gram, respectively.

Spot gold was trading at $3,371.8 per ounce, up 1.4 per cent, as US President Donald Trump announced on Wednesday that US personnel were being moved out of the Middle East due to heightened security risks amid rising tensions with Iran.

The US dollar index fell to a near two-month low, making greenback-priced metal more attractive to overseas buyers.

Vijay Valecha, chief investment officer of Century Financial, said gold prices remained range-bound on Wednesday as risk markets await the outcome of the much-watched US-China trade talks.
“The consolidation of gold prices signals that broader uncertainty related to tariffs persists. In addition, a federal appeals court has permitted the continuation of the United States tariffs while it assesses a lower court's decision that the president overstepped his authority in their implementation. The World Bank has revised its 2025 global growth forecast down by 0.4 percentage points to 2.3 per cent, highlighting higher tariffs and increased risks as significant challenges for many economies,” he said.
“A break above $3,343 can indicate near-term bullishness and a move towards $3,371; otherwise, it can test the channel support at $3,323,” he added.

Source:

Khaleej Times


    
    
    
   
 
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