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Wednesday, April 16, 2025

Dubai: Gold prices hit fresh all-time high, reach Dh399 per gram

By Vijay Valecha in 'Century in News'

Dubai: Gold prices hit fresh all-time high,...

Vijay Valecha, Khaleej Times, April 16, 2025

Gold prices rallied to a new record high on Wednesday evening, crossing $3,300 per ounce globally just shy of Dh400 per gram in Dubai.

The precious metal prices zoomed past $3,300 per ounce due to the escalating US-China tariff war and a weaker dollar. It was trading at $3,310 per ounce, up 2.7 per cent at 7pm on Wednesday.

In Dubai, 24K was just shy of Dh400 per gram, trading at Dh399.0, up from Dh389 at the start of the week, gaining Dh10 per gram since Monday.

Among the other variants, 22K, 21K and 18K jumped to Dh369.5, Dh354.5 and Dh303.75 per gram, respectively.

The UN Trade and Development (UNCTAD) on Wednesday warned that the world economy is on a recessionary trajectory, driven by escalating trade tensions and persistent uncertainty.

If the global tariff war between the US, China and other countries escalates further, analysts expect the safe-haven metal will continue to gain further.

Financial institutions recently raised gold price forecasts to around $3,700 by the year-end and $4,000 by mid-2026.

Vijay Valecha, chief investment officer at Century Financial, said US President Donald Trump’s tariff policies have resulted in heightened uncertainty, undermining the usual safe-haven appeal of both US treasuries and the dollar.
“Despite the recent 90-day tariff pause followed by the weekend announcement of exemptions on consumer electronics and semiconductors, separate sector-specific duties on these products are expected soon. Moreover, there remains a risk of trade wars with key partners, particularly China — which has kept the markets on edge. The subsequent flight to safety has supported gold, which has risen by more than a fifth this year,” he said.

Source

Khaleej Times
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