Latest news with #LinhTran
Khaleej Times
09-06-2025
- Business
- Khaleej Times
UAE: Gold prices remain steady after Eid Al Adha holidays
Gold prices were steady at the opening of the markets in Dubai on Monday after the Eid Al Adha holidays as prices continued to trade below Dh400 per gram. The 24K was trading at Dh399 per gram on Monday morning, slightly up from last week's close. Among the other variants of the precious metal, 22K, 21K and 18K were trading at Dh369.5, Dh354.5 and Dh303.75 per gram, respectively. The UAE announced a four-day holiday for public and private sectors on the occasion of Eid Al Adha from Thursday to Sunday. Spot gold was steady at $3,309.97 per ounce, supported by hopes of a US-China tariff deal. The yellow metal fell over one per cent on Friday due to strong US jobs clouding the outlook for the US Federal Reserve's move to cut interest rates. Joseph Dahrieh, managing principal at Tickmill, said gold could come under pressure as Fed members reiterated a cautious monetary policy stance. 'Though markets continue to price in rate cuts later this year, the lack of urgency from policymakers could limit further upside for the bullion,' he said. Linh Tran, a market analyst at said the Russia-Ukraine conflict has entered a new phase. 'Ukraine recently launched a large-scale drone offensive against strategic Russian airbases under the operation named 'Operation Spiderweb'. With over 100 unmanned aerial vehicles launched from inside Russian territory targeting strategic bombers, the campaign inflicted significant damage and notably raised the risk of broader, uncontrolled escalation. Heightened geopolitical tensions between major powers have historically been a powerful driver of safe-haven demand, and gold is typically the first asset to benefit,' said Tran.
Khaleej Times
26-05-2025
- Business
- Khaleej Times
Dubai: Gold prices drop in early trade as global tensions ease slightly
Gold prices slipped Dh1 per gram at the opening of the markets in Dubai on Monday. At 9am UAE time, 24-karat fell to Dh403.75 per gram compared to Dh404.75 per gram at the close of the markets over the weekend. Among the other variants, 22-karat, 21-karat, and 18-karat fell to Dh373.75, Dh358.25 and Dh307.25 per gram, respectively. Spot gold was trading at $3,350.2 per ounce, down 0.25 per cent as US President Donald Trump extended the EU tariff deadline to July 9. Earlier, Trump had threatened to impose a 50 per cent tariff on the European Union from June 1. The yellow metal has been trading on the higher side due to the tariff war between the US, China and other major trading partners. Citi bank has also revised its short-term gold price target upward to $3,500 per ounce due to tariff escalation and geopolitical risks. It said in its latest note that it sees precious metal consolidating between $3,100 and $3500 per ounce, up from its previous estimate of $3,000 to $3,300 per ounce. Linh Tran, a market analyst at said market sentiment currently leans toward a "soft landing" scenario for the US economy. 'As a result, investors may be rebalancing their defensive positions, triggering profit-taking in gold after a strong three-day rally. However, gold's pullback remains contained within technical boundaries, reflecting that the selling pressure is temporary rather than a signal of a trend reversal,' said Tran.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Dubai: Gold prices slip Dh1.5 in early trade on Tuesday
Gold prices slipped one-and-a-half dirham per gram at the opening of the markets in Dubai on Tuesday. At 9am UAE time on Tuesday, 24-carat slipped to Dh387.75 per gram, down from Dh389.25 per gram at the close of the markets on Monday. Similarly, 22-carat, 21-carat and 18-carat fell to Dh359.25, Dh344.5 and Dh295.25 per gram, respectively. Spot gold was trading at $3,217.7 per ounce, down 0.37 per cent due to a firmer dollar and optimism around the Russia-Ukraine war ceasefire. Linh Tran, a market analyst at said gold prices are likely to continue trading within a narrow range as markets await clearer signals from the high-level dialogue and upcoming economic data to determine the next directional move. Gold started the year off on solid footing at around $2,624.50 after rallying nearly 27 per cent in 2024. The momentum gained steam this year, as gold exhibited a relentless rally, creating a series of record highs amid a global flight to safety. By April 22, it had risen to a peak of over $3,500 – rallying more than 875 points or around 34 per cent in less than 4 months. 'However, the emergence of trade deals has since triggered a drop, with gold currently trading 8.4 per cent below its peak at $3,223. The precious metal was exhibiting a double top pattern on the day chart, which is typically indicative of bearish forces,' said Vijay Valecha, chief investment officer of Century Financial.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
UAE: Gold prices fall over Dh5 per gram on Monday amid positive US-China trade talks
Gold prices fell over Dh5 per gram to below Dh400 in Dubai on Monday morning as the precious metal fell below $3,300 per ounce amidst positive US-China trade talks and strengthening of the US dollar. At 9am UAE time, 24-karat opened at Dh395.25 per gram, down from around Dh400.5 per gram at the close of the markets last week. Among the other variants, 22-karat, 21-karat and 18-karat fell to Dh366, Dh350.75 and Dh300.75 per gram, respectively. Spot gold was trading at $3,277.53 per ounce, down 1.5 per cent. On Sunday, the US and China ended trade talks on a positive note in order to reduce the US trade deficit. The two countries imposed tit-for-tat tariffs on each other, triggering a trade war that fuelled fears of a global recession. Linh Tran, a market analyst at said precious metal fell due to progress in US-China trade negotiations and the notable rebound of the US dollar. The US media earlier reported that the Trump administration is reportedly considering cutting tariffs on Chinese goods from 145 per cent to 50 per cent — a move widely interpreted by markets as a step toward easing tensions after a series of tariff hikes and retaliatory measures in recent weeks. 'The immediate market reaction was a pullback in safe-haven assets such as gold, while risk appetite modestly improved across equities and currencies,' said Tran. Beyond trade factors, gold's decline was also amplified by the strength of the US dollar.
Khaleej Times
27-04-2025
- Business
- Khaleej Times
Gold prices in Dubai: Rates to stay high amid US-China tariff row confusion, geopolitical tensions
The confusion about the tariff war between the US and China will keep gold maintaining its safe-haven status and keep prices high despite some signs of relations improving between the world's two largest economies. In addition, expectations around the easing of monetary policy and geopolitical tensions in the Middle East will also support the precious metal in the coming months. After hitting a record high of $3,500 per ounce globally and Dh420 per gram in Dubai last week, the precious metal slipped $3,318.47 per ounce and Dh400 per gram over the weekend. Analysts expect gold could soon touch $3,450 again if the economic and geopolitical uncertainties persist. 'Tensions between the world's two largest economies intensified further with reports that China has cancelled a series of Boeing aircraft orders, citing a need to 'reassess strategic priorities'. Although Chinese authorities have not issued any official statements regarding the move, analysts widely interpret this as a form of indirect economic retaliation, meant to signal that Beijing is also capable of leveraging market power to apply pressure on Washington,' said Linh Tran, market analyst at The precious metal rally slowed after the US and China exempted certain goods from tariffs in the growing tariff war between the two countries. US President Donald Trump said on Friday that negotiations with China on tariffs are underway, and Beijing denied any talks taking place with Washington DC. China has reportedly warned that it will retaliate against any country that cooperates with the US in ways that undermine Beijing's interests. 'As the US-China trade war risks spilling over to other countries, global investors are turning increasingly cautious. In this climate, gold remains a strategic safe haven, particularly as capital flows exit equities and other risk assets in search of safety,' she added. US recession concern Ahmad Assiri, research strategist at Pepperstone, said while the market looks for direction, should the pace of selling increase, technical support is seen at the psychological level of $3,300 and $3245. 'A resurgent dollar or higher US equity prices could also test gold's resolve, making further profit-taking of gold longs into rallies a possible tactical move,' he said. Assiri added that one of the compelling reasons that is holding metal is the evolving risk of a US economic recession in the coming 12 months, which is currently implied at 52 per cent. 'In an environment where the US recession probability could go either way, where the data will guide the market's assumptions, gold shines as a powerful safeguard against downside growth risk for institutions and traders alike.' Rate cuts, regional tension Beyond trade concerns, Linh said monetary policy remains a key pillar supporting gold's uptrend. 'Signs of cooling inflation have quickly reshaped expectations for the US Federal Reserve's policy trajectory. The market now leans toward the likelihood of rate cuts beginning in September, or potentially even earlier if economic data continues to soften. In such an environment, gold tends to thrive,' she added. In his latest remarks, Fed chief Jerome Powell struck a cautious tone, acknowledging strong March retail sales but emphasising that economic growth remains fragile. He reiterated the Fed's readiness to act if more definitive signs of slowdown emerge. These dovish signals have further strengthened the belief that a rate-cutting cycle is approaching — a historically bullish development for gold. 'The confluence of trade conflict, rate cut expectations, and geopolitical uncertainty has propelled gold to its latest all-time high near $3,385/oz. If no major policy or economic shocks emerge to reverse the trend, and if current drivers remain intact, gold could continue climbing toward key psychological levels such as $3,400 and $3,450 in the near term."
