Latest news with #SamerHasn
Khaleej Times
14 hours ago
- Business
- Khaleej Times
As US joins Israel-Iran conflict, gold seen testing $3,450; GCC stocks coming under pressure
[Editor's Note: Follow our live blog for real-time updates on the latest developments in the Israel-Iran conflict.] Gold prices are expected to spike when markets open on Monday following the United States' entry into the Israel-Iran conflict, launching strikes on Iranian nuclear facilities. Analysts warn that UAE and other Gulf stock markets will likely come under pressure. However, the overall performance of commodities and equities will depend on how the conflict unfolds over the coming days. On Sunday, US President Donald Trump confirmed that American aircraft had struck three Iranian nuclear sites, marking a significant escalation in the Middle East. Gold prices closed at $3,368.09 per ounce on Friday, down 0.17 per cent. In Dubai, 24K and 22K gold ended the week at Dh406 and Dh376 per gram, respectively. 'Despite low liquidity, this move could be an early signal of how markets will react on Monday,' said Samer Hasn, senior market analyst at He stressed that commodity prices in the coming days will be shaped by how Iran responds to the US strike. Ahmad Assiri, research strategist at Pepperstone, added that heightened geopolitical tensions are reinforcing bullish sentiment for gold. 'I wouldn't be surprised if gold opens 1 to 1.5 per cent higher on Monday, potentially breaking above $3,400 and retesting last week's highs near $3,450,' he said. 'Further escalation or retaliation — especially if Iran or its proxies target strategic chokepoints like the Strait of Hormuz or the Strait of Mandeb — will likely keep gold well-supported at elevated levels.' UAE, GCC stocks While geopolitical risks will likely dampen short-term investor sentiment in the GCC, Assiri pointed out that rising oil prices could help offset the impact. 'Higher oil revenues often cycle back into local economies, supporting growth and softening the blow of geopolitical shocks. This acts as a natural hedge for GCC governments.' He also highlighted a divergence in market behavior across the region. 'The UAE market tends to align more with global trends, while the Saudi Tadawul Exchange is more responsive to local and geopolitical developments. When tensions rise, Saudi investors — many of whom keep significant liquidity on hand — often step in to buy, helping the market show surprising resilience.' He cited early April as an example when the Saudi market posted gains despite major tariff announcements. Samer Hasn warned that if rhetoric or actions targeting US bases in the region intensify, regional equities could face greater pressure, especially in countries more directly involved in or vulnerable to the conflict. Oil With the US now fully engaged, Ahmad Assiri said oil's baseline pricing has shifted to the mid-$80 range per barrel. 'We're moving from a regional conflict to a US-managed confrontation, which introduces a higher risk premium. There's also increased tail risk regarding the potential closure of the Strait of Hormuz. Even if Iran doesn't act, the perceived probability of disruption rising from 5 per cent to 15 per cent alone will create an upward premium in crude prices.' Brent and WTI crude closed the previous week at $77.01 and $73.84 per barrel, respectively. Prior to Israel's June 13 strike on Iran, Brent was trading below $70. Samer Hasn echoed expectations for an oil price rally. 'The escalation with direct US involvement is a significant turning point. If Iran retaliates by targeting oil infrastructure, it could trigger deeper US military involvement to prevent broader economic fallout,' he said. Hasn added that if such a scenario materializes, oil and gas prices may face sustained upward pressure, particularly around the Strait of Hormuz — a critical global shipping route. However, if no major developments occur soon, market attention may shift back to economic fundamentals.
Wall Street Journal
06-05-2025
- Business
- Wall Street Journal
Oil Futures Edge Higher, Supported by Middle East Tensions
0010 GMT — Oil futures edge higher in early Asian trade, supported by Middle East tensions. Israel's military on Monday conducted airstrikes against targets in Yemen, a day after the Houthi rebel group launched a ballistic missile that struck near Israel's main airport. 'This escalation coincides with stalled U.S.-Iran nuclear negotiations,' Samer Hasn says in an email. 'Any further escalation could threaten oil infrastructure across the region and disrupt global shipping routes on a broader scale,' the senior market analyst adds. Front-month WTI crude oil futures are 0.1% higher at $57.20/bbl; front-month Brent crude oil futures edge 0.2% higher to $60.33/bbl. (
Khaleej Times
14-04-2025
- Business
- Khaleej Times
Dubai: Gold prices slip Dh1 per gram at opening of markets on first trading day
Gold prices slipped Dh1 per gram at the opening of the markets on the first trading day of the week in Dubai. The Dubai Jewellery Group data showed 24K trading at Dh389.0 per gram on Monday morning, down from Dh390 per gram over the weekend. Among the other variants of the yellow metal, 22K slipped to Dh360.25, 21K to Dh345.25 and 18K to Dh296.0 per gram. Globally, gold was trading at $3,226.63 per ounce, down 0.36 per cent at 9.05 am UAE time. It reached an all-time high of $3,245.28 per ounce on April 11. Investors have turned to buying gold on the decline. Over the two sessions, the largest physical gold exchange-traded fund, SPDR Gold Trust (GLD), recorded net positive inflows of more than $2.36 billion, a pace not seen since last February. Samer Hasn, senior market analyst at said gold's gains came amid the accelerating escalation of the trade war and growing uncertainty about its future course. These follow conflicting decisions on tariffs and doubts surrounding US President Donald Trump's strategy, in addition to existing concerns about the consequences of this war on the American and global economy. 'The trade war has reached the point where China responded by raising tariffs on imports from the United States. This mutual escalation further weakens hopes for a diplomatic settlement to the conflict. Donald Trump's 90-day tariff waiver on countries worldwide failed to calm market fears for long, as the trade dispute with China accelerated,' said Hasn.
Khaleej Times
26-03-2025
- Business
- Khaleej Times
Dubai: Gold prices drop by up to Dh1.75 per gram in early trade
The Dubai Jewellery Group data showed a 24K variant of the yellow metal falling Dh1. 75 per gram to Dh363.25 per gram, on Wednesday morning, down from Dh365 per gram. While 22K fell Dh1.5 per gram to Dh336.5 per gram, down from Dh338 per gram last night. Similarly, 21K and 18K also opened lower at Dh322.5 and Dh276.5 per gram, respectively. Spot gold was trading at $3,015.63 per ounce, down 0.19 per cent. Gold hit a record historic high of $3,057 per ounce in spot trading last week, but it has been trending lower in the past few sessions. Samer Hasn, senior market analyst at said gold's gains came after US Federal Reserve chief Jerome Powell's speech, which appeared to be in line with what investors wish in various aspects, both by avoiding a hawkish tone and by emphasising the uncertainty created by tariffs. 'Powell's favourable speech was the latest link in a chain of factors fueling gold's continued gains, where growing concerns about the potential ramifications of Donald Trump's trade policy and the economic turmoil resulting from the continued reluctance to impose tariffs were among the most prominent factors supporting the yellow metal to continue its gains,' he said. Ultimately, Powell's speech and the Fed's Summary of Economic Projections did not change market expectations about the path of monetary policy, and the likelihood remains that we will see at least two to three rate cuts this year, allowing gold to continue its gains eventually,' added Hasn.
Wall Street Journal
13-03-2025
- Business
- Wall Street Journal
Gold Edges Higher as Global Trade War Prospects Grow
2349 GMT — Gold edges higher in the early Asian session. EU and Canada unveiled retaliatory tariffs against the U.S. on Wednesday, further increasing prospects of a global trade war after the U.S. imposed levies on global steel and aluminum imports. Such prospects could enhance the safe-haven appeal of the precious metal. There's uncertainty over the impact of tariffs on the U.S. economy amid talk of a recession, Samer Hasn says in an email. Market turmoil has also deepened due to President Trump's repeated 'start-and-stop' over tariffs, Hasn adds. Spot gold is 0.1% higher at $2,937.82/oz. (
