Dubai: Gold Prices Jump Over Dh2 Per Gram On US Tariff Worries

Gold prices jumped over Dh2 per gram at the opening of markets in Dubai on Thursday as precious metal rose globally due to its safe-haven status amid US President Donald Trump's tariff worries.

The Dubai Jewellery Group data showed 24K trading at Dh365.75 per gram on Thursday morning compared to last night's close of Dh363.25 per gram. While 22K rose Dh2 per gram to Dh338.5 per gram. Similarly, 21K and 18K opened higher at Dh324.75 and Dh278.25 per gram, respectively.

Globally, gold was trading at $3029.55 per ounce, up 0.39 per cent. It rose to over $3,035 per gram in the early morning trade.

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Late on Wednesday, Trump announced a 25 per cent tariff on car imports into the US.

Samer Hasn, senior market analyst at xs, said gold's gains come as sentiment toward the US economy continues to deteriorate, fuelled by growing concerns over the impact of Donald Trump's policies, which are deepening pessimism among consumers and businesses alike.

“On the consumer side, yesterday we saw a shocking report from the Conference Board on Consumer Confidence. The headline index recorded a reading below expectations, falling below 100-point for the second consecutive month, and the Expectations Index fell to a 12-year low. Concerns about inflation, uncertainty surrounding Trump's policies, and growing pessimism about interest rate cuts, along with the negative sentiment they are experiencing due to the stock market decline, have all contributed to this deterioration in consumer sentiment, which could be reflected in reduced spending,” said Hasn.

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