Gold Prices Rise In UAE After Trump's Trade Tariff Announcement

Gold prices in the UAE rose on Thursday, after Trump announced sweeping new trade tariffs on April 2. The more aggressive than expected import tariffs pushed investors to flock to gold.

The Dubai Jewellery Group data showed 24K opening at Dh378.25 per gram while 22K was selling at Dh350.25 per gram compared to Dh377.25 and Dh349.25 respectively on Wednesday. Among the other variants, 21K and 18K opened at Dh336 and Dh288 per gram, respectively.

Meanwhile, internationally gold hit an all-time high of $3,167.57 per ounce on Thursday. The rates fell a little to reach $3123.49 per ounce as the day progressed.

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After hitting record highs on April 1 when 24K opened at Dh379 per gram, gold prices in the UAE fell on Wednesday slightly before rising again on Thursday. Late last month, gold jewellers had expressed hopes that occasions such as Eid Al Fitr and Indian festivals like Akshaya Tritiya would drive up demand and prices.

According to Dilin Wu, Research Strategist at Pepperstone, the new tariffs could put“near-term pressure on gold prices” as potential retaliatory measures remain high.“The risk of escalating trade tensions, concerns over tariffs dragging on U.S. economic growth, and continued gold buying by emerging market central banks all suggest that gold's longer-term trajectory remains tilted to the upside,” she said.“If trade disputes intensify, global economic confidence could take a hit, potentially reigniting safe-haven demand.”

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