Dubai: Gold Prices Jump Dh2.5 Per Gram Due To US Tariffs Row

(MENAFN- Khaleej Times)

Gold jumped Dh2.5 per gram to over Dh400 in Dubai on Thursday morning, as global prices soared above $3,300 per ounce due to uncertainty surrounding the US tariff row.

On Thursday morning, 24K prices jumped Dh2.5 per gram to Dh400.25 while 22K, 21K and 18K opened higher at Dh370.75, Dh355.5 and Dh304.5 per gram, respectively. Spot gold was trading at $3,323.59 per ounce, up 0.33 per cent.

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US President Donald Trump has threatened new "reciprocal" tariffs on trading partners, charging 25 per cent levies on imports from Japan and South Korea and 25-40 per cent on goods from another 12 countries, including smaller Asian economies and South Africa.

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Trump on Thursday announced a new 50 per cent tariff on US copper imports and a 50 per cent duty on goods from Brazil, effective August 1, 2025.

"We continue to expect various sector-specific tariffs to follow, and there remains significant uncertainty over the scope and shape of these tariffs. Market volatility is likely to pick up, but the latest development does not constitute an escalation in the trade war," said Mark Haefele, chief investment officer of UBS Global Wealth Management.

"While tariffs will likely remain high, compared with levels at the start of the year, as will the headline risk, we believe the US effective tariff rate should end the year at around 15 per cent. This would be a headwind to growth but not enough to trigger a recession, given the resilience of the US consumer and the adaptability of global supply chains," he said.

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