Dubai gold prices rise up to Dh3.25 amid global tariff and war tensions
Dollar dips further, boosting precious metals’ global appeal
DUBAI gold prices increased notably on Monday as mounting trade tensions and deepening conflict in Eastern Europe pushed global investors toward safer assets.
The price of 24-carat gold in Dubai rose by Dh3.25 to reach Dh399.50. This rise reflects growing investor appetite for safe-haven assets amid rising geopolitical tensions and trade concerns.
Other categories followed suit: 22-carat gold rose by Dh3.00 to Dh370.00, 21-carat gold increased Dh1.25 to Dh353.25, and 18-carat gold moved up by Dh1.00 to Dh302.75.
Global pressures build
According to Reuters, spot gold rose 0.7% to $3,311.33 an ounce by 04:16 GMT, while US gold futures climbed 0.6% to $3,335.40. The gains came after former US President Donald Trump announced plans to raise tariffs on imported steel and aluminium from 25% to 50%, prompting a swift warning from the European Commission regarding potential retaliation.
Meanwhile, the dollar index edged 0.1% lower, further supporting gold as it becomes cheaper for buyers using other currencies. Analysts, including KCM Trade’s Tim Waterer, noted the renewed appeal of bullion, with riskier assets slipping amid geopolitical and economic unease.
Fed and trade talks
The week also holds significance for monetary policy watchers, with several US Federal Reserve officials – including Chair Jerome Powell – set to speak. Fed Governor Christopher Waller indicated that interest rate cuts are still on the table for later this year, despite tariff-driven inflationary risks.
Elsewhere, Trump and China’s President Xi Jinping are preparing for talks aimed at resolving disputes over critical minerals, according to Treasury Secretary Scott Bessent. This upcoming engagement adds another layer of complexity to the already volatile global outlook.
Spot silver edged up to $33.08 an ounce. Platinum declined to $1,051.63, and palladium slipped to $967.62.