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- Closing Bell: Saudi main index closes in green at 12,025
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- Oman seeks bids for Jabal Shams Grand Canyon project
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26/03/2025 07:29 AST
Gold prices plunged by up to Dh1.75 per gram at the opening of the markets in Dubai on Wednesday.
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.
Samer Hasn, senior market analyst at xs.com, 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.
Khaleej Times
| Ticker | Price | Volume |
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28/03/2025
Saudi Arabia's unemployment rate for nationals in the fourth quarter of 2024 reached 7 percent, marking a decrease of 0.8 percentage points compared to both the previous quarter and the same period l
Arab News
28/03/2025
The Central Bank of the UAE on Thursday introduced a new symbol for the nation's currency, both in its physical and digital forms, marking a significant step in reinforcing the UAE's status as a lead
Arab News
28/03/2025
Qatar Central Bank (QCB) issues its first license in the country for Paylater to provide Buy-Now-Pay-Later (BNPL) services.
In a post on X platform on Thursday, QCB pointed out that issuing
QNA
28/03/2025
Omani authorities have invited bids for the first phase of Jabal Shams Grand Canyon, a major tourism project that boasts key attractions including a recreational area, a glass walkway, a tourist reso
Trade Arabia
28/03/2025
Jebel Ali Free Zone (Jafza) is strengthening its position with a strategic investment of AED90 million ($25 million) in Phase Two of its cutting-edge Logistics Park.
Adding 360,000 square f
Trade Arabia
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