emirates7 - Gold prices surged by Dh2.5 per gram in Dubai on Thursday morning, crossing the Dh400 mark, as global rates climbed past $3,300 an ounce amid growing uncertainty over US trade tariffs.
In Dubai, 24K gold rose to Dh400.25 per gram, while prices for 22K, 21K, and 18K also increased to Dh370.75, Dh355.5, and Dh304.5, respectively. Meanwhile, spot gold was trading at $3,323.59 per ounce, reflecting a 0.33% rise.
The uptick comes as US President Donald Trump announced plans for new "reciprocal" tariffs, including a 25% duty on imports from Japan and South Korea and levies ranging from 25% to 40% on goods from 12 other countries, among them several smaller Asian economies and South Africa.
Additionally, Trump introduced a 50% tariff on US copper imports and another 50% duty on Brazilian goods, both set to take effect on August 1, 2025.
Mark Haefele, chief investment officer at UBS Global Wealth Management, noted that more sector-specific tariffs are expected and that uncertainty remains over their scope and impact. While market volatility may increase, he emphasized that the latest announcements don't represent a full-blown escalation of the trade conflict.
Haefele added that although tariffs are likely to stay elevated compared to earlier this year and could weigh on growth, they aren’t expected to cause a recession. He pointed to the strength of US consumers and the flexibility of global supply chains as key stabilizing factors.
In Dubai, 24K gold rose to Dh400.25 per gram, while prices for 22K, 21K, and 18K also increased to Dh370.75, Dh355.5, and Dh304.5, respectively. Meanwhile, spot gold was trading at $3,323.59 per ounce, reflecting a 0.33% rise.
The uptick comes as US President Donald Trump announced plans for new "reciprocal" tariffs, including a 25% duty on imports from Japan and South Korea and levies ranging from 25% to 40% on goods from 12 other countries, among them several smaller Asian economies and South Africa.
Additionally, Trump introduced a 50% tariff on US copper imports and another 50% duty on Brazilian goods, both set to take effect on August 1, 2025.
Mark Haefele, chief investment officer at UBS Global Wealth Management, noted that more sector-specific tariffs are expected and that uncertainty remains over their scope and impact. While market volatility may increase, he emphasized that the latest announcements don't represent a full-blown escalation of the trade conflict.
Haefele added that although tariffs are likely to stay elevated compared to earlier this year and could weigh on growth, they aren’t expected to cause a recession. He pointed to the strength of US consumers and the flexibility of global supply chains as key stabilizing factors.