As a result of robust safe-haven demand, a declining dollar, and increased investor nervousness about stalled US trade discussions, gold prices rose this week. On Tuesday, gold futures for August delivery increased 1% to $3,339.70, while spot gold increased 0.8% to $3,328.71 an ounce yesterday. Following a 1.5% increase on Monday, this almost made up for losses from the previous week, which were brought on by a brief ceasefire between Iran and Israel.
Concerns over President Donald Trump’s impending July 9 deadline for finalising trade agreements with a number of important countries are the main macroeconomic driver of the gold price increase. Investors are preparing for the prospect of high reciprocal tariffs, which may reach 50% if deals with nations like Japan are not reached.
In the United Arab Emirates, local bullion rates are already reflecting higher worldwide prices. At Dh400.25 per gramme as of Tuesday, 24-carat gold was the most expensive, followed by 22-carat at Dh370.75, 21-carat at Dh355.50, and 18-carat at Dh304.75. The surge came as sales at Dubai’s Gold Souk and other jewellery stores had just recently started to rebound, thanks in part to the Summer Surprises 2025 retail event.
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