Tariff pause sends gold soaring, buyers reeling

Missed out on pre booking your next gold purchase? Shoppers in the UAE who had such plans have just seen gold prices zoom higher by a near $132 an ounce in just hours after the US announced a pause on tariffs on all trading partners except for China.

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For now, gold is holding firm at $3,116 after having dropped to under $3,000 for a limited period at various points in the last two days.

Upward trajectory

At the UAE level, the Dubai gold price gained nearly Dh13 a gram for 22 carat in under two days. From Dh334.5 on Tuesday, the price has jumped to Dh347, and further gains are expected. The highest-ever Dubai gold price remains Dh351.75, recorded on April 3.

“Shoppers in the UAE typically can take a Dh2-Dh3 a gram increase in a day or two in their stride — but not as much as Dhl3,” said a jewellery retailer.