Due to US President Donald Trump’s warning to put 30% tariffs on imports from Mexico and the European Union, gold prices in Dubai reached a three-week high at the beginning of the week.
When the Dubai markets opened on Monday, the 24K was worth Dh404.75 per gramme. Many consumers on a tight budget are delaying their purchases in anticipation of a price reduction to a more affordable level as a result of the increased costs.
According to Ozkardeskaya, senior analyst at Swissquote Bank, Trump continued to unveil tariffs over the weekend, declaring that Mexico and the EU will be subject to 30% duties starting on August 1.
That’s a lot more than the EU anticipated. With exceptions for specific industries like metals and pharmaceuticals, they were looking for a tariff of 10%, which is more in line with the amount that the UK was able to get. Instead, they received a hefty thirty percent,” he remarked.
Trump did left the door open for more talks and some tweaking, but considering the magnitude of the tariffs that have been revealed since last week, you have to question if it’s worth the time and effort to engage in discussions with a government that seems to have lost its mind.
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