Gold prices hit a record high on Friday as investors flocked to the safe-haven asset due to heightened threats of US tariffs and await a key US inflation report due later in the day for further direction, once again bringing the key $3,000 threshold on to investors’ radar.
Spot gold steadied at $2,794.8 per ounce at 9.48am UAE time on Friday, and has gained more than 6 per cent this month. Earlier in the session, prices hit an all-time high of $2,799.71.
Bullion prices were set for their best month since March 2024. Spot gold started 2025 with fresh vigour after logging its strongest annual performance since 2010 last year.
US gold futures rose 0.2 per cent to $2,826.90 on Friday. They have been trading at a premium to the spot price for several months and have widened the price spread again.
“The recent rally in gold prices is backed by a swift move to safety due to US President Donald Trump's tariff threats, increasing geopolitical tensions, rising US government debt and the fear of a potential tech rout that could lead to a global risk sell-off,” Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said.
“It underscores mounting concerns over political and geopolitical instability, as well as stretched valuations, and is amplified by expectations around Fed policy, emerging markets central bank gold buying and shifting market positioning.”
Gold, which is on track for its fifth consecutive weekly gain, hit multiple record peaks last year, bolstered by the US Federal Reserve's rate-cutting cycle, safe-haven demand and robust central bank buying.
The surge on Friday came after Mr Trump said on Thursday that he would follow through on imposing a 25 per cent tariff on imports from Mexico and Canada. He also threatened China with tariffs, without specifying a level.
Mr Trump’s tariff threats have spurred fears of trade wars that could sap economic growth. There are also worries that his pledges to cut taxes and overhaul immigration may erode US finances and reignite inflation.
Traders are focused on the Fed’s favoured inflation gauge, the US personal consumption expenditures index for December, due at 5.30pm UAE time on Friday. It is expected to show a small acceleration in price hikes, according to the median forecast of economists surveyed by Bloomberg.
This week, the Fed kept interest rates unchanged for a range of 4.25 per cent to 4.50 per cent, in line with market expectations. In the three meetings before this, interest rates were cut by a total of 100 basis points. At the current moment, Fed fund futures suggest the probability of about two interest rate cuts by the end of 2025, down from about the four cuts expected in 2024.
Federal Reserve chairman Jerome Powell suggested that officials were not in a rush to lower interest rates, given a robust US economy along with solid labour market conditions. He said the US central bank was in a “wait-and-see” mode with regard to the potential impact of the new administration’s policies.
Gold is considered a safe investment during geopolitical turmoil and thrives in a low interest rate environment.
As to purchases by central banks, the People's Bank of China has been a key driver of gold demand, as it kept on adding bullion to its reserves over the past year despite price growth. Continued purchases by China's central bank could provide further support to gold prices in the coming months.
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50-man Royal Rumble
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WWE World Heavyweight Championship, Raw Tag Team Championship, United States Championship and the Cruiserweight Championship are all due to be defended
SPECS
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Gothia Cup 2025
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UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Faber & Faber
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
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Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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'Manmarziyaan' (Colour Yellow Productions, Phantom Films)
Director: Anurag Kashyap
Cast: Abhishek Bachchan, Taapsee Pannu, Vicky Kaushal
Rating: 3.5/5
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Uefa Nations League Group B:
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Company profile
Name: GiftBag.ae
Based: Dubai
Founded: 2011
Number of employees: 4
Sector: E-commerce
Funding: Self-funded to date
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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Winner Meshakel, Royston Ffrench (jockey), Salem bin Ghadayer (trainer)
7.05pm Handicap (TB) Dh87,500 (D) 1,400m
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Winner Global Heat, Pat Cosgrave, Saeed bin Suroor.
8.15pm Handicap (TB) Dh105,000 (D) 1,900m
Winner Firnas, Royston Ffrench, Salem bin Ghadayer.
8.50pm UAE 2000 Guineas Trial (TB) Conditions Dh183,650 (D) 1,600m
Winner Rebel’s Romance, William Buick, Charlie Appleby
9.25pm Dubai Trophy (TB) Conditions Dh183,650 (T) 1,200m
Winner Topper Bill, Richard Mullen, Satish Seemar
10pm Handicap (TB) Dh102,500 (T) 1,400m
Winner Wasim, Mickael Barzalona, Ismail Mohammed.
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ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Zayed Sustainability Prize
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
