Gold hit a record on Monday morning, touching more than $3,110 an ounce, while stock markets dropped after US President Donald Trump’s latest remarks that tariffs will hit all countries. This further stoked concerns about a trade war that could dent economic growth around the world.
The precious metal was trading at $3,110.76 an ounce at 8.34am UAE time on Monday, with prices supported by growing haven demand. Gold prices are up by about 6.5 per cent in the last month and about 16 per cent in the last six months on rising geopolitical and macroeconomic uncertainties.
Mr Trump on Sunday said new tariffs that he plans to announce on Wednesday, in a move he has called “liberation day”, will hit all countries and not just those that have the biggest trade imbalances with the US.
“You'd start with all countries,” he told reporters on Air Force One. “Essentially all of the countries that we're talking about.”
The levies will be in addition to those imposed on aluminium, steel and vehicles, as well as increased tariffs on all goods from China.
Asian stocks also fell on Monday, with Japan's Nikkei 225 index down about 4 per cent and South Korea's benchmark Kospi index dropping by nearly 3 per cent. Hong Kong’s Hang Seng index was 1.7 per cent lower, the Shanghai Composite index was 0.97 per cent lower and Taiwan's Taiex was down 3.75 per cent.
US stock futures were also down on Monday morning, with the S&P 500 and the Nasdaq futures down 0.77 per cent and 1.36 per cent, respectively.
“The tariff talk remains on the headlines as the liberation day approaches,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. “Risk appetite is nowhere to be found, the US dollar is weak, gold continues to extend gains into uncharted territories.”
Global stock markets have faced increased volatility since Mr Trump followed through with his campaign promise to levy duties on some of the US’s biggest trade partners.
Last week, he put a 25 per cent levy on all cars not made in the US. The country, the world's largest steel and aluminium importer, this month also introduced 25 per cent tariffs on all imports of the metals, which are used in construction, the car industry, energy and manufacturing. The move is designed to stimulate domestic processing.
Mr Trump has also planned a 10 per cent tariff on Canadian energy products that fall outside the US-Mexico-Canada Agreement he negotiated during his first term.
The President has also announced 25 per cent tariffs on imports from Canada and Mexico and has said he would add another 10 per cent tariff on goods from China, on top of the 10 per cent he put in place in February.
Mr Trump's tariff strategy has sparked concerns of a trade war that could drive up prices and hamper economic growth. Goldman Sachs lowered its 2025 gross domestic product forecast for the US to 1.7 per cent from 2.4 per cent, citing tariff uncertainty.
“Last week’s US GDP update showed a slightly better reading on Thursday, but growth in US GDP fell from above 3 per cent to 2.4 per cent in the fourth quarter, and is expected to contract by nearly 3 per cent in the first quarter, according to the latest update from Atlanta Fed’s GDP Now forecast,” Ms Ozkardeskaya said.
The rising uncertainty has pushed up the demand for gold, with expectations that prices could go even higher. Last week, Goldman Sachs increased its forecast for gold to hit $3,300 an ounce by year-end. The bank cited higher-than-expected central bank demand and strong inflows into bullion-backed exchange-traded funds.
UAE%20v%20West%20Indies
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Civil%20War
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The biog
Most memorable achievement: Leading my first city-wide charity campaign in Toronto holds a special place in my heart. It was for Amnesty International’s Stop Violence Against Women program and showed me the power of how communities can come together in the smallest ways to have such wide impact.
Favourite film: Childhood favourite would be Disney’s Jungle Book and classic favourite Gone With The Wind.
Favourite book: To Kill A Mockingbird for a timeless story on justice and courage and Harry Potters for my love of all things magical.
Favourite quote: “We make a living by what we get, but we make a life by what we give.” — Winston Churchill
Favourite food: Dim sum
Favourite place to travel to: Anywhere with natural beauty, wildlife and awe-inspiring sunsets.
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The specs: 2018 Range Rover Velar R-Dynamic HSE
Price, base / as tested: Dh263,235 / Dh420,000
Engine: 3.0-litre supercharged V6
Power 375hp @ 6,500rpm
Torque: 450Nm @ 3,500rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 9.4L / 100kms
Spec%20sheet
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Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
THE SPECS
Range Rover Sport Autobiography Dynamic
Engine: 5.0-litre supercharged V8
Transmission: six-speed manual
Power: 518bhp
Torque: 625Nm
Speed: 0-100kmh 5.3 seconds
Price: Dh633,435
On sale: now
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
