Gold falls for a second week

Gulf Today Report

Gold prices slump on Friday, its second week falling due to the announcement of COVID-19 vaccine and US Treasury working on ending emergency loan programs.

Spot gold dipped 0.1% to $1,866.28 per ounce by 0611 GMT and was down 1.1% for the week. US gold futures were up 0.3% at $1,867.90.

In a letter, US Treasury Secretary calls on the reallocation of the $455 billion allocated to Treasury under the CARES Act. 

READ MORE 

Gold slumps as vaccine development make a headway

UAE leads $2.5 billion Mena Fintech market

UAE eCommerce sector to continue upward trajectory

Gold, which serves as a shield against inflation and currency debasement has advanced by 23% this year. This was due to the stimulus injected into the economy.

Stephen Innes, chief global market strategist at financial services said, "It's going to be a huge bumpy ride (for gold) waiting for stimulus to come in. It is now looking at $1,900 into year-end."

Silver rose 0.1% to $24.12 per ounce. Platinum and palladium gained 0.4% to $955.09 and $2,333.69, respectively.