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Gold inched up on Thursday on worries about the economic impact of the coronavirus outbreak as the United States suspended travel from virus-hit Europe, although gains were capped as traders covered margin calls after a plunge in equities.
Spot gold was up 0.1% at $1,636.37 per ounce by 0415 GMT, having risen as much as 0.9% earlier in the session. US gold futures fell 0.4% to $1,636.30.
The travel ban "is a big surprise and a big shock to the market" and shows that investors are yet to see the full financial fallout from the coronavirus outbreak, said IG Markets analyst Kyle Rodda. On the flip side, traders are selling gold to fund margin calls, providing a headwind for the metal, Rodda added.
US President Donald Trump on Wednesday announced the suspension of all travel from Europe, except from the United Kingdom, to the United States for 30 days, leading to a sell-off in global stock markets and the dollar.
Britain on Saturday denounced Iran's seizure of a British-flagged oil tanker in the Gulf as a "hostile act" and rejected Tehran's explanation that it seized the vessel because it had been involved in an accident.
New cases totalled 6,040, a slight rise on Friday's 5,947, government data showed, while the number of people who had received the first dose of a COVID-19 vaccine rose to 21,796,278.
As health officials issued warnings on Tuesday against reopening economies too quickly, the coronavirus struck inside some of the world’s superpowers, with a top aide to Russian President Vladimir Putin diagnosed just days after US Vice President Mike Pence's press secretary also tested positive.
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, visited the pavilion of Ukraine in the Opportunity District at Expo 2020 Dubai,
Dubai Airport Freezone Authority (Dafza) is bolstering its efforts to attract direct foreign investments in Dubai and support foreign companies in establishing business in the Emirate,
The total value of the UAE’s foreign trade in the past five decades amounted to some $9.32 trillion (Dhs34.23 trillion), according to the United Nations Conference on Trade and Development (UNCTAD).