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Gulf Today Report
Gold advanced by 1% on Tuesday as the prospects of a large stimulus package to help the economy remains high.
Spot gold increased by 1.1% to $1,881.39 per ounce by 06:05 GMT. US gold futures rose 1.3% at $1,878.70.
Prices decreased by 5.2% on Monday following US drugmaker Pfizer Inc experimental COVID-19 vaccine being more than 90% effective.
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Lachlan Shaw, head of commodity research at National Australia Bank said inflation due to increment in economic activity from the vaccine will boost gold.
Gold will most likely gain from stimulus as it is a shield against inflation and currency debasement.
Silver rose 0.2% to $24.12 an ounce. Platinum gained 0.2% to $868.45 and palladium was 0.3% higher at $2,484.67.
Spot gold was down 0.3% at $1,734.31 per ounce by 03:45 GMT while US gold futures were also down 0.3% at $1,733.70 per ounce.
Spot gold was steady at $1,711.61 per ounce by 02:57 GMT while US gold futures dipped 0.3% to $1,710.20.
Spot gold rose 0.4% to $1,707.81 per ounce by 05:23 GMT while US gold futures climbed 0.4% to $1,704.90.
Spot gold was up 1% at $1,750.24 per ounce by 05:44 GMT, after rising as much as 1.1% earlier in the session while US gold futures rose 1.1% to $1,748.50.
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India has warned against “hoarding and speculation” running up prices of foodgrains to “unjustifiable” levels and urged for ensuring “equity” and “affordability” in the availability of food to all.
South Korea’s Hyundai Motor Group said it plans to invest about $5.54 billion to build its first dedicated full electric vehicle (EV) and battery manufacturing facilities in the United States.
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