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Gulf Today Report
Gold advanced on Thursday after it slumped over 1% in the previous session due to worries over the surge of COVID-19 cases topping the excitement around the vaccine developed.
Spot gold rose 0.2% to $1,868.81 per ounce by 05:49 GMT. US gold futures were 0.3% higher at $1,866.30 per ounce.
Gold fell 4.2% this week following Monday’s announcement by Pfizer Inc and BioNTech of a 90% effective COVID-19 vaccine.
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Strategist with DailyFx Margaret Yang said, “gold traders are trying to strike a balance between a positive vaccine news and a rising number of coronavirus cases around the globe.”
Gold is seen as a shield against inflation and currency debasement, it is most likely to profit from widespread stimulus measures from central banks.
Silver fell 0.3% to $24.18 an ounce. Platinum rose 0.2% to $866.64 and palladium climbed 1.7% to $2,353.38.
Spot gold was steady at $1,772.14 per ounce by 0703 GMT, just $6.92 shy of a near eight-year high of $1,779.06 hit last week. U.S. gold futures rose 0.3% to $1,787.30. Bullion, with quarterly gains of more than 12%.
Spot gold hit its highest since early October 2012 at $1,788.96 in early trade, and by 0958 GMT was at $1,787.31 per ounce, up 0.4%. U.S. gold futures were up 0.3% at $1,805.10 per ounce.
Spot Gold rose 0.2% to $1,945.56 per ounce by 0918 GMT. US Gold futures rose 0.3% to $1,954.20 per ounce.
Spot gold fell 0.3% to $1,853.85 per ounce by 928 GMT. US gold futures were down 0.5% at $1,856.40.
The global oil market is rebalancing after damage to demand wrought by the COVID-19 pandemic was met with curbs on output by producers from the Organization of the Petroleum Exporting Countries (Opec), the group’s president said on Tuesday.
Global stock markets and Wall Street futures declined on Tuesday after a selloff in the US Treasury debt eased, helping to allay concern about a possible rise in interest rates.
India’s finance ministry is considering cutting excise duties on petrol and diesel to cushion the impact of record high domestic prices, three government officials close to the discussions said.
Etihad Airways, the UAE national airline, has signed a Memorandum of Understanding (MoU) with Hub71, Abu Dhabi’s global tech ecosystem, to support the expansion of entrepreneurs innovating in Abu Dhabi.