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Gulf Today Report
Gold prices fell on Tuesday due to the market being hopeful after the announcement of a second COVID-19 vaccine.
Spot gold eased 0.1% to $1,886.17 per ounce by 0623 GMT, while US gold futures were down 0.2% at $1,884.50.
Gold fell as much as 1.3% after Moderna announced its coronavirus vaccine being 94.5% effective.
Han Tan, FXTM market analyst said the prospect of a COVID-19 vaccine easing demand for gold.
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"The optimism over a COVID-19 vaccine is dampening demand for the precious metal," said FXTM market analyst Han Tan.
He added that a stimulus fuelled US economy could advance gold but the availability of vaccine may boost the dollar thereby easing gold to sub -$1,850 levels.
However, gold has increased by more than 24% this year due to the global stimulus injected into the economy as a result of the pandemic.
Silver fell 0.7% to $24.58 per ounce. Platinum eased 0.4% to $921.49, while palladium slipped 1.1% to $2,308.11.
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.
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Bahrain-GCC trade reached $5.7 billion in 2020, accounting for 25 per cent of Bahrain’s global bilateral trade for the year ($20.8 billion).
Jafza, the flagship freezone of DP World, UAE Region, has signed a Memorandum of Understanding (MoU) with UAE-based STAR-K Kosher Certification to educate its partners in the food and agricultural commodities sector