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Gulf Today Report
Gold rose on Wednesday as the possibility of a successful COVID-19 vaccine is put up against surging cases and hope for stimulus support from the US Federal Reserve.
Spot gold rose 0.1% to $1,880.81 per ounce by 07:07 GMT, while US gold futures were down 0.4% at $1,878.30.
Gold lost 1.3% on Monday after Moderna said its vaccine was 94.5% effective in a late-stage trial.
Data from US indicated that retail sales rose in October, but it didn’t meet up expectations.
Jeffrey Halley, senior market analyst at OANDA said, “gold has clearly run out of upward momentum, with the short-term market clearly long.”
Hope now lies in the prospect of the Fed supporting the US economy through rising coronavirus cases, said Kyle Rodda, IG Markets analyst.
Silver rose 0.1% to $24.48 per ounce and palladium was up 0.3% to $2,323.74. Platinum gained 0.6% to $930.40. The World Platinum Investment Council projected a market deficit of 1.2 million ounces and 224,000 ounces in 2020 and 2021, respectively.
Spot gold was up 0.1% at $1,777.30 per ounce by 0949 GMT. U.S. gold futures fell 0.3% to $1,784.30 per ounce.
Spot gold was up 0.2% at $1,773.41 per ounce by 0506 GMT. Prices were $5.65 shy of a near eight-year high of $1,779.06, hit last week. U.S. gold futures rose 0.5% to $1,788.40 per ounce.
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%.
Dubai recorded exceptional inflows of foreign direct investments (FDIs) in 2020 with 455 projects worth Dhs24.7 billion, according to data from the Dubai FDI Monitor released by the Dubai Investment Development
Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed Bin Rashid Al Maktoum praised the efforts of federal and local entities for their part in Expo Dubai 2020.
Abu Dhabi state investor Mubadala invested a record amount in 2020 as it doubled down on growth sectors, and is close to making a decision on the listing of Emirates Global Aluminium (EGA),