Picture used for illustrative purpose. File
Gulf Today Report
Gold prices slid on Wednesday as US Treasury yields surge and dollar firms.
Spot gold eased 0.1% to $1,793.37 per ounce by 06:54 GMT while US gold futures fell 0.6% to $1,788.40.
Margaret Yang, DailyFX strategist said, "investors are eyeing rising yields, dollar and are hesitant to do any bargain hunting on the precious metals at the moment as yields may go further up in view of reflation hopes and impending stimulus package."
Benchmark US Treasury yields recorded large gains, their highest since February 2020. The dollar index jumped, rebounding from a three-week low.
US President is confident that the relief bill would be pass in the coming weeks.
Gold serves as a shield against inflation, higher inflation is likely to boost gold but also lifts Treasury yields, which in turn increases the opportunity cost of holding bullion.
However, "deep corrections of (gold) prices due to short-term fluctuations are viewed as buying opportunities," Avtar Sandu, senior commodities manager at Phillip Futures, said in a note.
Investors are focusing on the outcome of the Federal Reserve’s end-January monetary policy meeting due later today.
Spot gold fell 0.6% to $1,885.81 per ounce by 0618 GMT, declining 4.3% so far in the month in what would be its worst monthly performance since November 2016. US gold futures were down 0.5% at $1,893.30.
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 was down 0.1% to $1,730.48 per ounce by 03:40 GMT while US gold futures were also down 0.1%, at $1,728.10 per ounce.
The UAE economy is forecast to grow 3 per cent in 2023 and 4 per cent in 2024, driven by the non-oil sector, which is expected to benefit from strong growth in tourism,
This important accomplishment has been fulfilled under the directives of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, and the supervision of His Highness Sheikh Maktoum bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE.
The global online trading platform market is projected to grow from $9.32 billion in 2022 to $12.16 billion in 2028, at a CAGR of 5.1%. The Middle East