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Gulf Today Report
Gold prices advanced on Monday beyond 1% as the dollar declines and the US passed a massive $1.9 trillion stimulus package.
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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Stephen Innes, chief global market strategist at Axi said, "a reversal of the higher yield trend and a weaker dollar are allowing gold to move a little bit higher."
The dollar dropped from a one-week high, increasing gold’s appeal for those holding other currencies.
Gold serves as a shield against inflation that is likely to happen due to stimulus, higher bond yields challenge that status.
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 eased 0.3 % to $1,717.99 per ounce by 06:33 GMT while US gold futures slipped 0.4% to $1,716.10.
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Arab Bank Group achieved solid results for the period ending December 31, 2022, with net income after tax of $544.3 million as compared to $314.5 million in 2021.
Key One Realty Group’s efforts to expand beyond the GCC region has made a notable success in international markets like the UK, Russia, Italy, Lebanon, and France.