No matching items found
Picture used for illustrative purpose. File
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.
China factory activities slowdown in 9 months: official
Sharjah Airport becomes Kenya's Astral Aviation hub in the Middle East
Europe less at risk of inflation
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.
India’s state-run Bharat Petroleum Corp said it had signed a preliminary agreement with Brazil’s national oil company Petrobras to help it diversify its crude oil sourcing.
Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi National Energy Company (Taqa) on Friday announced the successful financial closing of their $3.8 billion strategic project
Stock markets tumbled, the pound crashed against the dollar and oil prices slumped on Friday on growing recession fears after central banks this week ramped up interest rates to fight decades-high inflation.
The exhibitions, conferences and events sector in Abu Dhabi is witnessing a strong comeback and has exceeded levels seen before the COVID-19 pandemic.