Picture used for illustrative purpose. File
Gulf Today Report
Gold prices remain low on Thursday due to the continuous rise in US Treasury yields that has kept the non-yielding bullion under pressure.
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.
Howie Lee, an economist at OCBC Bank "In the short term, undeniably gold is on a bearish trend. Most fundamentals are stacked against it: higher yields, dollar that refuses to drop further, recovering economic trajectory, picking up of vaccination rates."
US Treasury yields have held at near 1.5% affecting gold’s role as a shield against inflation as they increase the opportunity cost of holding bullion.
Investors are waiting for Federal Reserve Chairman Jerome Powell's remarks on the central bank's monetary policy outlook.
The market will need more than "jawboning" if the Fed is serious about keeping interest rates low, "but in the absence of that, the market would continue on its own path, which is higher yields and steepening of the yield curve," Lee said.
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.
Arabian Travel Market (ATM) has announced that the final preparation of their 2021 edition annual showcase are underway, with the event set to take place in-person at the Dubai World Trade Centre (DWTC) on 16th May and conclude on 19th May, 2021, as
Goldman Sachs Group Inc on Wednesday easily beat Wall Street expectations for first-quarter profit, as the US investment bank capitalized on record levels of global dealmaking activity and a coronavirus-driven boom in stock market trading.
British workers’ average hourly output rose by 0.4 per cent last year, despite a fall of nearly 10 per cent in total production due to the coronavirus pandemic, as lower-paid jobs bore the brunt of COVID lockdown measures. Britain’s Office for National Statistics