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Gulf Today Report
Gold bounced back on Monday as bond yields declined and US stimulus package increased bullion’s appeal as a shield against inflation.
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.
Stephen Innes, chief global market strategist at Axi said "The market probably sold a bit too much last week on higher yields and yields seem to be plateauing a little bit right now."
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On Friday, the 10-year Treasury yield dropped, reducing the opportunity cost of holding gold.
According to DailyFX strategist Margaret Yang, the passing of the US stimulus will increase inflation due to jump in oil and base metal prices.
Yang added that some of the individual US stimulus money may also go into investments such as gold exchange-traded funds to hedge against future inflation.
Bullion is considered a safe asset during times of financial and geopolitical uncertainty.
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 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.
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.
AD Ports Group’s SAFEEN Feeders has signed a major agreement with Invictus Investment to launch a new international dry bulk shipping service.
Adnoc Drilling Company announced it has signed a Sale and Purchase Agreement (SPA) to acquire two additional premium offshore jack-up drilling units.
Arada has announced the launch of Arada Central Business District (CBD), a new commercial centre for Sharjah, which will be located at the heart of Aljada community.
Sterling crashed to a record low early on Monday as traders rushed for the exits on mounting concern that the new government’s economic plan will stretch Britain’s finances to the limit.