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Gulf Today Report
Gold prices slumped on Monday following unexpected Chinese industrial output data boosting hope of faster economic recovery.
Spot gold was little changed at $1,724.68 per ounce by 06:44 GMT while US gold futures were up 0.2% to $1,722.50.
Kyle Rodda, IG Market analyst said, "(Gold) bounced off really oversold levels, so we got some people just trying to buy the dip a little bit and take advantage of that.
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But, the short-term fluctuations tend to be aligned with the US dollar. No one knows where the US dollar is really heading at this point in time."
The positive growth in data has reduced the appeal of the gold. Earlier, data indicated that China’s industrial output grew in January-February, above expectation.
Gold prices fell to a nine-month low of $1,676.10 last week, pressured by accelerating bond yields, which increase the opportunity cost of holding non-yielding bullion.
Investors are now awaiting the US Federal Reserve meeting this week for direction on monetary policy.
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 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.
Inspiring bespoke projections and a speech by the United Nations Deputy Secretary-General at Al Wasl Plaza at the Expo 2020 Dubai on Saturday evening proved a spectacular start to the World Expo’s Global Goals Week.
Grenada celebrated its Expo 2020 Dubai National Day in colourful fashion as the Island of Spice provided the Caribbean flavour at Al Wasl Plaza.
The production capacity of the first project of the fifth phase of the Mohammed Bin Rashid Al Maktoum Solar Park has increased from 300 megawatts (MW) to 330MW,
The Government of Khyber Pukhtunkhwa (KP) during the Investment conference in Dubai has signed $8 billion worth 44 Memorandum of Understandings (MoUs) with a number of UAE based firms as well as Egypt, Malaysia, Lebanon and others.