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Gulf Today Report
Gold prices dropped on Monday as US Treasury yields, global stocks rose following beyond expected jobs data in the United States boosting hope for economic recovery.
Spot gold was down 0.3% at $1,723.16 per ounce, as of 05:53 GMT while Gold futures were flat at $1,761.20 per ounce.
Margaret Yang, DailyFX strategist said, "global economic growth is taking a positive turn, however, it is uneven. Growth in the US is particularly strong, but parts of EU is having a challenging time with the third wave of virus."
As more Americans take the jab and the US government injected additional pandemic relief money into the economy, more jobs have been created.
US President Joe Biden's announcement of a long-awaited $2 trillion-plus job plan last week has raised some concerns over inflation.
With investors regarding gold as a shield against inflation but higher Treasury yields is challenging that status.
Spot gold fell 0.6% to $1,885.81 per ounce by 0618 GMT, declining 4.3% so far in the month in what would be its worst monthly performance since November 2016. US gold futures were down 0.5% at $1,893.30.
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 was down 0.1% to $1,730.48 per ounce by 03:40 GMT while US gold futures were also down 0.1%, at $1,728.10 per ounce.
Commenting on the recent agreement forged at the G20 meet to link Middle East countries by railway and connect them to India through seaports, Bin Sulayem stressed that the ultimate objective was to expedite the delivery of goods and introduce new alternative routes.
The UAE economy is forecast to grow 3 per cent in 2023 and 4 per cent in 2024, driven by the non-oil sector, which is expected to benefit from strong growth in tourism,
This important accomplishment has been fulfilled under the directives of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, and the supervision of His Highness Sheikh Maktoum bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE.