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Gulf Today Report
Gold prices dropped on Wednesday due to strong United States data and a rise in COVID-19 vaccinations boosting hope for quick economic recovery.
Spot gold was down 0.3% to $1,737.75 per ounce by 03:54 GMT while US gold futures slipped 0.3% to $1,738.60 per ounce.
Stephen Innes, chief global market strategist at Axi said, "gold is being pressured by a little bit of profit-taking after a series of strong US data that indicated a quick economic recovery."
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US jobs vacancies have jumped to a two-year high in February and hiring has picked up amid an increase in COVID-19 vaccinations.
The International Monetary Fund also raised its outlook for global economic growth, forecasting worldwide output would rise 6% this year.
In the Indian futures market, the price of gold rose to a new high, while in the international market, it is at an almost seven-year high. Gold in India’s largest futures market,
The Japanese yen regained its footing on Friday after a bruising week, as the spread of coronavirus cases knocked down stocks and boosted demand for traditional safety plays from bonds to gold.
The Dubai Gold and Commodities Exchange (DGCX) has continued its record-breaking performance this year, registering its best quarter since inception with over 7.98 million contracts
The Dubai Gold and Commodities Exchange (DGCX) continued to see robust trading activity in April, with members increasingly seeking to protect themselves against volatility and global economic uncertainty.
DAE, a long-term Boeing partner, has 162 Boeing aircraft in its fleet. The 737 MAX 8 is a member of the 737 MAX family designed to offer more fuel efficiency, reliability, and flexibility in the single-aisle airplane market.
Brent crude futures for June delivery had risen by 66 cents, or 1%, to $67.71 a barrel as at 06:42 GMT while US West Texas Intermediate (WTI) crude futures for May delivery were up 70 cents, or 1.1%, at $64.08 barrel.
Spot gold was down 0.1% at $1,768.01 per ounce by 07:11 GMT while US gold futures eased 0.1% to $1,769 per ounce.
The COVID-19 pandemic has had a positive impact on work practices in the United Arab Emirates overall, and a large percentage of professionals across various sectors hope to continue working remotely.