After weaker-than-expected U.S. economic data and rising military tensions in the Middle East, gold prices rose to record highs at the end of last week’s trade, hitting a barrier of $2,070 an ounce. Adel Al-Fathli, head of strategic planning at Kuwait Dar Al-Sabah Company, said in a statement to Kuwait News Agency (KUNA) on Sunday that the yellow metal managed to post a profit for the third week in a row. Along with weak US economic data. Al-Fathly said factory activity in the US has seen a continuous contraction for more than two months, along with a slowdown in personal consumption spending and a sub-level decline in the inflation rate in the US market. Gold futures (for delivery next February) rose 1.6 percent to $2,089 an ounce, while the dollar index, which measures the U.S. currency against major currencies, fell 0.35 percent to 103.1 points. Analysts’ pessimistic expectations for growth in US spending and output next year sent investors back to the safe haven (gold), especially as the Federal Reserve (Federal Bank) has aggressive plans to cut interest rates. 25 basis points during the Bank’s regular meeting scheduled for March 2024. He expected gold prices to see a “significant rise” if expectations that the US Federal Reserve cut interest rates by 135 basis points by the end of next year hold true. This will certainly lead to an increase in precious metals in the long run. Al-Fathly said that important reports will be released this week, the first of which is the US labor jobs report, followed by the purchasing managers’ index for services, monetary policy announcements in Australia and Canada, and data on inflation rates in China and South Korea, “all of which are indicators that will determine gold’s trends this week.” .” He said he believed developments in the Middle East region this week would be “stronger” as analysts monitor field developments due to the heavy impact on precious metals prices by military operations and shutdown threats. Some commercial waterways.” As for the local market, the price of a 24-carat gram rose to 20.375 dinars (about $62.2), 22 carat to 18.68 dinars (about $57), silver finished at 297 dinars (about $905), he said. ) per kilogram. ounce. It is worth noting that is one of the units of mass measurement, it is used in various measurement units, it is also called ounce and is equal to 28.349 grams, while the unit of measurement for precious metals is equal to 31.103 grams.
Economy
Gold prices are headed for a third week of gains as the war in the Middle East escalates
(Reuters) – U.S. interest rates were on track for a third consecutive week of gains on Friday as conflicts in the Middle East led investors to increasingly seek safe havens, despite long-term highs.
By 0341 GMT, it was up 0.1 percent at $1,986.76 an ounce, while US gold futures were little changed at $1,996.80.
“The price of gold will be one of the factors affected by the conflict between Hamas as long as things are at risk of escalating,” said Kyle Rhoda, financial markets analyst at Capital.com.
Gold rose about nine percent as investors sought it as a safe haven from the potential fallout from the war between Israel and the Palestinians that escalated earlier this month.
But expectations of higher U.S. interest rates have kept gold prices below the $2,000 ceiling, which was last May’s high.
“Gold is holding back due to geopolitical risks, prices are deviating from traditional fundamental drivers… if it’s due to Treasury yields and the dollar, gold will be lower,” Rota added.
That leads to weekly gains on Friday, while yields rose 0.2 percent after data showed U.S. economic growth rose at the fastest pace in nearly two years in the third quarter.
U.S. Treasury Secretary Janet Yellen said the U.S. economy’s growth of about five percent in the third quarter is a good sign that the economy is headed for a moderate slowdown, but it could contribute to keeping long-term Treasury bond yields high.
Investors are also looking to U.S. personal consumption expenditure price index data due later on Friday for signs of what to expect from the Federal Reserve’s policy meeting next week.
As for other precious metals, they settled at $22.84 per ounce in spot transactions. Platinum was up 0.5 percent at $904.71 and up 0.2 percent at $1,135.65.
(Prepared by Rehab Ala for Arabic Bulletin)
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With the growing number of online accounts and the rise of cyber threats, password security has become an important concern for individuals and organizations. However, a recent study revealed that outdated password practices are still in place, putting millions of people at risk.
A study conducted by a group of cybersecurity experts from around the world analyzed data on 10 million leaked passwords, and the alarming results showed that many people continue to use weak passwords that are easy to guess.
One of the most disturbing findings was the prevalence of common passwords like “123456” and “password”. It is easy for hackers to gain unauthorized access to personal accounts.
Another worrying trend found in the study is the reuse of passwords across multiple accounts. Many people have been found to use the same password for their email, social media and online banking accounts. This practice poses a significant risk because a single account leads to Hacked into Domino Effect, allowing hackers to access multiple accounts.
The study also highlights the importance of regularly updating passwords. A large number of individuals do not change their passwords for years, leaving their accounts vulnerable to attack.
Experts recommend changing passwords at least every three months and using a combination of letters, numbers and special characters to improve security.
The results of this study underscore the urgent need for individuals and organizations to adopt strong password practices.
Educating users about the importance of using unique and complex passwords and updating them regularly is essential to reduce the risks of cyber attacks.
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Books – Islam Saeed
Sunday, December 3, 2023 at 03:00 AM
Central banks around the world continue to demand… Gold In 2023, gold trends for the third quarter of the current year 2023 as per the reports of the World Gold Council show that the demand for gold by banks has increased.
Central banks added 337 tonnes in the third quarter of 2023
The third largest buying level in the quarter reached by central banks
In the third quarter of 2022, banks bought a large amount of 459 tonnes of gold..
Since the beginning of 2023, demand by central banks has increased by more than 14%.
Total bank purchases of gold since the beginning of 2023 have reached a record high of 800 tonnes of gold.
Gold reserves reported by global central banks rose by a net 77 tonnes in September.
Central bank’s gold sale is only 1 ton.
– Fund outflows from gold investment funds continued in October, $2 billion
Since the beginning of the year, the funds’ investments have fallen 6%.
– Total cash outflows from gold-backed global investment funds have hit $13 billion since the start of the year
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