Connect with us

Economy

Gold prices were boosted by a weaker dollar and expectations of U.S. economic data from Reuters

Published

7 months ago

on

Gold prices were boosted by a weaker dollar and expectations of U.S. economic data from Reuters
© Reuters. Gold bars and coins are displayed at a jewelry store in India, in a photo from the Reuters archive.

(Reuters) – As the dollar weakened on Monday, investors awaited imminent U.S. economic data that would provide a clearer picture of the path of interest rate hikes by the Federal Reserve.

The price was up 0.2 percent at $1844.59 an ounce by 1135 GMT, after hitting its lowest level since late December in the previous session. And U.S. gold futures rose 0.2 percent to $1853.50.

“We expect even higher prices in the coming quarters, but I think gold prices will continue to be volatile in the near term, and US economic data points to a slowdown in economic activity,” said Giovanni Stonovo, an analyst at UBS.

Last week’s economic data provided signs of a slowdown in the U.S. economy and an increase in job openings in the labor market, raising concerns that the Federal Reserve will keep interest rates high for longer.

Investors are focused on the Federal Open Market Committee’s January meeting report and US GDP data.

Several Federal Reserve officials indicated last week that more interest rate hikes are needed to keep inflation below the central bank’s 2 percent target.

It fell slightly on Monday from its highest level in more than a month on Friday, making bullion in US dollars more attractive to buyers holding other currencies.

Financial markets now expect the Federal Reserve to raise interest rates below 5.3 percent by July.

Gold is considered a hedge against rising inflation, but higher interest rates increase the opportunity cost of owning the precious metal, which does not provide returns.

See also  TECOM reveals all the details of its first launch in the Dubai market

As for other precious metals, spot prices were up 0.1 percent at $21.75 an ounce, platinum was up 0.6 percent at $922.29 and up 0.5 percent at $1,505.44.

Market activity on Monday is expected to be relatively subdued due to the President’s Day holiday in the US.

(Prepared by Ahmad Sofi and Amira Zahran for Arab Bulletin – Editing by Marwa Salam)

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

OPEC Secretary General: Lack of Oil Investments Threatens Energy Security

Published

15 hours ago

on

October 3, 2023

By

OPEC Secretary General: Lack of Oil Investments Threatens Energy Security

Oil prices rose 30 percent in the third quarter as supply shortages persisted

ABU DHABI, TOKYO – Reuters: A lack of investment is putting energy security at risk, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al-Qais confirmed yesterday at the ADIPEC oil conference in Abu Dhabi. OPEC’s secretary-general added: “We call for continued investment in the oil and gas sector, and we believe calls to freeze investment will be counterproductive,” Reuters reported.
Al-Qais confirmed that OPEC is optimistic about oil demand.
In the middle of last month, the chief OPEC official warned against abandoning fossil fuels in his first response to the International Energy Agency’s latest reports.
OPEC Secretary General Haitham al-Qais said that abandoning fossil fuels would “lead to energy chaos on an unprecedented scale, with dire consequences for economies and billions of people around the world.”
Major international oil major BP said countries around the world should invest in oil and gas production to avoid a sharp rise in their prices, while accelerating the energy transition to tackle greenhouse gas emissions.
(ADIPEC 2023) is considered to be the largest event in the world’s energy and oil industry and is supported by the Ministry of Energy and Infrastructure in the United Arab Emirates and a group of partners. It is a platform for exchange of ideas and global debate. Challenges affecting energy markets and their effects on prices, including political challenges and international conflicts and their impact on energy supplies, provide a roadmap and future solutions to support and develop a sustainable, secure and low-cost energy system.
In turn, oil prices rose on Monday, recovering some of their losses from last Friday, as investors focused on global supply shortages and expectations of a last-minute deal to avoid a US government shutdown, which restored their appetite for risk. By 09:49 GMT, Brent crude futures for December delivery were up 54 cents, or 0.59%, at $92.74 a barrel, after falling 90 cents in last Friday’s session. Brent crude oil for November delivery was down seven cents at $95.31 a barrel when the contract closed last Friday.
West Texas Intermediate crude futures were up 49 cents, or 0.54%, at $91.28 a barrel, after falling 92 cents.
Both crudes rose nearly 30% in the third quarter, supported by expectations that oil supply shortfalls will widen in the fourth quarter after OPEC+ extended voluntary production cuts until the end of the year.

See also  Opera announces new browser for cryptocurrency traders

Continue Reading

Economy

Emirates News Agency – “Kadem” mission showcases critical communications capabilities at Oman Defense, Security and Fire Expo

Published

23 hours ago

on

October 2, 2023

By

Emirates News Agency – “Kadem” mission showcases critical communications capabilities at Oman Defense, Security and Fire Expo

Monday, October 2, 2023 – 5:57 p.m

ABU DHABI, 2nd October, 2020 (WAM) – “Katem”, a subsidiary of EDGE Group and a leader in developing innovative and ultra-secure communication solutions, is participating in the Oman Defense, Security and Fire Exhibition 2023. Showcase an advanced portfolio of ultra-secure devices and network encryption solutions.

The international exhibition, to be held in Muscat on October 9 and 10, is an important forum for the critical communications sector in the Gulf Cooperation Council countries and the Middle East region in general.

During the event, the company will showcase its next-generation secure smartphone, which aims to offer advanced security features and capabilities to meet mission-critical needs.

Katam’s participation in the exhibition is a strategic move aimed at reaffirming its commitment to mission-critical sectors including emergency response, public safety and critical infrastructure protection. The company’s booth will showcase a range of ultra-secure devices, including KATIM X2, an ultra-secure 5G smartphone for government leaders, senior executives, emergency responders, individuals and teams handling sensitive information. and the KATIM R01, a rugged smartphone for critical communications in harsh field conditions.

KATIM will showcase its latest network encryption software, the KATIM Gateway 9011, which provides advanced post-quantum encryption for sensitive communications and data transmission to address increasing data interference during data transmission. Exhibitors can visit Katam at booth F10 to meet the company’s team and learn more about secure communications solutions for mission-critical operations.

Mustafa Badr al-Din / Ahmad al-Nu’imi

See also  Most of the Gulf stock markets fell amid concerns over economic growth
Continue Reading

Economy

38,344 new accounts in “Dubai Market” within 9 months

Published

2 days ago

on

October 2, 2023

By

38,344 new accounts in “Dubai Market” within 9 months

Brokerage firms in the Dubai Financial Market added 38,344 new investor accounts in the first nine months of this year. The number of new accounts fell by about 2.3% in the first 9 months, compared to 39,250 new accounts in the same period in 2022.

Last September, 3,526 new accounts, 4,295 accounts in August, 3,570 accounts in July, 4,246 accounts in June, 5,349 accounts in May, 4,246 accounts in April, 6,591 accounts in March, 3,436 accounts in February and 3,082 accounts were distributed in February. .

“Emirates NBD Securities” led the way in new investor accounts in the first nine months with 8,719 accounts, followed by “BHM Capital” with 7,206 accounts, then “Al Ramz Capital” with 6,297 accounts, followed by “Abu Dhabi Islamic Securities”. 4,375 accounts, “International Bonds” 3,024 accounts and “Mashreq Securities” 2,261 accounts.

“EFG Hermes – UAE” reached the eighth position with around 1,154 accounts, followed by “Abu Dhabi Commercial Securities” with around 941 accounts, “First Abu Dhabi Securities” with 786 accounts, “Arqaam Securities” with 714 accounts and “Sharjah Islamic”. Services” 552 accounts, HSBC Middle East 505 accounts, Shurooq Stocks and Bonds 505 accounts and Al Ansari Financial Services 382 accounts.

See also  TECOM reveals all the details of its first launch in the Dubai market
Continue Reading

Trending

Copyright © 2023