Addressing the affordability challenge faced by providers is paramount in combating financial exclusion
business2 hours ago
Gold prices fell on Tuesday as investors sought safety in the US dollar amid concerns of slowing global trade after the United States imposed a new round of tariffs on Chinese imports.
US President Donald Trump on Monday imposed 10 percent tariffs on about $200 billion worth of Chinese imports and warned of more tariffs if China retaliated.
Spot gold fell 0.2 percent at $1,198 an ounce at 0309 GMT, after rising 0.6 percent in the previous session.
24K gold is priced at Dh145 in Dubai and 22k can be bought at Dh136.25.
US gold futures were down 0.2 percent at $1,203.90 an ounce.
"Gold is facing a couple of headwinds ... The impending rate hike by the Fed is weighing on and obviously the escalation of trade conflict is pushing investors back into the US dollar," ANZ analyst Daniel Hynes said.
"This (trade woes) has not helped gold prices at all. It is likely to be a pretty tough environment for gold in the next couple of weeks as it battles these two fronts."
Although gold is presumed to be a safe-haven asset, the months-long trade rift between Washington and Beijing has prompted investors to buy US dollars in the belief that the United States has less to lose from the dispute.
Gold prices have declined over 12 percent from April amid the intensifying trade dispute between the United States and China, the world's top two economies, and as rising US interest rates diminish demand for non-interest bearing bullion.
Bond traders are increasing bets the Federal Reserve will raise US short-term interest rates into 2019 as the jobs market tightens and with inflation seen climbing above its 2 percent goal.
Gold is highly sensitive to rising US interest rates as it increases the opportunity cost of holding non-yielding metal, while boosting the dollar.
The dollar index, which measures the greenback against a basket of currencies, was up 0.1 percent at 94.582.
"We remain wary about gold's upside here as we think that the trade picture will likely get worse before it gets better," INTL FCStone analyst Edward Meir said.
"Short interest is at a record high and so it will not take much for the complex to move up ... Gold will need an upside trigger, which barring a very sharp sell-off in US equities, we don't see materializing anywhere on the horizon."
The number of net-short positions held by money managers in Comex gold futures are near their highest ever, according to data from the US Commodity Futures Trading Commission.
Among other precious metals, spot silver fell 0.4 percent to $14.10 an ounce. Platinum was steady at $796, while palladium was flat at $983.40.
Addressing the affordability challenge faced by providers is paramount in combating financial exclusion
business2 hours ago
He faced a serious condition called Stage 3 Retinopathy of Prematurity and spent nearly three months in the Neonatal Intensive Care Unit
health2 hours ago
71% of retail investors in the UAE hold stocks in companies engaged with AI
markets2 hours ago
This decision was taken to preserve the safety of administrative staff, teachers and students
uae2 hours ago
Abu Dhabi Police has been promoting the safety of motorcycle riders by holding workshops focused on improving traffic awareness
uae2 hours ago
The high-profile event brought together global philanthropic and business leaders to explore the untapped potential of philanthropic capital in accelerating development and humanitarian efforts
kt network2 hours ago
Many employees were told to report to office during the unprecedented rain and storm of April 16-17
uae3 hours ago
His more than 30 books are as likely to be found in airports as on university reading lists and have been translated into more than 40 languages
americas3 hours ago