Those who do not have permits will be directed to return to their point of origin, the Directorate of Public Security said
asia8 hours ago
Bullion rose as high as $1,012.30 an ounce and was at $1,003.60/1,004.00 at 1522 GMT, against $1,001.00/1,001.80 late in New York on Monday.
It spiked to an historic high of $1,030.80 on Monday on concerns over the U.S. financial sector and a weak dollar before profit-taking erased most of the gains.
“In general, gold’s moves are related to the dollar and oil. Watch the euro, watch the oil price and also watch the quarterly results of banks,” said Wolfgang Wrzesniok-Rossbach, head of sales at Heraeus, a German precious metals trading group.
“Gold is trading in a range, but at a pretty high level. I don’t see it is going above the record level for the time being, but also no immediate crash here,” he added.
The dollar traded near record lows against the euro on expectations of a hefty Fed rate cut that will make the U.S. currency the second lowest yielder among the G10 economies.
Expectations of rate cuts have deepened after JPMorgan’s purchase of stricken rival Bear Stearns for a rock-bottom $2 a share and the Fed’s emergency step of cutting its discount rate by 25 basis points on Sunday.
The dollar remained under pressure, although it rebounded against the yen after stronger-than-expected results from Goldman Sachs and Lehman Brothers eased concerns about the health of the U.S. financial sector.
A weaker dollar makes gold cheaper for holders of other currencies and often lifts bullion demand. The metal is also generally seen as a hedge against oil-led inflation.
Oil prices rebounded on expectations that the U.S. rate cut will hit the dollar and spur investment demand for oil.
“The market is likely to continue to hold around yesterday’s close ahead of the Fed rate meeting,” said Suki Cooper, precious metals analyst at Barclays Capital.
“The current environment -- inflation concerns, equity market movements and the general credit market concerns -- is boosting prices, but the metal is primarily taking its lead from the dollar movement.”
Ffed meet awaited
Gold has gained more than 23 percent this year on fears of inflation as crude oil has hit records, expectations of further rate cuts and deepening U.S. financial concerns.
“If the Fed believes that in the due time economic crisis can be contained, then there could be marginal respite for dollar,” said Pradeep Unni, analyst at Vision Commodities.
“Gold uptrend is intact, but there are high chances of a pull back after the decision. It is ideal to wait before fresh buying is attempted. High volatility is also likely,” he said in a daily market note.
High prices continued to hit physical demand. Gold imports by India, the world’s largest consumer, plunged to 10 tonnes in February from 59 tonnes in the same month a year ago.
In other metals, platinum hit a 1-week low of $1,935 an ounce before rising to $1,990/2,000, against $1,980/1,990 in New York and off a record high of $2,290 hit on March 4 on a power crisis which hit mining in main producer South Africa.
Platinum was supported by news that South African power utility Eskom may have to inform mines of a force majeure if more of its generators trip, Eskom spokesman Andrew Etzinger told Reuters.
Silver traded at $19.95/20.00 an ounce, versus $20.35/20.41 in New York, while spot palladium rose nearly 3 percent to $478/488 an ounce from $465/470.
Those who do not have permits will be directed to return to their point of origin, the Directorate of Public Security said
asia8 hours ago
Nijjar, 45, was shot dead outside a Sikh temple on June 18 in Surrey, a Vancouver suburb
world9 hours ago
The two-time Grand Slam champion, who won the US Open in 2022 and Wimbledon last year, turns 21 on Sunday
sports9 hours ago
Turkish president says the move is also aimed at increasing the amount of humanitarian aid entering Gaza
mena9 hours ago
In another case at the same airport, officials apprehended five foreign nationals who tried to smuggle gold worth Rs.24.4 million
asia9 hours ago
More than 2,000 pro-Palestinian protesters arrested in the past two weeks across the US
americas10 hours ago
Fireballs and Smash tied for the lead in the team event at the $25 million 54 hole tournament
sports10 hours ago
The hosts strengthened their chances of securing a slot in the semifinals with a 70-run victory in Abu Dhabi
sports10 hours ago