Earlier, interest-free loans were announced for Emiratis whose businesses were affected by the rains, with a grace period of 6 to 12 months
uae4 hours ago
Gold futures went down on the COMEX division of the New York Mercantile Exchange.
The most active gold contract for December delivery fell $15.3 (1.32 per cent) to settle at $1,138.30 per ounce, reported Xinhua.
Gold was put under pressure as US and world equities rose on Tuesday after China cut interest rates by 0.25 points to 4.6 per cent.
This move stabilised US and world equities, giving investors the confidence to move away from gold as safe haven.
The metal was put under additional pressure as the US Department of Commerce released a report showing new home sales increasing by 5.4 per cent to an annual pace of 507,000 units, which was better than expected.
Gold was also put under pressure as the US Dollar Index rose by 1.2 per cent to 94.54.
The index is a measure of the dollar against a basket of major currencies. Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors holding other currencies.
Silver for September delivery fell 15.2 cents (1.03 per cent) to close at $14.61 per ounce.
Platinum for October delivery dropped $14.8 (1.49 per cent) to close at $976.70 per ounce.
Earlier, interest-free loans were announced for Emiratis whose businesses were affected by the rains, with a grace period of 6 to 12 months
uae4 hours ago
Following a $3 per barrel average global price increase in March, petrol prices for April increased by 12 fils per litre in the UAE
uae4 hours ago
Annual rents in Dubai are usually paid in two, four or six instalments via post-dated cheques
business4 hours ago
NCM official says May 2-3 is identified as the ‘peak’ of the situation
weather4 hours ago
PSG are still involved in the Champions League in what could turn out to be the club's finest ever season
football10 hours ago
World number three Alcaraz, 20, missed a month prior to Madrid with a forearm issue
tennis10 hours ago
It was Chennai's fifth win from nine matches as they moved to third place in the points table with 10 points
cricket10 hours ago
Earlier, Arsenal held on for a pulsating 3-2 win over arch rivals Tottenham
football11 hours ago