Move aims to amplify Zambia’s renewable energy capacity
Gold prices climbed to a more than one-week high on Thursday after US Federal Reserve chairman Jerome Powell struck a dovish tone while a softer dollar lent further support to the precious metal.
Spot gold rose 0.35 per cent to $1,815.51 per ounce by 9.15 am UAE time. In the UAE, 24K price increased to Dh220.0 per gram at the opening of the market on Thursday as compared to Dh218.75 on Wednesday morning. The price is up by Dh2.5 per gram from Wednesday’s close of Dh217.5.
Among the other variants of the precious metal, 22K increased to Dh206.25 per gram; 21K to Dh197.25; and 18K to Dh166.0 on Thursday morning.
”Investors are buying into the dynamic that the Federal Reserve has opened up for gold. They have talked down the risks of rate hike and tapering a little bit, and that gives gold prospects to drift higher in the short term,” Kyle Rhoda, an analyst at IG Market, told Reuters.
”The next key level of resistance will be in the range of $1,830-$1,840,” he said.
Powell said the US job market still had ”some ground to cover” before it would be time to pull back support and that it was ”ways away” from considering interest rate hikes.
”Rising monetary policy uncertainty, inflation and increasing risk of equity market volatility should favour demand for safe-haven assets,” ANZ Research said in a note.
Investors will now turn their attention to the US weekly jobless claims data due later today.
waheedabbas@khaleejtimes.com
Move aims to amplify Zambia’s renewable energy capacity
More vertiports will be set up in strategic locations across Abu Dhabi, including major business hubs and tourism destinations
Kerala will decide the fate of 194 candidates as polling on all 20 parliamentary constituencies will be held in the second phase
Pecker is a key witness in the case against the former US president, who is accused of falsifying business records to cover up hush-money payment
The oil and gas conglomerate and Fifa, the world governing body, sign major sponsorship agreement
Toomaj Salehi risks being hanged after the conviction on the Shariah charge of "corruption on Earth" by a Revolutionary Court
Aid groups warn any invasion would add to already-catastrophic conditions for Gaza's 2.4 million people
The American they will face Australia and Serbia on July 15 and July 17 as part of their preparation for the Paris Olympic Games