iPhone | iPad
Android
Huawei
The system is one of several options being considered for a potential zero-emission aircaft based on hydrogen, says Airbus
KT APPDOWNLOAD
UAE: Gold steady at 3-month high; 24K trades at Dh221 per gram
Prices for the precious metal surged as the bond market selloff appears to be over for now
Gold prices on Thursday steadied near a two-month high hit on Wednesday evening, with higher US Treasury yields preventing any gains amid caution building around developments at the US Federal Reserve's meeting due next week.
Spot gold was flat at $1,839.13 per ounce at 9.20 am UAE time.
In the UAE, precious metal prices remained unchanged from last night's close. The Dubai Gold and Jewellery Group data showed 24K trading at Dh221.0 per gram, 22K at Dh207.5, 21K at Dh198.0 and 18K at Dh169.75.
ALSO READ:
Gold saw its best session in three months on Wednesday as a retreat in the dollar and geopolitical tensions surrounding Ukraine lifted safe-haven appeal, sparking a rally in precious metals.
Edward Moya, senior market analyst at Oanda, said gold prices surged as the bond market selloff appears to be over for now.
"Gold traders used the London Bullion Market Association auction as the catalyst to send prices tentatively above the upper boundaries of its recent trading range. After the 10-year Treasury failed to reach 1.90 per cent, that was the all-clear signal for many traders to pile back into risk assets such as commodities," said Moya.
"Gold wasn't supposed to break above the $1,840 level before next week, so it should be interesting to see if this rally sticks," he added.
-waheedabbas@khaleejtimes.com
More news from Business
API data shows fall in US crude stocks; Optimism on China fuel demand, economic outlook evident; IEA expects Russian crude output to fall by 2m bpd by March
The EU ban, on Russian oil is set to kick in on December 5 along with a plan by G7 nations to enforce a low price for Russian oil sales
Analysts had expected the inflation rate in the single currency area to fall but the drop was steeper than predicted by Bloomberg and FactSet, who foresaw 10.4 per cent
Central Bank of Sri Lanka Governor Nandalal Weerasinghe predicted that if the current trend of monetary policy was followed, inflation could drop to four per cent to five per cent by the end of next year
Nov manufacturing PMI contracts further to 48.0 vs 49.2 in Oct; Nov services PMI contraction deepens to 46.7 vs 48.7 in Oct; Sub-indexes for manufacturing PMI also fall
Webinar led by Taylor Wessing LLP and Amazon highlights chamber’s role in helping businesses unlock new commercial possibilities while protecting their interests
The landmark 500 megaWatts (MW) wind and 500MW solar projects, represent $1.1 billion of investment into the Egyptian economy and takes the company’s clean energy portfolio to 2GW in the country