UN estimates the amount of debris in the Gaza Strip at 37 million tonnes in mid-April, or 300 kilogrammes per square metre
mena3 hours ago
Gold rose on Friday en route to its best month in nearly 4-1/2 years as the dollar slid further after dismal US data added to doubts about a swift recovery from the pandemic-induced economic slump, driving investors towards the safe-haven metal
Spot gold was up 0.4 per cent at $1,967.53 per ounce by 0458 GMT after snapping a nine-session winning streak on Thursday. US gold futures rose 1 per cent to $1,961.30. The precious metal is priced at Dh238.50 for 24K, Dh224.25 for 22K, Dh214 for 21K and Dh183.25 for 18K per gram in Dubai.
The US dollar fell to a two-year low and was on course for its worst month in a decade, making bullion cheaper for investors holding other currencies.
Apart from US data showing the deepest economic contraction in at least 73 years in the second quarter, and a rise in unemployment benefits, the dollar was also hurt as President Donald Trump raised the idea of delaying the Nov. 3 presidential election.
"The weak Q2 GDP also underscores the point of a weak economy, and investors seeking refuge in gold," said National Australia Bank economist John Sharma.
A deterioration in the coronavirus situation, escalation in geopolitical tensions and further declines in the dollar could push gold above the $2,000 level, he added.
Gold has risen more than 10 per cent so far this month, its biggest monthly percentage gain since February 2016, having soared to an all-time high of $1,980.57 on Tuesday.
The jump took gains for the year to nearly 30 per cent, driven by a worsening pandemic and low interest rates globally amid widespread stimulus from central banks since the metal is considered a refuge against inflation and currency debasement.
"However, further gains are reliant on investor demand, with consumer demand showing no signs of recovery," ANZ analysts said in a note.
Among other metals, silver climbed 0.3 per cent to $23.62 an ounce, on course for its best month on record - up 30 per cent, with additional support coming from hopes for a revival in industrial activity.
Platinum rose 0.1 per cent to $903.87 and palladium gained 0.3 per cent to $2,090.01.
UN estimates the amount of debris in the Gaza Strip at 37 million tonnes in mid-April, or 300 kilogrammes per square metre
mena3 hours ago
Ports, Customs, and Free Zone Corporation also advised to refrain from sailing unless absolutely necessary
uae3 hours ago
Seven days of mourning have been declared with flags flown at half-mast
uae4 hours ago
While the number of internal migrants in India has not been updated for more than 10 years, experts say they could make up as much as 40% of the electorate
opinion4 hours ago
Regeneration programmes can preserve the old while fostering economic prosperity through the balanced and deft encouragement of retail
opinion4 hours ago
Earlier, UAE had announced distance learning for all government schools
uae4 hours ago
Educators advised students to take ownership of their learning journey and be punctual
uae5 hours ago
Previously, these services required four steps, but now they have been streamlined making the process more efficient and convenient for customers
visa and immigration in uae5 hours ago