Century Financial will now offer services for t
Markets1 week ago
Gold prices rose on Wednesday morning, after gaining as much as one per cent on Tuesday evening, as Treasury yields eased after US inflation data and concerns over the Ukraine conflict supported safe-haven bids, while a firm dollar capped bullion's gains.
Spot gold was up 0.17 per cent at $1,969.22 per ounce at 9.15 am UAE time.
Gold prices in the UAE rose half a dirham per gram with 24K trading at Dh238.5 at the opening of the market on Wednesday, up from Tuesday’s close of Dh238 per gram.
Among the other variants, 22K opened at Dh224.0 per gram, 21K at Dh213.75 and 18K at Dh183.25.
US monthly consumer prices increased by the most in 16-1/2 years in March as Russia's war against Ukraine boosted the cost of gasoline to record highs, cementing the case for a 50 basis point interest rate hike from the Federal Reserve next month.
Naeem Aslam, chief market analyst at Ava Trade, said the data had some good news and some bad news.
“Overall, the data suggests that inflation on a year-on-year basis is at its highest level since 1982 and now it is all about the Fed and their monetary policy. Gold prices have moved sharply higher as gold serves as a natural hedge against inflation. The data also confirmed that the US economy is lingering near an emergency room as recession fear is making traders nervous due to a much higher possibility of stagflation taking place,” said Aslam.
waheedabbas@khaleejtimes.com
Century Financial will now offer services for t
Markets1 week ago
The IPO, expected to raise up to $2.74 billion, is India’s largest ever. Its partial listing is part of plans by Prime Minister Narendra Modi to privatise some industries and boost state coffers
Markets1 week ago
The selling pressure intensified after the RBI Governor Shaktikanta Das announced that the Monetary Policy Committee has unanimously decided to hike the policy rate by 0.40 per cent with immediate effect
Markets1 week ago
Markets remain skittish regarding an expected aggressive Fed monetary policy
Markets1 week ago
Investors expect the Fed to hike rates by 50 basis points when it meets on Tuesday, Wednesday
Markets2 weeks ago
Fears that the war may lead to an interruption of oil or gas supplies from Russia have pushed up their prices
Markets2 weeks ago
The dollar index was trading 0.05% higher at 102.34
Markets2 weeks ago
Spot gold was down 0.44% at $1,898.37 per ounce, as of 9.12am UAE time
Markets2 weeks ago