Those who do not have permits will be directed to return to their point of origin, the Directorate of Public Security said
asia9 hours ago
Gold prices continued to fall on Tuesday, dragged down by gains in equity markets and the US dollar.
Listen to this story on 8@8 with David Light
ALSO READ:
Spot gold prices fell 0.3 per cent to $1,733.69 per ounce by 0119 GMT (5.19am UAE time). Meanwhile, US gold futures were down 0.1 per cent to $1,736.20 per ounce.
In the UAE, 24K gold was priced at Dh210 on Tuesday morning (versus Dh211.50 on Monday morning); Dh22K at Dh197.25 (versus Dh198.5); Dh21K at Dh188.25 (versus Dh189.25) and 18K at Dh161.25 (versus Dh162.5).
The Swiss bank Credit Suisse said the yellow remains vulnerable to a rise in the US Treasuries yields and gains in the US dollar.
“Gold has been losing momentum as economic growth optimism is growing. In recent weeks, the spike in the US Treasury yields, as well as a rebound in the US dollar, also weighed on gold prices. Moreover, a rapid progress with vaccinations and substantial additional fiscal stimulus have boosted risk appetite. Given this backdrop, gold investors are taking a cautious stance, resulting in sharper exchange-traded fund outflows,” it said.
The Swiss bank noted that gold’s prospects have deteriorated because the greenback is no longer expected to weaken in the near future and US Treasury yields are also expected to continue to rise.
“As a result, our commodity team has lowered gold three-month and 12 months forecasts to $1,750 and $1,700 an ounce, respectively,” it added.
waheedabbas@khaleejtimes.com
Those who do not have permits will be directed to return to their point of origin, the Directorate of Public Security said
asia9 hours ago
Nijjar, 45, was shot dead outside a Sikh temple on June 18 in Surrey, a Vancouver suburb
world9 hours ago
The two-time Grand Slam champion, who won the US Open in 2022 and Wimbledon last year, turns 21 on Sunday
sports9 hours ago
Turkish president says the move is also aimed at increasing the amount of humanitarian aid entering Gaza
mena9 hours ago
In another case at the same airport, officials apprehended five foreign nationals who tried to smuggle gold worth Rs.24.4 million
asia9 hours ago
More than 2,000 pro-Palestinian protesters arrested in the past two weeks across the US
americas10 hours ago
Fireballs and Smash tied for the lead in the team event at the $25 million 54 hole tournament
sports10 hours ago
The hosts strengthened their chances of securing a slot in the semifinals with a 70-run victory in Abu Dhabi
sports11 hours ago