Amateurs Afzaal Ahmad, Parvez Ahmed, and Arbaaz Ahmad shine with an Impressive 89-point performance at the Emirates Golf Club
sports10 hours ago
Gold's gains pushed up other precious metals, with platinum rising more than 2 percent. Silver and palladium also advanced.
Spot gold hit a high of $887.50 an ounce, up from $865.05/866.25 an ounce in late New York on Wednesday when it touched a one-week low of $859.30 on a firmer U.S. dollar.
"The market seems to have ended it consolidation phase after sustaining above the $860 level," said Pradeep Unni, analyst at Vision Commodities Services in Dubai.
"Although further gains would be needed to erase the bearish tone, selling seems to have momentarily ended. As long as $860 holds, the bulls are safe."
But gold was still more than $100 away from a record high of $1,030.80 an ounce hit on March 17, and dealers expected jewellery makers to take advantage of lower prices to stock up again.
"This is a perfect opportunity for them to be restocking because the gold price could very easily get back above the $900 territory, and gold can do that in a very short space of time," said Nick Moore, metals analyst at ABN AMRO.
"I think the high gold price clearly had very significant impact on jewellery off-take. I think the direction, looking ahead, will be driven partly by what's happening with oil."
Oil gained to trade above $125 a barrel on Thursday,
boosted partly by weakness in the dollar against the euro
The euro firmed to $1.5504 after strong euro zone growth in the first quarter. The dollar was also undermined by data showing a rise in U.S. weekly jobless claims and a net outflow of capital in March.
The most active June gold futures contract on the COMEX division of the New York Mercantile Exchange rose $14.7, or 1.7 percent, to $881.2 an ounce.
Spot platinum hit a low of $1,988.50 an ounce but then jumped as high as $2,079 an ounce to track a rally in gold.
The metal was last quoted at 2,031/2,046 late in New York, and held below a lifetime high of $2,290 an ounce on March 4.
But platinum may be vulnerable to a correction amid signs electricity supply in main producer South Africa was returning to normal after power cuts in January forced mines to shut down operations.
The mining disruptions have sparked supply fears and sent prices to record.
"The power situation doesn't seem to be quite as bad as it was earlier of the year. Eskom is indicating that there's more power available than previously thought," said Moore.
State-owned power utility Eskom warned South Africans on Wednesday to expect more power outages but said disruptions would likely be minor. Mines are now operating at 90 to 95 percent of their normal electricity supply.
Palladium rose to $431.00.50/439.50 an ounce from $430.50/438.50 in late New York. Silver firmed to $16.86/16.91 an ounce from $16.55/16.61.
Amateurs Afzaal Ahmad, Parvez Ahmed, and Arbaaz Ahmad shine with an Impressive 89-point performance at the Emirates Golf Club
sports10 hours ago
The Meteorological Organisation that it is closely monitoring what is being circulated on social media
mena10 hours ago
There have been a series of school fires in the country in recent years, many of them which have turned out to be arson
africa11 hours ago
Salama Alfalacy is into realistic art featuring landscapes and wildlife, while Meera Jamal Al Midfa is setting new grounds in performance art and filmmaking
arts12 hours ago
Dubai Police have asked drivers to be extra cautious
transport12 hours ago
The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
asia13 hours ago
Dubai Police have asked drivers to be extra cautious
transport13 hours ago
The former all-rounder has returned to cricket during the past year after a horrific car crash at the end of 2022
cricket13 hours ago