The first centre will bring together academic researchers and practitioners from the private sector to develop and share best practices in responsible AI
business1 day ago
Gold eased on Monday after piercing the $2,500 ceiling in the previous session, as investors booked profits from the record run and positioned for more cues from the Federal Reserve and developments in the Middle East.
Spot gold was down 0.2 per cent at $2,503.50 per ounce as of 11:57am ET (1557 GMT), shy of the record high of $2,509.65 hit on Friday. U.S. gold futures rose 0.2 per cent to $2,542.10.
“We will not be surprised to see some consolidation/pull-back in the gold market as traders may be disappointed if the Fed only indicates a likelihood of a 0.25 bp rate cut and does not hint at the possibility of a larger 0.50 bp cut,” David Meger, director of alternative investments and trading at High Ridge Futures, said.
Traders see a 77.5 per cent chance of the Fed cutting interest rates by 25 basis points (bps) in September, according to the CME FedWatch Tool.
The focus will turn to minutes from the Fed’s last policy meeting on Wednesday and Chair Jerome Powell’s speech at an economic symposium in Jackson Hole on Friday.
Gold may fall into the $2,479-$2,487 range following its failure to break resistance at $2,507, according to Reuters technical analyst Wang Tao.
But UBS analyst Giovanni Staunovo said gold could rise further in the coming months, likely reaching $2,600/oz by end-year, adding all eyes will be on any indication of an imminent rate cut from Powell.
On the physical front, several Chinese banks have been given new gold import quotas from the central bank, anticipating revived demand despite record high prices.
Gold demand is strong as geopolitical tensions, particularly from the Israel-Iran-Hamas conflict, drives safe-haven buying, Achilleas Georgolopoulos, investment analyst at forex broker XM, wrote in a note.
Silver rose 1.1 per cent to $29.33 per ounce. Platinum gained 0.3 per cent to $957.43, while palladium shed 2.2 per cent to $930.33.
The first centre will bring together academic researchers and practitioners from the private sector to develop and share best practices in responsible AI
business1 day ago
The UAE has already signed CEPA with major trading partners such as India, Israel, Chile, Colombia, Turkey, Indonesia, Georgia and Cambodia
business1 day ago
New developments hold key to the future of work, expert says
business1 day ago
A year-on-year (YoY) increase of 20.2 per cent, or Dh135 billion, was recorded
business2 days ago
Course offers training in English language, interviewing skills, resume writing, and job search tips
business2 days ago
One of the key areas of focus under the MoU is marketing and promotion
business2 days ago
Sector increasingly intertwined with high-value investments
business2 days ago
Policyholders can get coverage limits of Dh25,000 or Dh50,000 for a 12-month term
business2 days ago