The total number of Chinese visitors to the UAE stood at around 1.2 million in 2023
business4 days ago
Gold prices edged higher on Tuesday as investors remained optimistic that the U.S. Federal Reserve could drop clues about lowering interest rates in September at the end of the policy meeting this week.
Spot gold was up 0.4% at $2,392.75 per ounce as of 1355 GMT. U.S. gold futures rose 0.5% to $2,389.70.
"Europe is showing some more cracks within its economy and they are set to cut rates in September and U.S. is expected to cut rates as well, that has supported the gold market," said Phillip Streible, chief market strategist at Blue Line Futures.
At the conclusion of its two-day meeting on Wednesday the Fed is expected to maintain current interest but may signal potential policy easing as soon as September.
The U.S. rate futures market has fully priced in a rate cut in September. Lower interest rates reduce the opportunity cost of holding the non-yielding bullion.
Traders are also awaiting a series of U.S. employment data scheduled to be released this week including the pivotal non-farm payrolls report due on Friday.
U.S. job openings fell marginally in June and data for the prior month was revised higher, pointing to continued labor resilience that is underpinning the economy.
"Some short-term disappointment cannot be ruled out (in gold), but overall the direction towards higher prices in the months and quarters ahead remains," said Ole Hansen, head of commodity strategy at Saxo Bank in a note.
Meanwhile, India's gold demand in the June quarter fell 5% from a year earlier, but consumption in the second half of 2024 should improve due to a correction in local price following a steep reduction in import taxes, the World Gold Council said.
Among other metals, spot silver rose 0.3% to $27.94 per ounce, platinum gained 1.1% to $959.40 and palladium fell 1.2% at $892.88.
The total number of Chinese visitors to the UAE stood at around 1.2 million in 2023
business4 days ago
Companies had select sellers which hurt smaller players, reports find
business4 days ago
The CBUAE explained that banks' capital and reserves do not include subordinated borrowings/deposits, but do include the current year's profits
business4 days ago
Common queries highlight a broader need for clarity and understanding
business4 days ago
Northern emirate has announced several investor-friendly measures
business4 days ago
Asset managers, banks and family offices have increased their presence in the UAE in recent years, driven by a post-pandemic economic rebound
business4 days ago
Ties between the world's two most populous nations have been strained
business5 days ago
Payouts jumped to a record $606.1 billion in the second quarter
business5 days ago