Several listed subsidiaries of the Adani empire, which spans coal, airports, cement and media, collapsed in early trade, with some losing as much as 20%
business1 day ago
Gold prices dropped by one dirham per gram in the UAE at the opening of the markets on Monday.
The 24K variant of the precious was trading at Dh246.0 per gram on Monday morning as compared to last week’s close of Dh247.0 per gram. Among the other variants, 22K opened lower at Dh227.75, 21K at Dh220.5 and 18K at Dh189.0 per gram, according to the Dubai Jewellery Group data.
Globally, spot gold was down 0.47 per cent at $2,030.1 per ounce by 9.44 am UAE time as the dollar and Treasury yields surged after a blowout US jobs report crushed expectations of near-term interest rate cuts from the Federal Reserve.
Antonio Ernesto Di Giacomo, market analyst at xs.com, said traders have been attentive to several variables that have influenced the price of gold, such as the announcement of the US monetary policy, macroeconomic indicators and conflicts between some countries in several regions.
“Although there is no perceived immediate need to lower interest rates, there is a possibility that a cut could be considered during the second quarter of the year. This change in outlook highlights the possibility of the Federal Reserve adopting a less restrictive stance in the future, showing greater flexibility in its approach to address potential economic challenges,” he said.
Antonio added that investors are keeping a close eye on the events in the Middle East.
“Traders are extremely alert to any developments that may impact the metal, as it acts as a sensitive indicator of significant geopolitical and economic events,” he added.
ALSO READ:
Several listed subsidiaries of the Adani empire, which spans coal, airports, cement and media, collapsed in early trade, with some losing as much as 20%
business1 day ago
Authorities said the Adani Group chairman and seven other defendants agreed to pay the bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years
business1 day ago
Company strengthening regional presence and service offering
business2 days ago
Sinochem may keep three refineries in China's Shandong province
business2 days ago
Memorandum of understanding aims to enhance cooperation in the construction sector
business3 days ago
Serenia Living’s architecture and interiors have been led by Palma’s expert team
business3 days ago
Company’s backward integration model reaps dividends
business3 days ago
Participating companies announce several cooperation achievements
business3 days ago