Move comes 4 years after the brand was banned from India as a part a wider crackdown on some Chinese apps following border conflicts
business1 day ago
Gold prices fell in Dubai on the first trading day of the week by half a dirham per gram, the Dubai Jewellery Group data showed.
In the UAE, the 24K variant of the yellow metal was trading at Dh281.25 per gram on Monday morning compared to last week’s close of Dh281.75 per gram. Similarly, the other variants were also trading lower in early trade. At 9am UAE time, 22K, 21K and 18K were trading at Dh260.5, Dh252.25 and Dh216.25 per gram, respectively.
Globally, the precious metal was trading at $2,319.8 per ounce, down 0.22 per cent.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
The precious metal was supported by the subdued US inflation data, bolstering hopes that the US Federal Reserve will start cutting rates later this year.
Released on Friday, the US core PCE slowed as expected in May as personal spending fell short of expectations. Combined with Thursday’s soft GDP number, last week’s US data was supportive of the Federal Reserve (Fed) doves.
“The latest US inflation data remain fresh on investors' mind, with the data coming in line with consensus, and generally did little to sway current market rate expectations for the Fed's easing process to kick-start in September,” said Yeap Jun Rong, market strategist at IG.
ALSO READ:
Move comes 4 years after the brand was banned from India as a part a wider crackdown on some Chinese apps following border conflicts
business1 day ago
Whether an activity is ancillary or not would depend on case-to-case basis and would primarily depend on the main activity
business1 day ago
The deal will help BitOasis strengthen its position in the region and enhance its services.
business1 day ago
Successful innovation efforts focus on supporting sustainability initiatives and uplifting marginalized communities
business1 day ago
Lakshmi Narayanan honoured as Freeman of the City of London at Global Wealth Conference 2024
business1 day ago
Russian economy weathers sanctions; the revenue accounts for a third of Russian budget proceedings
business2 days ago
Higher supply from Nigeria and Iran offset the impact of voluntary supply cuts by other members and the wider Opec+ alliance
business2 days ago
Investors await minutes of the Fed's last policy meeting for further cues on the central bank's interest rate cut path
business2 days ago