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 inched higher at the opening of the markets on the first trading day of the week.
The Dubai Jewellery Group data showed 24K trading at Dh262.50 per gram on Monday morning as compared to Dh262.25 per gram on Friday. Among the other variants of the yellow metal, 22K opened at Dh243.25, 21K at Dh235.25 and 18K at Dh201.75 per gram.
Globally, spot gold rose slightly to $2,172.09 per ounce on renewed bets that the US would start cutting interest rates in June.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Wael Makarem, financial markets strategist lead at Exness, said gold retraced its steps after reaching a recent high as it faces a stronger dollar.
“While it could face some pressure over the short term, bullish factors could continue to support gold. Expectations of lower interest rates in the future could boost the asset over the longer term. In addition, central banks, which have been accumulating gold at record levels over the past two years, continue to be strong buyers,” he said.
Poland’s central bank significantly intensified its gold reserves, acquiring 130 tonnes of bullion last year. China has emerged as the primary driver of both consumer and central bank demand for gold.
“Economic challenges and instability in the Chinese real estate sector have propelled investors towards safe-haven assets like gold, bolstering individuals’ gold investments in the country,” said Makarem.
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
business1 day 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
business2 days ago
Serenia Living’s architecture and interiors have been led by Palma’s expert team
business2 days ago
Company’s backward integration model reaps dividends
business2 days ago
Participating companies announce several cooperation achievements
business2 days ago