Gross paid claims of all types of insurance plans rose 34% year on year
Gold prices climbed Dh2 per gram at the opening of the markets in UAE on Wednesday after yellow metal fell to nearly Dh300 per gram on Tuesday evening.
At 9am UAE time on Wednesday, the 24K variant of the yellow metal jumped to Dh302.25 per gram compared to last night’s close of Dh300.25 per gram, up Dh2 per gram. Among the other variants, 22K, 21K and 18K opened at Dh279.75, Dh270.75 and Dh232.25 per gram, respectively.
Globally, gold was trading at $2,496.12 per ounce, up 0.13 per cent, at 9.07 am UAE time.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Tito Iakopa, commercial director at FlowCommunity, said gold is trading within a narrow range, showing only slight gains as investors await key economic data releases this week.
“Geopolitical tensions, central bank demand, and fears of further economic deterioration in China, along with the upcoming US elections, may support gold prices. Additionally, traders are cautious ahead of the US labour market data release on Friday, which is anticipated to significantly influence market sentiment and expectations regarding the Federal Reserve's interest rate size this month.
"Current market speculation leans towards a 25 basis point rate cut rather than a more aggressive 50 basis point cut, which will be a crucial factor for gold's next move,” said Iakopa.
ALSO READ:
Gross paid claims of all types of insurance plans rose 34% year on year
Event attracted representation from more than 60 countries
Renewed brand identity centres around the belief that “Food is a Blessing”
Dubai, Abu Dhabi, and Sharjah are among the top 10 startup ecosystems in the region
Brokers licensed in financial free zones for reinsurance businesses are exempt from these changes as a regulatory regime will apply to them
Measures are aimed at preserving the integrity and sustainability of the nation's financial and economic system
Several Indian and foreign companies setting up facilities in India
Key players across sectors are seeing a significant uptick in bookings