Gold edged higher from an 11-month low as the US dollar dipped, with traders dialling back expectations of aggressive US Federal Reserve interest rate increases and assessing the outlook for inflation.
The dollar retreated after closing in on a 20-year high last week against its rivals, making greenback-priced bullion more expensive among buyers holding other currencies.
The dollar index was steady at 107.830, compared with last week's high of 109.290.
Bullion capped its fifth straight weekly loss, the longest streak of such declines in about four years, with investors favouring the greenback as a haven asset, and tighter monetary policy weighing on the non-interest bearing precious metal.
Spot gold rose 0.3 per cent to $1,711.67 an ounce by 0111 GMT, after falling to a near one-year low last week. US gold futures gained 0.2 per cent to $1,708.00.
Federal Reserve officials are on track to raise rates by 75 basis points for the second straight month when they meet later in July, after policymakers pushed back against a bigger increase.
The outlook remains troubling for many investors. The International Monetary Fund will cut its global economic growth outlook “substantially” in its next update as nations run out of options to tackle worsening risks.
Investors reversed bets on a full percentage-point move after wary comments from officials, including Atlanta Fed president Raphael Bostic and St Louis’s James Bullard, along with a drop in US consumer long-term inflation expectations, which eased some fears that price pressures were becoming entrenched.
Data released on Friday also showed that US retail sales were stronger than expected in June, underscoring a resilient economy despite tightening monetary policy.
Investors were also considering China’s pledges to shore up growth. Still, the outlook for the global economy remains cloudy, with the International Monetary Fund saying it will cut its growth outlook “substantially” in its next update, as finance chiefs grapple with a shrinking list of options to address the worsening risks.
“Gold prices are seeing some slight reprieve into today’s session, with a lift from the US dollar’s weakness, but prices continue to trade with a downward bias,” said Yeap Jun Rong, market strategist at IG Asia Pte.
“We may have to see some signs of ‘peak hawkishness’ kicking in over the coming months, in order for gold to regain some market confidence.”
— Additional reporting by Reuters
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
The specs: 2018 Jeep Compass
Price, base: Dh100,000 (estimate)
Engine: 2.4L four-cylinder
Transmission: Nine-speed automatic
Power: 184bhp at 6,400rpm
Torque: 237Nm at 3,900rpm
Fuel economy, combined: 9.4L / 100km
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2A)
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Tomorrow 2021
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Zayed%20Centre%20for%20Research
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
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Joe Root's Test record
Tests: 53; Innings: 98; Not outs: 11; Runs: 4,594; Best score: 254; Average: 52.80; 100s: 11; 50s: 27
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Mane points for safe home colouring
- Natural and grey hair takes colour differently than chemically treated hair
- Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
- When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
- Most modern hair colours are technique-based, in that they require a confident hand and taught skills
- If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
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Gavin Esler: Coronavirus offers stinging rebuke to protectionists
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MORE FROM ED HUSAIN: The UAE-Israel accord is a win for every Muslim
TOP%2010%20MOST%20POLLUTED%20CITIES
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Mohammed bin Zayed Majlis
Palestine and Israel
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
War and the virus
Simon Rushton: War vet raises £12m for health workers
While you're here...
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
The biog
Name: Dhabia Khalifa AlQubaisi
Age: 23
How she spends spare time: Playing with cats at the clinic and feeding them
Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need
Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman
Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs
Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Tomorrow 2021
A list of the animal rescue organisations in the UAE
Looking for a new family pet? Here are the links to visit when it comes to adopting...
Arabian Saluki Center of Dubai (Ascod)
Emirates Animal Welfare Society
Rescue Animals in Need United Arab Emirates
Sniff - Strays Needing Interim of Furever Friends
PARA UAE - Protection of Animal Rights Association
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The lowdown
Badla
Rating: 2.5/5
Produced by: Red Chillies, Azure Entertainment
Director: Sujoy Ghosh
Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke
Specs
FIGHT INFO
Men’s 60kg Round 1:
Ahmad Shuja Jamal (AFG) beat Krisada Takhiankliang (THA) - points
Hyan Aljmyah (SYR) beat Akram Alyminee (YEM) - retired Round 1
Ibrahim Bilal (UAE) beat Bhanu Pratap Pandit (IND) - TKO Round 1
Men’s 71kg Round 1:
Seyed Kaveh Soleyman (IRI) beat Abedel Rahman (JOR) - RSC round 3.
Amine Al Moatassime (UAE) walk over Ritiz Puri (NEP)
UAE currency: the story behind the money in your pockets
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
