Gold prices slipped to a six-week low on Thursday as they were put under pressure by a firmer US dollar and prospects of major global central banks raising interest rates aggressively to bring down inflation.
Spot gold was down 0.4 per cent at $1,704.69 an ounce, as of 3.25am GMT, after hitting its lowest point since July 21 at $1,701.10 earlier in the day. US gold futures shed 0.6 per cent to settle at $1,715.60.
The European Central Bank will probably raise interest rates by quite a bit and that, coupled with the Fed mentioning it is looking to combat inflation even if it affects the economy, has weighed on precious metals, said Brian Lan, managing director at Singapore-based dealer GoldSilver Central.
Eurozone inflation rose to a record high last month, solidifying the case for further big rate increases.
Meanwhile, Cleveland Fed president Loretta Mester said the US central bank would need to raise rates above 4 per cent by early next year and then hold them there to bring inflation back down to its goal.
Even though gold is considered to be a hedge against inflation, higher interest rates increase the opportunity cost of holding bullion while boosting the dollar.
Making bullion more expensive for buyers holding other currencies, the dollar hovered close to a two-decade peak scaled earlier this week. Holdings of SPDR Gold Trust, the world's largest exchange-traded fund that is gold-backed, fell 0.3 per cent to 973.37 tonnes on Wednesday.
Elsewhere, spot silver was down 1.4 per cent at $17.72 an ounce after falling to a more than two-year low.
Silver has industrial and jewellery uses, and these sectors have not picked up yet, according to Mr Lan. The metal has been overdone a little and might be due for a consolidation, he said.
Platinum fell 0.4 per cent to $842.63 and palladium edged 0.2 per cent lower to $2,080.68.
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Ain Issa camp:
- Established in 2016
- Houses 13,309 people, 2,092 families, 62 per cent children
- Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
- Most from Deir Ezzor and Raqqa
- 950 foreigners linked to ISIS and their families
- NGO Blumont runs camp management for the UN
- One of the nine official (UN recognised) camps in the region
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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Where to donate in the UAE
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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Global state-owned investor ranking by size
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1. |
United States |
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2. |
China |
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3. |
UAE |
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4. |
Japan |
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5 |
Norway |
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6. |
Canada |
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7. |
Singapore |
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8. |
Australia |
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9. |
Saudi Arabia |
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10. |
South Korea |
