Gold hit a record on Monday morning, touching more than $3,110 an ounce, while stock markets dropped after US President Donald Trump’s latest remarks that tariffs will hit all countries. This further stoked concerns about a trade war that could dent economic growth around the world.
The precious metal was trading at $3,110.76 an ounce at 8.34am UAE time on Monday, with prices supported by growing haven demand. Gold prices are up by about 6.5 per cent in the last month and about 16 per cent in the last six months on rising geopolitical and macroeconomic uncertainties.
Mr Trump on Sunday said new tariffs that he plans to announce on Wednesday, in a move he has called “liberation day”, will hit all countries and not just those that have the biggest trade imbalances with the US.
“You'd start with all countries,” he told reporters on Air Force One. “Essentially all of the countries that we're talking about.”
The levies will be in addition to those imposed on aluminium, steel and vehicles, as well as increased tariffs on all goods from China.
Asian stocks also fell on Monday, with Japan's Nikkei 225 index down about 4 per cent and South Korea's benchmark Kospi index dropping by nearly 3 per cent. Hong Kong’s Hang Seng index was 1.7 per cent lower, the Shanghai Composite index was 0.97 per cent lower and Taiwan's Taiex was down 3.75 per cent.
US stock futures were also down on Monday morning, with the S&P 500 and the Nasdaq futures down 0.77 per cent and 1.36 per cent, respectively.
“The tariff talk remains on the headlines as the liberation day approaches,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. “Risk appetite is nowhere to be found, the US dollar is weak, gold continues to extend gains into uncharted territories.”
Global stock markets have faced increased volatility since Mr Trump followed through with his campaign promise to levy duties on some of the US’s biggest trade partners.
Last week, he put a 25 per cent levy on all cars not made in the US. The country, the world's largest steel and aluminium importer, this month also introduced 25 per cent tariffs on all imports of the metals, which are used in construction, the car industry, energy and manufacturing. The move is designed to stimulate domestic processing.
Mr Trump has also planned a 10 per cent tariff on Canadian energy products that fall outside the US-Mexico-Canada Agreement he negotiated during his first term.
The President has also announced 25 per cent tariffs on imports from Canada and Mexico and has said he would add another 10 per cent tariff on goods from China, on top of the 10 per cent he put in place in February.
Mr Trump's tariff strategy has sparked concerns of a trade war that could drive up prices and hamper economic growth. Goldman Sachs lowered its 2025 gross domestic product forecast for the US to 1.7 per cent from 2.4 per cent, citing tariff uncertainty.
“Last week’s US GDP update showed a slightly better reading on Thursday, but growth in US GDP fell from above 3 per cent to 2.4 per cent in the fourth quarter, and is expected to contract by nearly 3 per cent in the first quarter, according to the latest update from Atlanta Fed’s GDP Now forecast,” Ms Ozkardeskaya said.
The rising uncertainty has pushed up the demand for gold, with expectations that prices could go even higher. Last week, Goldman Sachs increased its forecast for gold to hit $3,300 an ounce by year-end. The bank cited higher-than-expected central bank demand and strong inflows into bullion-backed exchange-traded funds.
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
SPECS
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Torque: 350Nm
Transmission: Nine-speed automatic
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Four motivational quotes from Alicia's Dubai talk
“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”
“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”
“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”
“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”
The Bio
Name: Lynn Davison
Profession: History teacher at Al Yasmina Academy, Abu Dhabi
Children: She has one son, Casey, 28
Hometown: Pontefract, West Yorkshire in the UK
Favourite book: The Alchemist by Paulo Coelho
Favourite Author: CJ Sansom
Favourite holiday destination: Bali
Favourite food: A Sunday roast
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
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- Disruption Lab and Research Centre for developing entrepreneurial skills
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
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Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape
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Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
PROFILE BOX
Company name: Overwrite.ai
Founder: Ayman Alashkar
Started: Established in 2020
Based: Dubai International Financial Centre, Dubai
Sector: PropTech
Initial investment: Self-funded by founder
Funding stage: Seed funding, in talks with angel investors
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Killing of Qassem Suleimani
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
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Napoleon
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