Gold rose on Friday, but was headed for its worst week since March 2020 after the US Federal Reserve’s hawkish message on monetary policy lifted the dollar higher and dented the safe-haven metal’s appeal.
Spot gold was up 0.6 per cent at $1,784.16 per ounce, as of 02.58 GMT (8.58am UAE time). However, prices have fallen nearly 5 per cent so far this week.
US gold futures gained 0.5 per cent to $1,783.20.
It was the Fed meeting and reversal in their policy outlook that triggered the drop in gold prices, Edward Meir, analyst at ED&F Man Capital Markets, said. He added that “the reaction in gold has been somewhat overdone”.
Despite the current high-growth, inflationary environment, the proposed Fed rate hikes are not expected to set in for at least another 18 months. So after a little bit more weakness here, gold prices will regroup and push higher
“Despite the current high-growth, inflationary environment, the proposed Fed rate hikes are not expected to set in for at least another 18 months. So after a little bit more weakness here, gold prices will regroup and push higher.”
The Fed on Wednesday signalled it would be considering whether to taper its asset purchase programme meeting by meeting and brought forward projections for the first post-pandemic interest rate hikes into 2023.
Following hawkish comments from Fed officials, the dollar jumped to a two-month high and was on track for its best week in nearly nine months, while US benchmark 10-year yield rose.
Though gold is considered as a hedge against inflation, higher interest rates will reduce its appeal as they translate into a higher opportunity cost of holding the asset.
Indicative of sentiment, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.4 per cent to 1,041.99 tonnes on Thursday.
Palladium gained 1 per cent to $2,521.38 per ounce, but was on track for its worst week since late March following a sharp drop on Thursday.
Silver rose 1.1 per cent to $26.12 per ounce but was down 6 per cent for the week. Platinum climbed 1 per cent to $1,069.03.
UAE currency: the story behind the money in your pockets
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
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
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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South Africa's T20 squad
Duminy (c), Behardien, Dala, De Villiers, Hendricks, Jonker, Klaasen (wkt), Miller, Morris, Paterson, Phangiso, Phehlukwayo, Shamsi, Smuts.
Brief scoreline:
Tottenham 1
Son 78'
Manchester City 0
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
UAE currency: the story behind the money in your pockets
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White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Mrs%20Chatterjee%20Vs%20Norway
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Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
65
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Kanye%20West
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SPEC%20SHEET
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