Gold prices edged higher on Friday due to a pullback in the dollar, though gains were curbed as data showing a rise in US inflation fanned fears of a sooner-than-expected rate hike.
Spot gold was up 0.2 per cent at $1,829.61 per ounce by 10.26am UAE time. US gold futures rose 0.2 per cent at $1,827.40.
The metal traded flat for the week.
The dollar index was down 0.1 per cent against its rivals, making gold cheaper for other currency holders.
Inflation is not necessarily bad for gold, however, it's bad if the central banks start to act on it, and the market is getting a little bit jittery thinking that this could bring forward the US Federal Reserve's taper a little bit
“Inflation is not necessarily bad for gold, however, it’s bad if the central banks start to act on it, and the market is getting a little bit jittery thinking that this could bring forward the US Federal Reserve’s taper a little bit,” Stephen Innes, managing partner at SPI Asset Management, said.
Key US economic readings this week showed a bigger-than-expected rise in consumer prices and weekly jobless claims dropping to a 14-month low, intensifying concerns over rising inflation and prospects of a rise in interest rates.
Higher interest rates increase the opportunity cost of holding bullion.
“Right now we haven’t had any inclination that the Fed is about to move anytime soon, I think gold still remains relatively supported,” Mr Innes said, adding that strong economic data still remains a key concern.
The US central bank has pledged to keep interest rates low until the economy reaches full employment, and inflation is on track to “moderately” exceed the 2 per cent level for some time.
“We’ll need some more clarity in terms of how persistent inflation is. If it turns out to be transitory, yields will remain lower,” Harshal Barot, a senior research consultant for South Asia at Metals Focus, said.
Investors now await US retail sales data due later in the day.
Elsewhere, palladium gained 1.8 per cent to $2,914.28 per ounce. Silver rose 0.1 per cent to $27.09, while platinum was up 0.9 per cent at $1,216.69.
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Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
UAE currency: the story behind the money in your pockets
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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UAE currency: the story behind the money in your pockets
Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
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