Gold advanced as investors weighed the prospects of a US spending package and the possibility of further action from the Federal Reserve at its last meeting of the year, against progress on the rollout of vaccines.
A bipartisan group of lawmakers delivered details of a $908 billion relief package, splitting it into two parts in recognition of deep differences over state aid and a liability shield for employers. With Joe Biden now confirmed as president by the Electoral College, leaders in Congress need to find a way to get one or both parts through the House and Senate before the last of the relief provisions from earlier stimulus expire at the end of the year.
Bullion’s path in recent weeks has been dominated by developments on vaccines and prolonged stimulus talks in the US, with prices set for the first quarterly loss since 2018. Still, the metal may get some support after the Fed meets on Tuesday and Wednesday this week, with markets expecting fresh guidance on asset purchases. In addition, the haven may get a boost from fresh anti-virus curbs being rolled out in major economies including Germany and the UK.
“Prices are looking vulnerable again but should once again be saved by the Fed,” Edward Moya, senior market analyst at Oanda, said. “Economic scarring will undoubtedly make it easier for the Fed to continue to provide more accommodation and that could make many traders want to jump back in.”
Spot gold rose as much as 0.4 per cent to $1,835.17 an ounce and was at $1,832.75 at 11.39am in Singapore, after a 0.7 per cent drop on Monday. The precious metal remains about 20 per cent higher this year after hitting a record in August. Silver climbed 0.8 per cent, platinum added 0.1 per cent and palladium advanced 0.3 per cent. The Bloomberg Dollar Spot Index was flat after losing 0.2 per cent on Monday.
The first Covid-19 shots were administered by US hospitals on Monday, an initial step in a drive to immunise millions. At the same time, New York is headed towards a full shutdown if hospitalisations continue to rise, Governor Andrew Cuomo warned.
Separately, London will be placed under England’s toughest curbs from Wednesday, the same day Germany starts a hard lockdown.
UAE currency: the story behind the money in your pockets
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Results
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The five pillars of Islam
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
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Real Madrid 1
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Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
More from Neighbourhood Watch
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
Squads
Australia: Finch (c), Agar, Behrendorff, Carey, Coulter-Nile, Lynn, McDermott, Maxwell, Short, Stanlake, Stoinis, Tye, Zampa
India: Kohli (c), Khaleel, Bumrah, Chahal, Dhawan, Shreyas, Karthik, Kuldeep, Bhuvneshwar, Pandey, Krunal, Pant, Rahul, Sundar, Umesh
Studying addiction
This month, Dubai Medical College launched the Middle East’s first master's programme in addiction science.
Together with the Erada Centre for Treatment and Rehabilitation, the college offers a two-year master’s course as well as a one-year diploma in the same subject.
The move was announced earlier this year and is part of a new drive to combat drug abuse and increase the region’s capacity for treating drug addiction.
