Arab Today, arab today gold retreats from record highs
Last Updated : GMT 21:44:20
Arab Today, arab today
Arab Today, arab today

Gold retreats from record highs

Arab Today, arab today

Arab Today, arab today Gold retreats from record highs

London - Arabstoday

Gold fell on Monday as investor concern about debt default in the US, the world\'s largest economy, receded after President Barack Obama announced a last-minute deal to raise the country\'s borrowing limit. Spot gold was bid at $1,615.59 a troy ounce, by 1036 GMT, down 0.7 per cent from $1,626.59 an ounce late on Friday. Earlier yesterday the precious metal fell more than one per cent to a low of $1,607.69 an ounce, off a record high of $1,632.30 hit on Friday. \"It\'s risk-off at the moment. The fact that gold hit an all-time high on Friday and is off today reflects the mood that the risk [of a US default] has diminished over the course of the weekend,\" said Ross Norman of Sharps Pixley. Republican and Democratic lawmakers were expected to vote yesterday on the deal to raise the US borrowing limit and cut about $2.4 trillion from the deficit over the next decade. Article continues below While the deal comes just in time for the August 2 deadline, uncertainty remains over whether it will be enough for country to maintain its top-notch credit rating, keeping gold\'s appeal as a hedge against risk intact. \"This [plan to raise the debt ceiling] is only one step and the US will still have issues to face looking ahead so it\'s not an end to the gold bull,\" Norman said. The dollar enjoyed a relief rally against the yen and Swiss franc also weighed on precious metals. A higher US currency gold is more expensive for holders of other currencies. The most-active US gold futures fell more than 1 per cent to $1,608.2, but recovered to trade down 0.8 per cent at $1,618.50 an ounce. Despite yesterday\'s slide, economic and political uncertainty are expected to keep gold attractive to investors. Ongoing jitters about the Eurozone\'s debt crisis will also boost gold market sentiment. \"The prospect of a powerful rally in gold reflects ongoing stress in the financial system and the maintenance of super low interest rates,\" Deutsche Bank analyst said in a note. Gold has in recent years gained from historically low interest rates, which means there is little or no opportunity cost to holding the precious metal, which pays no dividends or interest. \"There also appears to be a strong perception among investors that gold can provide protection in environments of inflation and deflation,\" Deutsche said. \"Consequently, in almost any economic scenario today the advancing gold price appears to be irreversible.\" In South Africa, coal and gold miners will meet the Chamber of Mines in separate talks yesterday in a bid to end stoppages that have cost Africa\'s largest economy tens of millions of dollars in lost output.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gold retreats from record highs Arab Today, arab today gold retreats from record highs

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Leader Omar Abdel Rahman dies in US prison

GMT 19:00 2017 Sunday ,19 February

Leader Omar Abdel Rahman dies in US prison
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 08:14 2017 Friday ,17 February

Bahrain Bourse daily trading report

GMT 21:28 2017 Thursday ,16 February

US Stocks End High on Tuesday

GMT 21:18 2017 Thursday ,16 February

Chinese Yuan Strengthens to 6.8632 Against USD Wednesday

GMT 09:55 2017 Thursday ,16 February

Robust Omani Riyal exchange rate affirmed

GMT 09:00 2017 Thursday ,16 February

Bahrain Bourse daily trading report

GMT 05:07 2017 Thursday ,16 February

Saudi stocks rise 0.6%

GMT 04:45 2017 Thursday ,16 February

Gold prices edge lower
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday