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Gold prices hit a record high on Monday, on the back of growing expectations of the USD Federal Reserve’s interest rate cuts and the metal’s status as a safe haven asset, CNBC reports. Gold soared to a high of USD 2.29k, with the Spot gold price increasing 0.3% to reach USD 2.2k per ounce. The metal was up 1.3% this morning.
The ongoing surge in gold prices has been driven by central banks increasing their gold purchases in a bid to diversify their reserve portfolio amid heightened geopolitical tensions and accelerating inflationary pressures, market strategist at the World Gold Council Joseph Cavatoni told CNBC.
THE MARKETS THIS MORNING-
Asian markets are solidly in the red this morning, with CNBC blaming poor sentiment on electric vehicles after Tesla said yesterday it had missed delivery targets. The decline in deliveries was worse than analysts had expected. Three listed Chinese automakers, including market leader BYD, led the decliners. The sea of red extends to Europe and on Wall Street, where stock futures edged down overnight.
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ADX |
9,253 |
+0.1% (YTD: -3.4%) |
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DFM |
4,269 |
+0.1% (YTD: +5.2%) |
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Nasdaq Dubai UAE20 |
3,742.35 |
+0.5% (YTD: -3.6%) |
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USD : AED CBUAE |
Buy 3.67 |
Sell 3.67 |
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EIBOR |
5.3% o/n |
5.3% 1 yr |
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TASI |
12,477 |
+0.4% (YTD: +4.3%) |
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EGX30 |
27,934 |
-1.3% (YTD: +12.2%) |
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S&P 500 |
5,206 |
-0.7% (YTD: +9.1%) |
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FTSE 100 |
7,935 |
-0.2% (YTD: +2.6%) |
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Euro Stoxx 50 |
5,042 |
-0.8% (YTD: +11.5%) |
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Brent crude |
USD 88.92 |
+1.7% |
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Natural gas (Nymex) |
USD 1.86 |
+1.4% |
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Gold |
USD 2,281 |
+1.3% |
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BTC |
USD 65,651 |
-5.7% (YTD: +55.1%) |
THE CLOSING BELL-
The ADX was essentially flat yesterday, rising 0.1% on turnover of AED 988.03 mn. The index is down 3.4% YTD.
In the green: Al Buhaira National Ins. Company (+7.1%), Gulf Pharma Industries (+5.3%) and Presight AI Holding (+3.8%).
In the red: Rapco Investment (-9.5%), Aram Group (-9.4%) and GFH Financial Group (-5.9%).
Over on the DFM, the index closed up 0.1% on turnover of AED 483.7 mn.
CORPORATE ACTIONS-
Salik approved the distribution of AED 550 mnin dividends for equivalent to 7.3338 fils per share), reflecting the company’s entire net income in 2H 2023, according to a press release (pdf). This brings the company’s total dividends for the year to AED 1 bn, representing nearly all of the net income for 2023 available for distribution.
Unikai Foods approved paying shareholders 20% bonus shares as dividends for 2023,according to a DFM disclosure (pdf).
