Gold settles higher as dollar backs off seven-week high in Asia
Gold futures tilted higher in Asian trade as the dollar index slipped from August 20 highs, ahead of US inflation data later today.
As of 04:11 GMT, gold futures due in December rose 0.11% to $1,192.80 an ounce, while the dollar index shed 0.09% to 95.58 away from seven-week highs.
Federal Reserve Bank of New York President John Williams spoke today about monetary policy at the Central Banking Forum, jointly-hosted by Bank Indonesia and the Federal Reserve Bank of New York, in Bali, where he noted that interest rate hikes help contain financial risks.
He stated: "The primary driver of us raising interest rates is just the fact that the U.S. economy is doing so well in terms of our goals,”
Now investors await US producer prices data, expected with a 0.1% increase in September, compared to a 0.1% dip in August.
Wholesale inventories are estimated with a 0.8% increase, compared to a 0.6% addition in July.
Otherwise, the International Monetary Fund cut its forecasts for global growth for this year and the next for the first time in two years, with US and Chinese economies the most important downgrades alongside the euro zone due to rising trade protectionism.
Aussie climbs from 2-1/5 year low against greenback
Australian dollar tilted higher in Asian trade off February 2016 lows, following earlier data from Australia and ahead of US inflation data.
As of 02:46 GMT, AUD/USD rose 0.23% to 0.7119, with an intraday high at 0.7127, and a low at 0.7100.
An index tracking Australian consumer confidence rose 1% to 101.5 from 100.5 in September.
Federal Reserve Bank of New York President John Williams spoke today about monetary policy at the Central Banking Forum, jointly-hosted by Bank Indonesia and the Federal Reserve Bank of New York, in Bali, where he noted that interest rate hikes help contain financial risks.
He stated: "The primary driver of us raising interest rates is just the fact that the U.S. economy is doing so well in terms of our goals,”
Now investors await US producer prices data, expected with a 0.1% increase in September, compared to a 0.1% dip in August.
Wholesale inventories are estimated with a 0.8% increase, compared to a 0.6% addition in July.
Bawan subsidiary inks SAR 269.8 million deal with Saudi Electricity
Bawan Company announced that a 85.5%-owned subsidiary signed an agreement worth SAR 269.776 million with Saudi Electricity Company to supply distribution stations.
The agreement was signed with United Technology of Electric Substations and Switchgears Co.
The agreement term shall continue till June 30, 2019, and may be extended for similar period(s) by the approval of both parties, provided such it shall be 30 days prior to date of term expiry, the company added in a filing to Tadawul.
The procurement agreement is optional for SEC, but obligatory for Bawan’s unit.
Dubai Parks and Resorts records 33% growth in visits in 9 months
DXB Entertainments announced today that Dubai Parks and Resorts attracted over 1.96 million visits during the first nine months of 2018, an increase of 33% compared to the same period last year, according to the company’s statement to DFM.
In the third quarter of 2018, Dubai Parks and Resorts recorded over 501 thousand visits, compared to 479 thousand in the same period last year, the company added.
It indicated that August saw an increase in visits as the parks benefited from the Eid holidays, whereas September saw a slow down as the new school year started. Q3 2018 visits are in line with, and reflect, the expected impact of seasonality.
DXB Entertainments announced earlier it incurred AED 255.1 million net loss in the second quarter of 2018, compared with AED 286.2 million loss in the same period a year earlier.
H1-18 net losses amounted to AED 462 million, compared with AED 577.9 million in H1-17.