UK records increase in price inflation in March
4 hours ago
Gulf Today Report
Britain recorded a rise in its inflation rate in March, according to official data on Wednesday.
The data has stoked analyst fears of an increase in prices as the country emerge from lockdown.
The Consumer Prices Index rate advanced to 0.7 per cent last month on rising prices for clothing and motor fuel, the Office for National Statistics said in a statement.
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Despite the increase, hanging in the air is the fear of global inflation increasing this year. The UK has reached a turning point in its economic reaction to the pandemic where price growth is now on an upward trajectory and should remain so for some time to come, warned portfolio manager Paul Craig at Quilter Investors.
European stocks rebound, Asian shares drop
4 hours ago
Gulf Today Report
European stocks rebounded on Wednesday following a strong earnings season countering worries about the surge in COVID-19 cases in various countries.
The pan-European STOXX 600 index rose 0.4% after a blistering seven-week rally ran into a bout of profit-taking on Tuesday when it fell 1.9%.
Tech stocks led the gain with a 1.3 % increase. German fashion house Hugo Boss jumped by 7.5%.
While the UK and the US may be moving towards re-opening, it s not necessarily a straight line of recovery, said Joshua Mahony, senior market analyst at IG. What s been happening in Brazil and
Gold prices gain as US dollar, yields drop
5 hours ago
Gulf Today Report
Gold prices gained on Wednesday following a weak dollar and a decline in US Treasury yields lifting its demand.
Spot gold was up 0.5% to $1,786.80 per ounce at 06:57 GMT while US gold futures gained 0.5% to $1,786.90 per ounce.
Jeffrey Halley, senior market analyst at OANDA said the US dollar had edged lower this morning, supporting prices, with gold s upward momentum from overnight continuing in Asia.
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Gold declines as US yields rebound
5 hours ago
Gulf Today Report
Gold prices dropped on Tuesday following the weak dollar underpinning the US Treasury yields as it bounces back.
Spot gold was down 0.1% at $1,768.01 per ounce by 07:11 GMT while US gold futures eased 0.1% to $1,769 per ounce.
Ilya Spivak, DailyFX currency strategist said gold came off Monday s high against a backdrop of rising yields. But the rise in yields didn t echo into the dollar. The greenback s soggy performance is supportive for gold.
The US Treasury yields climbed above 1.6%, increasing the opportunity cost of holding non-yielding bullion.
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