Gold Prices Soar to 3-Month High Amid Global Inflation Concerns albawaba.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from albawaba.com Daily Mail and Mail on Sunday newspapers.
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Bitcoin, the world’s largest digital currency, recovered from three-month lows on Monday after Tesla’s billionaire chief executive Elon Musk clarified that the company had not sold off any of its coins.
Bitcoin had dropped 12 per cent to $43,874 on Sunday – its lowest since February. The price of the cryptocurrency had been sliding since Mr Musk said last Thursday that Tesla had suspended its use as a mode of payment for the company’s electric vehicles due to “environmental concerns”.
However, it rallied on Monday to trade at $45,057.88 at 2.48pm on the Luxembourg-based Bitstamp exchange after Mr Musk confirmed the company had not offloaded its holdings.
The inclusion in the index also reflected the company s ability to grow , he said.
Adnoc Distribution, which listed 10 per cent of its shares on the Abu Dhabi Securities Exchange in 2017, doubled the amount of its free floating stock to 20 per cent last September following a block placing of 1.25 billion shares, valued at $1 billion, with institutional investors.
At the time, the company said the transaction – the largest block placement of a publicly listed GCC company – helped to diversify its shareholder base and allowed for greater liquidity of its shares on the ADX.
Adnoc Distribution s inclusion in the MSCI index increases its shares attractiveness as major global fund houses/banks and institutional investors will now track the stock with it being part of a major index basket , Vijay Valecha, chief investment officer at Century Financial, said.
This Eid, Air Arabia shareholders can sleep tight. The Sharjah-based company, which is the Middle East and North Africa region s biggest low-cost airline, posted first quarter profits despite the lingering impact of the pandemic.
Given the current scenario where many countries are still partially closed, it is indeed an achievement that the Dh5.8 billion market capitalsied company s bottom-line is in the black. According to International Air Transport Association (IATA), intermittent restrictions introduced by various governments have dampened demand for travel.
The organization forecasts global airline industry revenues at $458 billion, which is 55 per cent of the $838 billion generated in 2019 but is a 23 per cent growth on the $372 billion in 2020. At the same time, they will be burning through a further $81 billion of cash this year. The aggregate industry losses for 2021 is estimated at $47.7 billion, a net profit margin of -10.4 per cent per cent.
Dubai: Gold set for further gains this week
Waheed Abbas/Dubai
24K price is expected to rise to Dh225.
Gold prices are expected to touch $1,860 an ounce this week after the precious yellow metal registered its best week in six months, according to commodity analysts.
The metal closed at $1,831.42 per ounce on Friday, gaining 3.5 per cent last week.
In the UAE, 24K retail price last closed at Dh221.75 per gram, 22K at Dh208.25, 21K at Dh198.75, and Dh18K at Dh170.5.
Vijay Valecha, Chief Investment Officer (CIO) at Century Financial, said he would expect 24k gold prices to trade between Dh218 and Dh225.5 in Dubai this week.