• Gold, bitcoin pull back from records as US stock markets slip

    On Wall Street, the Dow and the S&P 500 both finished 1.0 percent lower, while the tech-rich Nasdaq composite ended the day down 1.7 percent, pulled down by firms including Apple and Tesla. Despite the gloomy trading day in New York, US stock indices are still up sharply on the...
  • Gold hovers near a month high on slowing US inflation

    ABU DHABI, UAE- Gold prices hovered near a month high on Friday after data suggested easing US price pressures, while traders awaited remarks from several Federal Reserve officials. According to Reuters, spot gold edged 0.2 percent higher to $2,047.29 per ounce, as of 0635 GMT, after hitting $2050.59 on Thursday...
  • Maaden net profit falls 83%

    The company's fourth-quarter net profit declined 12% YoY.
  • Oil may rise to $100, gold to hit $3,000 by 2025, says Citi

    ABU DHABI, UAE - Oil prices could rise to $100 per barrel and gold prices could reach $3,000 per ounce within the next 12 to 18 months, subject to three potential catalysts, CNBC reported, citing Citi analysts. Aakash Doshi, Citi’s North America head of commodities research, told CNBC that gold...
  • Gold extends slide after Fed dampens March rate cut hope

    Dubai, UAE - Gold prices extended losses on Wednesday as the US dollar strengthened after comments from a Federal Reserve official dampened expectations for a March interest rate cut, Reuters reported. Spot gold was down 0.2% at $2,023.49 per ounce, as of 0415 GMT, after stooping 1.3% in the previous...
  • Saudi PIF Governor: Global demand for metals to rise sixfold by 2040

    Riyadh, Saudi Arabia - Public Investment Fund (PIF) Governor Yasir Al-Rumayyan on Wednesday said that the Kingdom’s mineral wealth currently stands at $1.3 trillion, with a target to increase it to $1.5 trillion.Speaking at the third annual Future Minerals Forum (FMF) held in Riyadh on January 10-11, Al-Rumayyan said the...
  • Saudi’s Maaden announces discovery of new gold reserves

    Riyadh, Saudi Arabia - Saudi Arabian Mining Company (Maaden) on Thursday announced a discovery of substantial gold reserves, marking a significant milestone in their exploration efforts. Initiated in 2022, the company's exploration program led to discovery of a promising gold resource potential spanning across a 100-kilometer stretch from the existing...
  • Gold strikes fresh record high as rate cut bets surge

    Hong Kong, China - Gold prices soared to a record high above $2,100 on Monday as traders grow increasingly confident the Federal Reserve will cut interest rates in the new year. The precious metal struck $2,135.39 in early Asian trade, topping the previous all-time high set in 2020, during the pandemic....
  • Gold prices soar over 3% amid escalating Middle East conflict

    Dubai, UAE - Gold prices surged over 3% on Friday, heading for their most robust weekly performance in seven months, as escalating tensions in the Middle East prompted investors to seek refuge in safe-haven assets, Reuters reported on Friday. The price of spot gold increased by 3.2% to reach $1,928.15...
  • Iran’s mineral reserves valued at over $15bn, says official

    Tehran, Iran - Iran's in-situ and proven mineral reserves are now worth more than $15 billion,  the director general of Iran's Department of Exploration Affairs announced on Tuesday.   The reserves, according to Ebrahim Ali Molabeigi, encompass six different minerals comprising iron ore, lead and zinc, gold, copper, antimony, and coal....
  • DGCX waives fees for Shari’ah compliant Spot Gold Contract

    Dubai, UAE -- The Dubai Gold & Commodities Exchange (DGCX) Tuesday said it is waiving trading, clearing and delivery fees for its Shariah Compliant Spot Gold Contract as it expects the move to increase trading volumes. In a statement, DGCX said after having received regulatory approval from the UAE Securities...
  • Qatar Central Bank foreign reserves surge by 14.3% in July

    Doha, Qatar -  The international reserves and foreign currency liquidity of Qatar Central Bank (QCB) surged last July to reach QR 241.572 billion ($66.26 billion), marking a 14.13 percent increase compared to QR 211.325 billion ($58.17 billion) in the same month the previous year. The data released on Monday by...
  • Argentina to repay IMF using Qatari loan worth $775m

    BUENOS AIRES, ARGENTINA- The Argentine government said it will use a loan from Qatar amounting to $775 million to make a payment to the International Monetary Fund as it awaits approval of a disbursement from the IMF for $7.5 billion. The credit operation would allow Qatar to lend Argentina Special Drawing...
  • Qatar Central Bank’s foreign reserves up 14 percent in June

    Doha, Qatar -- International reserves and foreign currency liquidity of Qatar Central Bank (QCB) rose to reach QR 240.742 billion ($66.11 billion) in June, an increase of 14 percent, compared to QR 211.176 billion last year, Qatar News Agency (QNA) reported. The figures issued Thursday by QCB showed an increase...
  • Qatar Chamber looks to burnish lackluster gold and jewellery sector

    Doha, Qatar-- In order to remove obstacles facing the gold and jewellery sector in the country, Qatar Chamber has reviewed the results of a survey conducted by the chamber's Gold and Jewellery Committee last month. Qatar Chamber board member and Chairperson of the Gold and Jewellery Committee Naser bin Suleiman...
  • UAE-Turkey non-oil intra-trade crosses US$103 billion in last 10 years

    Abu Dhabi, UAE-- The UAE and Turkey economic ties have witnessed a great leap in the last decade with non-oil intra-trade between the two countries crossing $103 billion, divided into $56 billion in imports, about $35 billion in exports, and more than $13 billion in re-exports, according to Federal Competitiveness...
  • Workshops on suspicious transactions in gold, precious stone sector in UAE

    ABU DHABI, UAE -  UAE Ministry of Economy organized two workshops, in Arabic and English, to promote the awareness of suspicious transactions among traders and business owners in the gold and precious stones sector. The workshops, through the Department of Anti-Money Laundering, also made the traders and business owners aware...
  • Jewels of Emirates continues to attract visitors on third day

    SHARJAH, UAE- The fourth edition of Jewels of Emirates Show at the Expo Center Sharjah has so far seen record footfall as it runs into its third consecutive day. The event received an overwhelming response from visitors, with exhibitors unveiling a stunning array of exclusive and rare jewelry pieces. It...
  • Jewels of Emirates Show begins in Sharjah

    SHARJAH, UAE - The fourth edition of the Jewels of Emirates Show, the first Emirati exhibition dedicated to diamond jewelry, gold, silver, pearls, luxury watches, and perfumes commenced here on Thursday. The Expo Center Sharjah with the support of the Sharjah Chamber of Commerce and Industry (SCCI) is hosting the...
  • Upcoming Jewels of Emirates Show set to be largest in its history

    Sharjah, UAE - The upcoming fourth edition of the Jewels of Emirates Show, the UAE’s first of its kind showcasing diamond jewelry, gold, silver, and luxury watches, is set to become the largest in the event's history. Sharjah Expo Centre has organized the event scheduled to run from June 1-4,...
  • India’s largest jeweller participates in Kuwait gold and jewellery show

    Kuwait: Tanishq from the House of Tata is showcasing its range of gold and diamond jewellery at the Gold and Jewellery in Kuwait City taking place from 24-29 May at Kuwait International Fairs Ground. An important platform for designers, global jewellery retailers, wholesalers, and suppliers, the highly regarded annual event...
  • Newmont snaps up Newcrest for $19bn to create a world-leading gold producer

    By swallowing up Newcrest, the US mining giant will cement its position as the world's biggest gold producer, with operations extending across North and South America, Africa, Australia and Papua New Guinea. The takeover, expected to be completed by the end of 2023, has an implied value of Aus$28.8 billion,...
  • Investors set to boost allocations to gold, miners

    Rallying of gold prices and growing concern about a potential global banking crisis are seen as key reasons for the increased allocations, says a latest global report.
  • Marketwatch: Recession fear hurts commodity market

    "As the gold correction unfolded last week, platinum remained supported due to supply concerns from South Africa facing frequent power disruptions and Russia. Additionally, the World Platinum Investment Council has highlighted that the white metal is under-owned by investors and speculators," he adds.
  • Israel arrests Jordan MP for smuggling arms, gold into West Bank

    Jordan's foreign ministry said that Israel has arrested Imad Adwan, a member of parliament, suspected of smuggling weapons and gold into the occupied West Bank. The ministry said that Amman is following the case and that he has been arrested "for interrogation in a case concerning alleged smuggling of quantities...
  • Global equities waver on US recession fears, New Zealand rate hike

    Asian indices drifted after losses on Wall Street, as data showing a softening in the US jobs market pointed to a slowdown in the world's biggest economy. Oil dipped, having spiked earlier this week following shock output cuts from OPEC+ crude producers.
  • Marketwatch: Commodities navigate turbulent waters

    Grains sector was on track for its first monthly gain this year, bolstered by a resurgence in corn prices due to increased export demand and forced short covering following a four-week period of record selling activity. Technical and fundamental outlook improvements signaled the shift, he adds.
  • Qatar Chamber forms committee to address gold sector issues

    Doha, Qatar -- Qatar Chamber has established a committee for gold and jewelry to address issues facing this sector and work to develop it within the next five years as one of the country's important sector. QC board member and Chairman of the Committee Naser bin Suleiman Al Haider, who...
  • Marketwatch: Commodities see bumpy start to March

    The Chinese government’s desire to avoid making the same mistakes other governments and central banks have made has driven inflation to a four-decade high. Development consumers are now suffering the consequences as central banks increasingly apply their interest rate weapon to bring inflation under control, he adds.
  • Commodities hurt by a crisis of confidence

    Inflationary pressures, meanwhile, have eased by less than expected. Continued strength in the numbers has forced the Fed to turn up the hawkish rhetoric, and the market has responded by raising the expected terminal Fed funds rate while at the same time sending bond yields and the dollar higher, he...
  • Newmont offers to buy Newcrest

    If the deal is sealed, it would be gold sector's largest acquisition.
  • By 2022 end, Saudi mining complexes in 13 provinces reach 377

    Riyadh, Saudi Arabia---Saudi Arabia's Ministry of Industry and Mineral Resources said Sunday that the number of mining complexes in the kingdom at the end of 2022 reached a total of 377 complexes, covering a total area of 44,365 square kilometers. The complexes were distributed over 13 regions, topped by the...
  • Marketwatch: Demand may pick up as China reopens

    Supply of diesel to Europe from the US and the emerging refinery hub in the Middle East may make up some of the missing barrels from Russia, but a shortfall seems likely, not least considering the prospect for a strong recovery in China leading to lower export quotas, he adds.
  • DGCX reports 16% growth in total volume of trades in 2022

    DUBAI, UAE - Dubai Gold and Commodities Exchange (DGCX) Thursday announced its full-year market statistics for 2022, reporting 8.239 million contracts with a  value of US$162.01 billion during the year, representing growth of 16 percent and 8.24 percent from 2021, respectively. The DGCX is the largest and most diversified derivatives...
  • Fuel products join in as gold and copper rally

    With activity in China unlikely to pick up in earnest until after the Lunar New Year holiday, the prospect of a lull in activity could be the trigger for a pause in the current rally – especially across industrial metals where copper has started the year with an 11% gain,...
  • Iran vows to address high inflation, currency devaluation

    Iran's economy has been subject to increasing pressure with fresh sanctions imposed by Western countries over the authorities response to protests sparked by the death of Mahsa Amini.
  • Small gain for gold in 2022 despite rate hike

    Goldman Sachs has recently projected that the supply of Lithium will begin to outpace demand from 2023 onward.
  • Commodities face a challenging first quarter

    We have strong doubts about the recession risk to the US economy and see demand from some of the world’s largest consumer underpin the price during a year where supply will continue to be managed by OPEC+ and US producers inability or unwillingness to ramp up production, he adds.
  • Gold jumps out of the gate to kick off 2023

    Traders' conviction at the beginning of a new trading year always tends to be low for fear of catching the wrong move. At the same time, however, the fear of missing out (FOMA) can also drive a rapid buildup in positioning which subsequently can be left exposed should a change...
  • Gold set for strong quarterly rise after interest rate-driven drop

    Gold prices moved up on Friday, as the non-yielding metal is on course to close its best quarter since June 2020.
  • First shipment of UAEGD-compliant gold exported to Indian International Stock Exchange

    The UAEGD is a standard that provides a framework for the gold sector, in line with international best practices.
  • DMCC digitises gold trading through tokenisation of Comtech gold bullion

    DMCC Tradeflow is an online platform for registering the ownership of commodities stored in UAE facilities.
  • OPEC+ output cuts continue to impact energy market

    Commodities, meanwhile, trade mostly higher as the market's focus remain altered between optimism over China reopening after exiting its strict Covid-zero policies as well as raised worries about tightening supply driven by increased activity from Chinese buyers. and an extended rate hike cycle in the US, he adds.
  • Investors remain split over crypto market prospects

    While some expect cryptocurrencies to fall even deeper before staging a sustainable recovery, others hope that the market will get healthy in the last quarter of 2022.
  • Five things to know about Egypt’s pharaoh Tutankhamun

    The tomb of Tutankhamun, who died aged 19 around 1324 BC after nine years on the throne, was discovered by British archaeologist Howard Carter and his Egyptian digging team in the Valley of the Kings near Luxor in November 1922.
  • Refinery margins go up for gasoline, distillate products

    Strength this week has been driven by a continued developing tightness in the fuel product market, US exports of crude and fuels setting a weekly record, the weaker dollar as well as strong buying from China as refineries there plan to boost fuel exports through the end of the year,...
  • OPEC-forced rally in crude oil strengthens markets

    The fear of the global organizations such as International Energy Agency that the OPEC+ decision would increase energy security risks worldwide, leading to higher prices and volatility, and potentially ending up being the tipping point for a global economy was proved wrong, he adds.
  • Marketwatch: Tight supply battles recession risks

    Adding to this, the market had witnessed September as a month of turmoil across financial markets driven by a surging dollar and traders sending bond yields sharply higher in anticipation of further rate hikes from central banks, led by the US Federal Reserve, adds Hansen while reviewing the global scenario.
  • UAE-Oman non-oil trade $98.56 billion in past decade

    The volume of trade exchange between the two countries during the first half of this year amounted to AED24.2 billion.
  • Saudi-UAE non-oil trade increased by 92.5 percent in past decade

    The value of non-oil exports from the UAE to Saudi Arabia over the past ten years was around AED205.5 billion, while re-exports were valued at AED471.7 billion, and imports at AED227 billion.