Gold and silver prices fell on Thursday as a firmer dollar dented their appeal, while investors look forward to the passage of a massive stimulus package in the United States and the Bank of England’s interest rate decision.
Spot gold dropped 0.6 percent to $1,822.01 per ounce by 0330 GMT. US gold futures fell 0.6 percent to $1,823.90. Spot silver declined 1.3 percent to $26.51. Prices have eased since hitting a near eight-year peak of $30.03 on Monday as the social media-driven rally fizzled out.
“The major driver across precious metals is the strengthening of dollar. The moves in silver have been largely speculation and it’s becoming apparent that does not have a lasting effect,” said Michael McCarthy, chief market strategist at CMC Markets.
The dollar hovered close to a two-month peak it hit on Wednesday, while benchmark 10-year Treasury yields rose to its highest in over three weeks.
“The rise in yields is telling us the central banks are working on how they will lift the interest rates and withdraw stimulus rather than the other way round,” McCarthy said.
Gold benefits from an easy monetary policy as it weighs on government bond yields. A recent surge in crypto currencies has also stolen some shine from gold. Investors now await the Bank of England policy decision due at 1200 GMT.
Focus also remained on a $1.9 trillion US coronavirus aid plan, which was pushed by the US House without Republican support.
“The biggest risk to gold is stronger recovery as vaccines rollout, to the extent that we see US bond yields rally,” said Lachlan Shaw, National Australia Bank’s head of commodity research.
“Having said that, if the vaccine rollout faces uncertainty, with these new emerging strains, that can still be supportive for gold.”
Platinum fell 1.4 percent at $1,085.62 an ounce and palladium lost 1.1 percent to $2,250.06.
Gold, silver ease as dollar holds firm near 2-month peak
https://arab.news/nynwt
Gold, silver ease as dollar holds firm near 2-month peak
- Spot gold dropped 0.6 percent to $1,822.01 per ounce by 0330 GMT
World Bank approves $700m to address Rohingya crisis in Bangladesh
- Humanitarian conditions in Rohingya camps deteriorate as international aid drops
- Maintaining 1m refugees puts stress on the Bangladeshi economy
DHAKA: The World Bank approved on Wednesday $700 million to help address the protracted humanitarian crisis facing Rohingya refugees in Bangladesh as international aid drops.
Bangladesh hosts more than 1.2 million Rohingya Muslims who over decades escaped death and persecution in neighboring Myanmar, especially during a military crackdown in 2017.
Most of them live in Cox’s Bazar district, a coastal region in eastern Bangladesh, which with their arrival became the world’s largest refugee settlement.
Humanitarian conditions in the camps have been deteriorating over the years and Bangladeshi authorities have warned they were reaching crisis levels as global aid for the oppressed stateless minority has sharply declined.
The World Bank funding is “to provide basic services and build disaster and social resilience for both the host communities and displaced Rohingya population.”
The financing will be partly a loan, Hasan Sarwar, additional secretary at the Bangladeshi Ministry of Disaster Management and Relief, told Arab News.
“Around half of the amount, which is approved for the well-being of the Rohingyas, will come here as a grant, and the rest of the amount which is for the host community people will be received as a loan,” he said.
He added: “This grant from the World Bank will be helpful for building and repairing infrastructure like roads, drainage systems, solar electricity systems, etc., inside the Rohingya camps. Besides, this fund will be spent on skill development and livelihood projects.
“The majority of the grants will be spent through the UN system for the Rohingyas’ well-being.”
Although Bangladesh is not a signatory to the 1951 UN Refugee Convention, its government supports the Rohingya by providing not only land, but also water, electricity, a huge law-enforcement presence, as well as medical and administrative officials.
Sarwar said the government has spent around $2 billion since the beginning of the crisis on maintaining the infrastructure and managing the community of over 1 million people.
He said part of the World Bank funding could be spent on law enforcement, as security in the camps has been deteriorating amid the continuing civil war in Myanmar, which prevents a UN-backed repatriation process from taking off.
“Repatriation of the Rohingya to Myanmar is the only sustainable solution to this crisis,” Sarwar said. “It has been stalled for months due to the unrestful situation inside Myanmar. We are in touch with the Myanmar military authorities, but the repatriation is almost impossible for now.”
PIF crowned world’s most valuable sovereign wealth fund
- Public Investment Fund secured the top spot due to its diverse investment strategy: Brand Finance
RIYADH: Saudi Arabia’s Public Investment Fund has been named the world’s most valuable sovereign wealth with a brand value of $1.1 billion, according to an analysis.
In its latest report, UK-based strategic consultancy Brand Finance revealed that Saudi Arabia’s wealth fund secured the top spot in the list due to its diverse investment strategy, trust in its name, and brand awareness, along with being a catalyst for economic advancement in the Kingdom.
“PIF’s value is largely driven by high scores for the brand’s awareness, purpose, and commitment to positive growth,” said Brand Finance.
Moreover, PIF was also ranked the second strongest sovereign wealth fund brand after Abu Dhabi Investment Authority.
According to the report, ADIA was ranked the strongest wealth fund as it scored 63.9 brand strength index points out of 100 with an A+ rating, while PIF received 62.1 points with an A+.
The Qatar Investment Authority, another wealth fund in the region, secured the third spot with 61.02 brand strength index points with an A+ rating.
“According to Brand Finance research, PIF, Abu Dhabi Investment Authority, and Qatar Investment Authority demonstrate impressive brand awareness with A+ brand strength, underscoring the importance of brand perceptions in this sector,” said David Haigh, chairman and CEO of Brand Finance.
He added: “With significant AUM (assets under management) and a long investment horizon, PIF and other sovereign wealth funds are leaning into strategies based on patience and partnership, which we expect to continue to drive the brand perception of these funds in the coming years.”
PIF’s growth prospects
The PIF has been spearheading Saudi Arabia’s economic diversification efforts, as the Kingdom is steadily reducing its dependence on oil, aligned with the goals outlined in Vision 2030.
A report released by Global SWF in April revealed that PIF’s assets under management surpassed $925 billion by the end of March 2024, up from $700 billion at the end of 2022, securing its position as the fifth-largest global sovereign wealth fund, after the government transferred an additional 8 percent stake in Aramco to its portfolio.
“Looking ahead, PIF has ambitious growth prospects, aiming to reach $2 trillion in assets under management by 2030.This ambition has also turbocharged PIF’s brand value and brand strength as it has adopted bold investment strategies that contract other SWF brands,” said Brand Finance in its report.
It added: “PIF has garnered significant media coverage and brand awareness through the purchase of Newcastle United in the UK and the formation of professional men’s golf tour LIV.”
According to the report, the development of ambitious giga-projects in the Kingdom which includes “The Line,” a futuristic 110-mile smart city, has also captured the public imagination, which helped PIF garner the top spot as the most valuable sovereign wealth fund.
“PIF’s position in the ranking is also a testament to its focus on future-proofing the Saudi economy through an initiative known as ‘Vision 2030,’ which aims to diversify the Kingdom’s economy. In a market historically dominated by oil, the initiative aims to create over 30 million private sector jobs,” added the UK-based firm.
Norway’s Norges Bank Investment Management came second in the list of the world’s most valuable sovereign wealth funds with a brand value of $900 million, followed by China Investment Corp. and Government of Singapore Investment Corp. in the third and fourth places, respectively, valued at $700 million each.
With its brand worth $600 million, France’s wealth fund Caisse des depots et consignations secured the fifth spot.
Most valuable asset management brand
According to the report, American investment firm BlackRock was named the world’s most valuable asset management company with a brand value of $7 billion.
“This No.1 ranking reflects its status as the world’s largest money manager, with over $9 trillion of assets under management. This brand value is a testament to BlackRock’s robust revenue growth, innovation, and products focused on meeting customer demand,” said Brand Finance.
US-based multinational finance company J.P.Morgan was named the second most valuable asset management brand, followed by Vanguard, Blackstone, and Fidelity in the third, fourth, and fifth spots, respectively.
Goldman Sachs secured the sixth spot in the list, while State Street Global Advisers and Bank of America were ranked seventh and eighth.
“With 28 of the 50 brands hailing from the US, American firms dominate the asset management ranking,” added Haigh.
The report revealed that J.P.Morgan is the world’s strongest asset management and sovereign wealth fund brand with an index score of 87.4 out of 100 and a AAA rating.
“J.P. Morgan noted exceptional scores across several brand strength metrics, including awareness, familiarity, and performance. The only other brand featured in the rankings to achieve a AAA rating is BlackRock, placed second in terms of brand strength globally,” said Brand Finance.
It added: “JP Morgan Asset Management has broadened its focus beyond investment banking in recent years, with the steadier, less-cyclical income of asset management driving the bank’s expansion.”
French-based BNP Paribas Asset Management became the most valuable non-US firm for brand value, securing 13th place in the overall ranking.
On the other hand, HSBC Asset Management emerged as the strongest among non-US brands, clinching the sixth spot in the overall list.
In April, BlackRock and PIF signed a memorandum of understanding which entitled the former to establish a Riyadh-based multi-asset investment platform.
The platform will be anchored by an initial investment mandate of up to $5 billion from the PIF.
Moreover, both parties have expressed the intention to establish BlackRock Riyadh Investment Management, which will encompass investment strategies across a range of asset classes.
On May 27, the PIF launched a company named Neo Space Group to propel the space and satellite sector in Saudi Arabia.
The company aspires to become a national champion in the sector by developing local capabilities and boosting its strategic position within the growing global space economy, the fund said in a statement.
Iran’s Tasnim news agency: Iran made sea-launched ballistic missile available to Houthis
- Iran’s foreign ministry did not immediately respond to a request for comment
- Iran is armed with the largest number of ballistic missiles in the region
DUBAI: Iran’s semi-official Tasnim news agency reported on Wednesday that Tehran’s sea-launched ballistic missile Ghadr has been made available to Yemen’s Houthis.
“Iran’s sea-launched ballistic missile, named Ghadr, now has been made available to Yemen’s (Houthi) fighters,” — reported Tasnim, which is believed to be affiliated to Iran’s elite Revolutionary Guards.
“Now, the missile … has become a weapon capable of presenting serious challenges to the interests of the United States and its main ally in the region, the Zionist regime,” Tasnim said.
Iran’s foreign ministry did not immediately respond to a request for comment.
Iran supports the Houthis but has repeatedly denied arming the group.
The Houthis have been attacking shipping lanes in and around the Red Sea to show support for Palestinians in the Gaza war impacting a shipping route vital to trade.
According to the US Office of the Director of National Intelligence, Iran is armed with the largest number of ballistic missiles in the region. It is also a major producer of drones.
Oppo teams up with football star Kaká for 2024 UEFA Champions League Final
To celebrate this year’s UEFA Champions League Final and its second year as the official global partner of the prestigious football competition, Oppo announced that it will be bringing its latest flagship Oppo Find X7 Ultra to Wembley Stadium. The phone will be used by official UEFA Champions League photographers to capture inspirational moments on and off the pitch and share them with fans around the world.
“With Oppo smartphones, the non-stop excitement of football — whether captured through telephoto photography, portraits, or night scenes — becomes more than just a memory, but a collection of unforgettable moments to be shared with friends and family for years to come,” the company said.
As part of the celebrations, Oppo global brand ambassador Kaká once again plays a starring role in the brand’s “What A Shot” campaign and will meet with fans at the exclusive Oppo Hospitality Lounge in the Champions Village.
Oppo will activate the Oppo Booth at Potters Field Park as part of the UEFA Champions Festival to create an unforgettable match-day experience for fans during the final.
“It’s been an honor to partner with Oppo and engage with fans through a whole series of offline and digital activities during the past two Champions League seasons,” said Kaká. “I’m super excited for this year’s final and I can’t wait to see who will be crowned champions of Europe this year.”
Earlier this month, Oppo rolled out the “What A Shot From You” social media campaign as part of the #OppoimagineIF Photography Awards, encouraging users around the world to share their most memorable moments through captivating photography. The campaign will also see selected photos taken to the big screen via the LED display inside Wembley Stadium during the UEFA Champions League Final.
Alongside the social media campaign, Oppo has invited Kaká to review and score the best shots in his football career and star in a new themed video “What A Shot.”
Indian capital records highest temperature of 49.9 Celsius
- Indian authorities warn there is very ‘high likelihood of developing heat illness,’ necessitating extreme care of vulnerable
- India’s West Bengal and Mizoram states are also recovering from a cyclone that hit the country on Sunday, killing 65 people
NEW DELHI: Temperatures in India’s capital have soared to a record-high 49.9 degrees Celsius (121.8 degrees Fahrenheit) as authorities warn of water shortages in the sprawling mega-city.
The India Meteorological Department (IMD), which reported “severe heat-wave conditions,” recorded the temperatures on Tuesday at two Delhi suburb stations in Narela and Mungeshpur.
The weather bureau said the temperatures were nine degrees higher than expected, breaking a previous 2022 record for the city of 49.2C (120.6F).
Forecasters predicted similar temperatures Wednesday for the city, which has an estimated population of more than 30 million people, issuing a red alert health notice.
The alert warns there is a “very high likelihood of developing heat illness and heat stroke in all ages,” with “extreme care needed for vulnerable people.”
India is no stranger to searing summer temperatures but years of scientific research have found climate change is causing heatwaves to become longer, more frequent and more intense.
People on the streets of Delhi said there was little they could do to avoid the heat.
“Everyone wants to stay indoors,” said snack-seller Roop Ram, 57, adding he struggled to sell his savory fritters.
Ram, who lives with his wife and two sons in a cramped house, said they had a small fan but that did little to cool them down.
They were counting down until the rainy season arrives in July.
“I am not sure what else we can do to cope,” he said. “We are just waiting for the monsoon.”
Rani, 60, who uses only one name, travels by bus for two hours each morning to sell jewelry to tourists at a makeshift street stall.
“It is definitely hotter, but there is nothing we can do about it,” she said, gulping water from a bottle she brought from home. “I try to refill the bottle from anyone around.”
Heat remains high even at night, the IMD said, noting that the temperatures were “likely to reduce gradually” from Thursday.
New Delhi authorities have also warned of the risk of water shortages as the capital swelters in headache-inducing heat, cutting supplies to some areas.
Delhi Water Minister Atishi Marlena has called for “collective responsibility” to stop wasteful water use, the Times of India newspaper reported Wednesday.
“To address the problem of water scarcity, we have taken a slew of measures such as reducing water supply from twice a day to once a day in many areas,” Atishi said, according to the Indian Express.
“The water thus saved will be rationed and supplied to the water-deficient areas where supply lasts only 15 to 20 minutes a day,” she said.
The highly polluted Yamuna river, a tributary of the Ganges, runs through Delhi but its flow is hugely reduced during the summer months.
Delhi relies almost entirely on water from neighboring Haryana and Uttar Pradesh, both farming states with huge water demands.
Many blame the soaring temperatures on scorching winds from Rajasthan state, where temperatures on Tuesday were the hottest in the country at 50.5C (122.9F).
Rajasthan’s desert region of Phalodi holds India’s all-time heat record of 51C (123.8F) hit in 2016.
Neighboring Pakistan has also sweltered through a week-long heatwave, which peaked at 53C (127.4F) on Sunday in Mohenjo Daro in rural Sindh province.
Pakistan’s meteorological office said it expected temperatures to subside from Wednesday but warned further heatwaves were coming in June.
It comes as Pakistan hashes out a new deal with the International Monetary Fund that is believed to focus heavily on an energy supply crisis that has left parts of the country facing up to 15 hours of load-shedding a day.
At the same time, India’s West Bengal state and the northeastern state of Mizoram are recovering after a cyclone hit India and Bangladesh on Sunday, killing at least 65 people.
Bangladesh’s Meteorological Department said the cyclone was “one of longest in the country’s history,” blaming climate change for the shift.
