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☆ Dubai bling: Billions of dollars worth of African gold is being smuggled into the UAE each year, research finds
▼ + stars: | 2024-05-30 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

The vast majority of it goes to the United Arab Emirates, according to research published by the independent Switzerland-based aid and advocacy organization SwissAid. Most industrial gold exported from African countries goes to South Africa, Switzerland and India. Industrial gold, which makes up roughly 11% of all gold produced, is used in the medical, electronics, automotive, aerospace and defense industries. But the majority of artisanal and small-scale mining, or ASM, gold produced on the continent — to the tune of 80% to 85% — goes to the UAE, SwissAid wrote. A selection of gold jewellery displayed in the window of a store in the Dubai Gold Souk in Deira, in the United Arab Emirates.

Persons: Waldo Swiegers, SwissAid, Yui Mok Organizations: Rand, Bloomberg, Getty Images, United Arab Emirates, Dubai Gold, United, CNBC, UAE's Ministry Locations: Germiston, South Africa, Getty Images DUBAI, United Arab, Africa, Switzerland, UAE, India, Dubai, Dubai Gold Souk, Deira, United Arab Emirates

☆ Gold heads for weekly loss on hawkish Fed stance
▼ + stars: | 2022-11-04 | by ( ) www.cnbc.com time to read: +1 min

A selection of gold jewellery displayed in the window of a store in the Dubai Gold Souk in Deira, in the United Arab Emirates. Gold prices were little changed on Friday, but the metal was headed for a second straight weekly drop as a stronger dollar and U.S. Federal Reserve 's hawkish policy stance clouded outlook for the non-yielding bullion. Spot gold rose 0.1% at $1,631.33 per ounce, as of 0043 GMT, but it was down 0.6% for the week so far. On Wednesday, the Fed raised interest rates by 75 basis points and Chair Jerome Powell vowed to "keep at" their battle to beat down inflation. Gold is considered an inflation hedge, but rising interest rates dent the non-yielding asset's appeal.

☆ Gold edges higher ahead of key Fed rate verdict
▼ + stars: | 2022-11-02 | by ( ) www.cnbc.com time to read: +1 min

A selection of gold jewellery displayed in the window of a store in the Dubai Gold Souk in Deira, in the United Arab Emirates. Gold prices ticked higher on Wednesday, supported by a pullback in the dollar, although investors were focused on the U.S. Federal Reserve outlook on future pace of interest rate hikes as the central bank's policy meeting concludes later in the day. Spot gold was up 0.2% at $1,650.13 per ounce, as of 0100 GMT, while U.S. gold futures also gained 0.2% to $1,652.10. U.S. job openings unexpectedly rose in September, suggesting demand for labor remained strong, providing evidence that rapid interest rate hikes have yet to bite hard in the real economy. Investors widely expect the Fed will raise its benchmark overnight interest rate by 75 basis points, the fourth such increase in a row.

☆ Gold steady as investors brace for Fed policy meeting
▼ + stars: | 2022-10-31 | by ( ) www.cnbc.com time to read: +1 min

A selection of gold jewellery displayed in the window of a store in the Dubai Gold Souk in Deira, in the United Arab Emirates. Gold prices were flat on Monday, after declining about 1.3% in the previous session, as investors cautiously awaited the U.S. Federal Reserve' s policy meeting for cues on its rate-hike path. Spot gold was little changed at $1,642.59 per ounce by 0046 GMT, while U.S. gold futures were up 0.1% at $1,645.90. The European Central Bank (ECB) could hike its interest rates by 75 basis points again at its next policy meeting in December, ECB governing council member Klaas Knot said on Sunday. Spot silver fell 0.3% to $19.17 per ounce, platinum eased 0.2% to $942.60 and palladium rose 0.7% to $1,914.06.

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