PHOTO
30 May 2017
Gold held steady early on Tuesday as easing Asian stock markets and geopolitical concerns helped the yellow metal hover close to one-month peaks.
Concerns about a Greek bailout, early Italian elections and comments by the European Central Bank chief about the need for continued stimulus all kept the euro under pressure on Tuesday.The European geopolitical fears sapped risk appetite, weighing on Asian stocks and lifting safe havens, though trading was thin with several markets closed for holidays.
The euro slid 0.4 percent to $1.11235 after a German press report said Athens may opt out of its next bailout payment if creditors cannot strike a debt relief deal. It was its fourth session of declines.
Gulf stock markets were mixed on Monday with Saudi Arabia and Dubai rebounding modestly from losses which they suffered on Sunday due to disappointment that last week's meeting of global oil producers did not take stronger action to boost prices.The Saudi index climbed 0.6 percent with real estate investment trusts accounting for three of the top four percentage gainers after Saudi Fransi Capital said an offer of units in its new Taleem REIT this month was 890 percent subscribed, indicating strong demand for REITs.
A run by U.S. oil prices toward $50 a barrel ran out of steam on Tuesday as persistent concerns of oversupply outweighed signs of a strong start to the American summer driving season.U.S. West Texas Intermediate (WTI) crude futures climbed above $50 per barrel in early trading on Tuesday, but dipped back to $49.77 by 0336 GMT, down 3 cents.
In the latest news, Egypt's parliament voted on Monday to extend for three more years a freeze on its capital gains tax.The country originally imposed a 10 percent tax on capital gains in July 2014, as part of efforts to replenish depleted state coffers, but the following year it suspended the tax under pressure from investors for a period of two years.
British Prime Minister Theresa May saw her lead over the opposition Labour Party narrow to 6 percentage points from 9 points a week ago, a poll conducted by Survation showed late on Monday according to The Times Newspaper.
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Gold held steady early on Tuesday as easing Asian stock markets and geopolitical concerns helped the yellow metal hover close to one-month peaks.
Concerns about a Greek bailout, early Italian elections and comments by the European Central Bank chief about the need for continued stimulus all kept the euro under pressure on Tuesday.The European geopolitical fears sapped risk appetite, weighing on Asian stocks and lifting safe havens, though trading was thin with several markets closed for holidays.
The euro slid 0.4 percent to $1.11235 after a German press report said Athens may opt out of its next bailout payment if creditors cannot strike a debt relief deal. It was its fourth session of declines.
Gulf stock markets were mixed on Monday with Saudi Arabia and Dubai rebounding modestly from losses which they suffered on Sunday due to disappointment that last week's meeting of global oil producers did not take stronger action to boost prices.The Saudi index climbed 0.6 percent with real estate investment trusts accounting for three of the top four percentage gainers after Saudi Fransi Capital said an offer of units in its new Taleem REIT this month was 890 percent subscribed, indicating strong demand for REITs.
A run by U.S. oil prices toward $50 a barrel ran out of steam on Tuesday as persistent concerns of oversupply outweighed signs of a strong start to the American summer driving season.U.S. West Texas Intermediate (WTI) crude futures climbed above $50 per barrel in early trading on Tuesday, but dipped back to $49.77 by 0336 GMT, down 3 cents.
In the latest news, Egypt's parliament voted on Monday to extend for three more years a freeze on its capital gains tax.The country originally imposed a 10 percent tax on capital gains in July 2014, as part of efforts to replenish depleted state coffers, but the following year it suspended the tax under pressure from investors for a period of two years.
British Prime Minister Theresa May saw her lead over the opposition Labour Party narrow to 6 percentage points from 9 points a week ago, a poll conducted by Survation showed late on Monday according to The Times Newspaper.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here.
