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Suez Cements standalone loss reachs EGP 95M in 1Q2019       Suez Cement (SUCE.CA) - Board of Directors Meeting Decisions       Release from Commercial International Bank (Egypt) (COMI.CA) Concerning the EGM       Release from Torah Cement (TORA.CA) Concerning The Call Of The EGM       Marseille Almasreia Alkhalegeya For Holding Investment (MAAL.CA) Release From FRA (NILEX)       Alexandria Containers profits down 21% in 10 months       El-Nile Pharmaceuticals posts EGP 16M profit in 10 months       Release from Egyptian for Tourism Resorts (EGTS.CA) Regarding the AGM & EGM       Release from Arabia Investments Holding (AIH.CA) Concerning The Financial Results       Misr Cement (Qena) (MCQE.CA) Cash Dividends       Arabia Investments Holding (AIH.CA) - Board Of Directors Decisions       Arabia Investments profits inch down in Q1       Gold slides to two-week low, faces biggest weekly loss in a month       Co-op Bank, Barclays held failed takeover talks in late 2018       New banking bill to be referred to parlt before end of May: CBE       IMF staff agrees to disburse final $2B tranche of Egypt loan       Dollar exchange rate continues downward trend at Egypts major banks       Egypts exports of fruits, vegetables rise to 2.7M tons       Pharos Research sets Suez Canal Banks fair value at EGP 7/share       Misr Cement declares cash dividends of EGP 0.50/share      
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Gold inches higher as dollar dips amid risk aversion


Gold edged higher on Thursday as growing risk aversion weighed on the dollar, while palladium held ground at a premium to the bullion.
Spot gold was up 0.2 percent at $1,239.86 per ounce, as of 0429 GMT, while U.S. gold futures were 0.2 percent higher at $1,244.9 per ounce.
"Markets are trying to consolidate, trying to push up higher for now," said Benjamin Lu, a commodities analyst with Phillip Futures.
A balance between a host of factors such as a rate hike by the U.S. Federal Reserve in December, uncertainty about trade tensions between Washington and Beijing, and a flattening yield curve has helped create a premium for the bullion, Lu added.
Fed policymakers will gather at a Dec. 18-19 meeting, at which the central bank is widely expected to raise interest rates.
"Although a rate hike is already priced in, markets will be closely watching the meeting for clues on rate hike timings in 2019," said Lukman Otunuga, a research analyst at FXTM, adding that: "if the meeting echoes a similar message to (Chairman Jerome) Powells dovish shift, gold has the potential to shine into 2019."
The dollar declined against the safe-haven yen as a spike in risk aversion pressured equities and U.S. Treasury yields. The spread between the two-year and five-year Treasury yields inverted this week and the two-year/10-year spread was at its flattest in more than a decade amid a sharp fall in long-term rates.
"An yield curve inversion indicates higher borrowing cost in short term, so for safe-haven assets in the longer run its going to be very positive," Phillip Futures Lu said.
Spot gold may test a resistance at $1,245 per ounce, a break above which could lead to a gain into a range of $1,253-$1,258, according to Reuters technical analyst Wang Tao.
Meanwhile, palladium continued to be more valuable than gold after outshining the yellow metal for the first time since 2002 on Wednesday, with prices soaring by around 50 percent in less than four months to record levels.
Spot palladium rose 0.1 percent to $1,245.00 per ounce, hovering near its record high hit in the previous session.
The market now awaits Fridays U.S. non-farm payrolls data for November, which is expected to show unemployment remains at 3.7 percent.
"Investors are seen adopting a cautious stance ahead of the U.S. jobs report which could offer insight over the health of the U.S. labour force," said FXTMs Otunuga.
Amongst other metals, silver fell 0.7 percent to $14.41 per ounce, while platinum extended losses into a third session, declining 0.7 percent to $795.00 per ounce.

Time Added: 2018-12-06 09:34:08
Source: arabfinance
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