Gold edges higher as global equities lose momentum

February 18, 2017

London, Feb 18: Gold crept higher on Friday as investors opted for the safe haven qualities of bullion due to uncertainty about US and European politics as well as the direction of stock markets.

goldGlobal equity markets lost momentum after setting record highs in the previous two sessions, partly due to disquiet about the policies of US President Donald Trump.

“Gold is close to its recent multi-month high despite the strong dollar, due to an increase in volatility on the equity markets and more uneasiness on the political front, which is supporting the search for safe-haven assets,” said Eugen Weinberg, head of commodity research at Commerzbank.

Spot gold gained 0.2 percent to $1,241 per ounce by 1520 GMT, while US gold futures added 0.1 percent to $1,242.30. Gold, on track for a third week of gains, has risen nearly 8 percent in 2017. Concern over Trump's policies, as well as elections in the Netherlands, France and Germany this year, fueled gold's rise to a peak of $1,244.67 on Feb. 8, the strongest in nearly three months. “Dealers are extremely cautious about running the market higher as the March Fed rate hike debate will likely play out for the foreseeable future,” said Stephen Innes, senior trader at OANDA.

Strong recent US data has boosted expectations for a hike with Citi Research's barometer on US economic data surprises rising to its highest in over three years following a batch of stronger-than-forecast reports. Prospects of a stronger dollar and US Treasury yields after Fed Chair Janet Yellen said US interest rates may need to be raised in March had dragged gold to $1,216.41 on Wednesday, its lowest since Feb. 3. The dollar index rose 0.3 percent to 100.75 on Friday, recovering from a one-week low of 100.41 the day before. Holdings of SPDR Gold, the world's largest gold-backed exchange-traded fund (ETF), have risen 5.6 percent so far this month, the most since June 2016.

“The market seems to be quite supported by investment inflows into the ETFs and I think this will be the most important factor through the year as we expect investors to keep pouring money into gold ETFs,” Weinberg added.

Commerzbank expects gold to hit $1,300 by year-end. Spot silver fell 0.4 percent to $18.01 an ounce. The metal hit its strongest since Nov. 11 at $18.13 in the previous session. Platinum dropped 0.8 percent to $1,003.74. Palladium declined 1 percent to $784.22. The metal, used in emission-controlling catalytic converters for the automotive industry, touched its best since Jan. 24 at $794.90 in the prior session. It has gained over 16 percent so far this year.

“Palladium still appears to be finding support from the still buoyant automotive economy. What is more, palladium ETFs have seen inflows of a good 20,000 ounces in the last two days,” Commerzbank analysts said in a note.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
January 22,2020

New Delhi, Jan 22: "Don't get into a trap. Your security is in your hands," the Border Security Force (BSF) has said issuing its social media rules for its officers and men. It has directed them not to use 42 mobile applications and show caution while using Facebook, Twitter and WhatsApp.

"Be cautious while using social media," said the BSF in a circular issued recently.

"Before using WhatsApp, Facebook, Twitter and other social media platforms, one needs to keep in mind that you are border guarding force and Central Civil Services (Conduct) Rules rule duly are applicable," it said.

It further pointed out that by commenting/writing about or forwarding unverified reports and rumours one violates laws of land.

"Several times unverified reports would be presented in way that they are absolutely true and start believing it. Seeing such post always use your commonsense and never get into the trap (sic.)," it state adding that the anti-national elements uses social media to propagate their agenda to cause unrest in India.

A picture clicked by Border Security Force personnel and posted on a social media platform remains there for always. Therefore, one should use officially approved pictures about any incident or untoward incidents related to Border Security Force, stated the circular. It pointed that unauthorised persons should not engage into taking pictures of the incidents.

It also highlighted how through social media, a few BSF personnel have fallen into trap of espionage racket carried out by enemy countries.

"Our security and respect is in our hands. Always think twice whether you are doing correct by accepting friendship requests from unknown persons, especially women and girls," it cautioned the troopers and officers.

It also highlighted that while going on leave and joining back the force, always follow the rules and regulations laid out for safety and security. "This is for your own safety," it stressed in the end.

The BSF has also issued a list of 42 mobile applications that needs to be completely avoided by serving BSF officers and jawans.

They are MI store, Weibo, Wechat, Shareit, Truecaller, UC News, UC Browser, Beautyplus, NewsDog, Viva Video - QU video Inc, Parallel Space, Apus Browser, Perfect Corp, Virus Cleaner - HI Security Lab, CM browser, MI Community, DU recorder, Vault Hide - No mobile Security, Youcam Makeup, Cachecleaner DU Apps Studio, DU battery saver, DU privacy, 360 security, DU Browser,Clean master - Cheeta Mobile, Baidu Translate, Wonder Camera - Bindu Inc, ES Ifle Explorer, Photo Wonder, QQ international , QQ music, QQ Mail, AA player, QQ News Feed, Wesync, QQ security Center, Selfie City, Mail Master, Mi Video Call -Xaomi and QQ launcher.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
May 19,2020

Cybersecurity researchers on Monday warned of a Trojan malware campaign which is targeting India's co-operative banks using COVID-19 as a bait.

Seqrite, the enterprise arm of IT security firm Quick Heal Technologies, detected the new wave of Adwind Java Remote Access Trojan (RAT) campaign.

Researchers at Seqrite warned that if attackers are successful, they can take over the victim's device to steal sensitive data like SWIFT logins and customer details and move laterally to launch large scale cyberattacks and financial frauds.

According to the researchers, the Java RAT campaign starts with a spear-phishing email which claims to have originated from either the Reserve Bank of India or a nationalised bank.

The content of the email refers to COVID-19 guidelines or a financial transaction, with detailed information in an attachment, which is a zip file containing a JAR based malware.

Upon further investigation, researchers at Seqrite found that the JAR based malware is a Remote Access Trojan that can run on any machine which has Java runtime enabled and hence it can impact a variety of endpoints, irrespective of their base operating system.

Once the RAT is installed, the attacker can take over the victim's device, send commands from a remote machine, and spread laterally in the network.

In addition, this malware can also log keystrokes, capture screenshots, download additional payloads, and extract sensitive user information, Seqrite said, adding that such attack campaigns can effectively jeopardise the privacy and security of sensitive data at the co-operative banks and result in large scale attacks and financial frauds.

To prevent such attacks, users need to exercise ample caution and avoid opening attachments and clicking on web links in unsolicited emails.

Banks should also keep their operating systems updated and have a full-fledged security solution installed on all the devices, Seqrite advised.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
May 17,2020

As millions of people get hooked to online dating platforms, their proliferation has led to online romance scams becoming a modern form of fraud that have spread in several societies along with the development of social media like Facebook Dating, warn researchers.

For example, extra-marital dating app Gleeden has crossed 10 lakh users in India in COVID-19 times while dating apps like Tinder and Bumble have gained immense popularity.

According to researchers from University of Siena and Scotte University Hospital led by Dr Andrea Pozza, via a fictitious Internet profile, the scammer develops a romantic relationship with the victim for 6-8 months, building a deep emotional bond to extort economic resources in a manipulative dynamic.

"There are two notable features: on the one hand, the double trauma of losing money and a relationship, on the other, the victim's shame upon discovery of the scam, an aspect that might lead to underestimation of the number of cases," the authors wrote in a paper published in the journal Clinical Practice & Epidemiology in Mental Health.

Around 1,400 dating sites/chats have been created over the last decade in North America alone. In the UK, 23 per cent of Internet users have met someone online with whom they had a romantic relationship for a certain period and even 6 per cent of married couples met through the web.

"The online dating industry has given rise to new forms of pathologies and crime, said the authors.

The results showed that 63 per cent of social media users and 3 per cent of the general population reported having been a victim at least once.

Women, middle-aged people, and individuals with higher tendencies to anxiety, romantic idealization of affective relations, impulsiveness and susceptibility to relational addiction are at higher risk of being victims of the scam.

Online romance scams are, in other words, relationships constructed through websites for the purpose of deceiving unsuspecting victims in order to extort money from them.

The scammer always acts empathetically and attempts to create the impression in the victim that the two are perfectly synced in their shared view of life.

"The declarations of the scammer become increasingly affectionate and according to some authors, a declaration of love is made within two weeks from initial contact," the study elaborated.

After this hookup phase, the scammer starts talking about the possibility of actually meeting up, which will be postponed several times due to apparently urgent problems or desperate situations such as accidents, deaths, surgeries or sudden hospitalizations for which the unwitting victim will be manipulated into sending money to cover the momentary emergency.

Using the strategy of "testing-the-water", the scammer asks the victim for small gifts, usually to ensure the continuance of the relationship, such as a webcam, which, if successful, leads to increasingly expensive gifts up to large sums of money.

When the money arrives from the victim, the scammer proposes a new encounter.

The request for money can also be made to cover the travel costs involved in the illusory meeting. In this phase, the victim may start having second thoughts or showing doubt about the intentions of the partner and gradually decide to break off the relationship.

"In other cases, the fraudulent relationship continues or even reinforces itself as the victim, under the influence of ambivalent emotions of ardor and fear of abandonment and deception, denies or rationalizes doubts to manage their feelings," said the study.

In some cases, the scammer may ask the victim to send intimate body photos that will be used as a sort of implicit blackmail to further bind the victim to the scammer.

Once the scam is discovered, the emotional reaction of the victim may go through various phases: feelings of shock, anger or shame, the perception of having been emotionally violated (a kind of emotional rape), loss of trust in people, a sensation of disgust towards oneself or the perpetrator of the crime and a feeling of mourning.

"Understanding the psychological characteristics of victims and scammers will allow at-risk personality profiles to be identified and prevention strategies to be developed," the authors suggested.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.