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
March 8,2020

Consumer watchdog Which? has claimed that more than one billion Android phones and tablets are vulnerable to hackers as they no longer supported by security updates.

According to the research report, the most at-risk phones are any that run Android 4 or older and those smartphones running Android 7.0 which can not be updated are also at risk.

Based on data from Google analysed by Which?, two in five android device users around the world are no longer receiving the important updates. Currently, those devices are unlikely to have issues, but the lack of security leaves them open to attack.

"It is very concerning that expensive Android devices have such a short shelf life before they lose security support, leaving millions of users at risk of serious consequences if they fall victim to hackers," Kate Bevan editor Which? said in a statement.

"Google and phone manufacturers need to be upfront about security updates with clear information about how long they will last and what customers should do when they run out. The government must also push ahead with planned legislation to ensure manufacturers are far more transparent about security updates for smart devices and their impact on consumers," Kate added.

Android phone released around 2012 or earlier, including popular models like the Samsung Galaxy S3 and Sony Xperia S, are particularly at risk to hackers.

Which? has made suggestions to Android users on what to consider if they have an older phone that may be at risk.

Any Android device which is more than two years old, check whether it can be updated to a newer version of the operating system. If it is on an earlier version than Android 7.0 Nougat, try to update via Settings> System>Advanced System update.

In case a user is not able tto update the phone, the device could be at risk of being hacked if it is running a version of Android 4 or lower.

A user also need to be careful about downloading apps outside the Google Play store and should also install a mobile anti-virus via an app.

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
March 3,2020

Facebook on Monday launched a new consumer marketing campaign in India titled 'More Together'. India is the first country in the Asia Pacific region where such a campaign is being rolled out.

It is also the first time that Facebook is rolling out a 'high decibel campaign of this stature in India', the company said in a statement.

It is also the first time that Facebook is rolling out a 'high decibel campaign of this stature in India', the company said in a statement.

"India is at the heart of Facebook and one of our focus areas this year is to tell the exciting story of a service that is deeply embedded in the fabric of India," said Ajit Mohan, Vice President and Managing Director, Facebook India.

The campaign would have multiple campaigns over the next few weeks in eight languages and the one will be set in the context of Holi.

Facebook in 2019 introduced a new company logo to further distinguish the company from the Facebook app.

The company recently announced the appointment of Avinash Pant as the Marketing Director for India operations, to drive the consumer marketing efforts across the family of apps.

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.
News Network
February 21,2020

London, Feb 21: Scientists have discovered a new species of land snail, and have named it Craspedotropis Greta Thunberg in honour of the Swedish activist Greta Thunberg for her efforts to raise awareness about climate change.

According to the study, published in the Biodiversity Data Journal, the newly discovered species belongs to the so-called caenogastropods -- a group of land snails known to be sensitive to drought, temperature extremes, and forest degradation.

The scientists, including evolutionary ecologist Menno Schilthuizen from Naturalis Biodiversity Center in the Netherlands, said the snails were found very close to the research field station at Kuala Belalong Field Studies Centre in Brunei.

They added that the snails were discovered at the foot of a steep hill-slope, next to a river bank, foraging at night on the green leaves of understorey plants.

The effort aided by amateur scientist J.P. Lim, who found the first individual of the snail said, "Naming this snail after Greta Thunberg is our way of acknowledging that her generation will be responsible for fixing problems that they did not create."

"And it's a promise that people from all generations will join her to help," Lim said.

The researchers said they approached Thunberg who said that she would be "delighted" to have this species named after her.

The study work including, fieldwork, morphological study, and classification of identified specimen was carried out in a field centre with basic equipment and no internet access, the scientists said.

According to the study, the work was done by untrained ‘citizen scientists’ guided by experts, on a 10-day taxon expedition.

"While we are aware that this way of working has its limitations in terms of the quality of the output (for example, we were unable to perform dissections or to do extensive literature searches), the benefits include rapid species discovery and on-site processing of materials," the researchers wrote in the study.

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.