Gold hits 2-month high as recession concerns burnish safe-haven appeal

Agencies
June 3, 2019

Bengaluru, Jun 3: Gold prices rose on Monday to their highest in more than two months as heightened China-US trade tensions and Washington’s threat of tariffs on Mexico stoked worries of a global recession and drove investors to seek refuge in safe-haven bullion.

Spot gold was up 0.5 per cent at USD 1,312.37 per ounce at 0308 GMT, after touching its highest since March 27 at USD 1,312.60.

US gold futures rose 0.5 per cent to USD 1,317.50 an ounce.

“We are seeing a lot of traditional safe-haven hedging ... coming back to the fray,” said Stephen Innes, managing partner, SPI Asset Management.

“(Equity) markets seemed to be a little bit complacent. What caught them off-guard was Trump doubled down, signalling that (dealings between countries) on the trade war front is going to be quite aggressive.”

US stock futures, Asian share markets and oil prices slipped to multi-month lows on Monday amid the mounting trade worries.

Tensions between the United States and China escalated during the weekend as the two countries clashed over trade, technology and security.

“(Gold) markets are underpositioned and that’s why we are seeing investors aggressively chasing prices. There are bets getting placed on a more aggressive rate cut, another reason why we are seeing prices moving higher,” Innes said.

In a sign that Sino-US frictions are putting a big strain on the global economy, South Korea’s exports fell 9.4 per cent in May, worse than a median forecast for a 5.6 per cent decline, official data showed on Saturday.

The gloomy outlook has prompted traders to increase bets that the US Federal Reserve will cut interest rates sooner rather than later.

“Gold finally behaved like a safe haven last week, breaking out higher after the trade war escalation led to a code red for global growth,” Edward Moya, senior market analyst at OANDA, said in a note.

Gold prices surpassed the key USD 1,300 level for the first time since April on Friday after being stuck in a nearly USD 20 range for weeks.

Hedge funds and money managers increased their net long positions in COMEX gold in the week to May 28, data showed.

Indicating improved investor interest in gold, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.32 per cent to 743.21 tonnes on Friday from Thursday.

In other precious metals, silver edged up 0.6 per cent to USD 14.65 per ounce; platinum rose 1 per cent to USD 799.73 per ounce, after having fallen to its lowest level since Feb. 15 at USD 784.42, last week; and palladium rose 1.7 per cent to USD 1,347.10 per ounce.

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News Network
May 6,2020

Hyderabad, May 6: Away from city lights, two hours before Sunrise, people in India and across the world can witness Annual Meteor Shower called Eta Aquarids till May 28.

Observed since time immemorial, Meteor shower are commonly known as shooting stars which are nothing but dust flakes of comet/asteroid entering earth atmosphere.

This Annual Eta Aquarids Meteor Shower peaked on Wednesday at 02.30 am on Wednesday whereas presence of Full Moon was an obstacle outshining bright streaks of lights of this meteor shower zipping across the South Eastern sky.

As this meteor shower is active till May 28, people can still watch this celestial spectacle in early morning every day, Planetary Society of India (PSI) Director N Sri Raghunandan Kumar interacting with UNI said.

As per International Meteor Organization (IMO), 50 meteors per hour are expected to be seen on day of peak today. And this number would vary as days pass on till May 28 while earth passes through dust cloud of comet debris in its orbit.

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Agencies
January 20,2020

Washington D.C., Jan 20: An American bride asked for money from her invitees so that they can be on the 'exclusive guest list'.

Weddings can be surely expensive. But is it feasible for one to charge the guests to make up for the expenses?

According to Fox News, that is exactly what happened in a recent American wedding. A 19-year-old shared on Reddit that her cousin was getting married on Sunday and announced that she would charge 50 dollars to those who wanted to attend her wedding.

"She said that they can Venmo her money so there won't be no [sic] problems and everyone who paid will be added onto the 'exclusive guest list' which basically means you won't have to wait in line while other guests pay," wrote the user named DaintySheep.

While she refused to pay for entry into her cousin's wedding the bride-to-be contacted the elders in the family which ended up in an embarrassing situation.

"She wanted to get the money she spent on her special day back. I told her I wouldn't be able to come because this was outrageous and that I wish her well on her special day. She contacted my aunt and my aunt called me cheap and rude. My parents offered to pay for my entry, but I refused," continued the disheartened girl.

While in almost every nook and cranny of the world gifting the bride-groom with money is a tradition, asking for money from friends and family to replenish the money spent on a wedding is can be said to be a rare scenario.

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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.

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