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Gold prices reached a record high of $2,483.60 last week as markets expected a 25-basis-point U.S. interest rate cut by September
Brent oil futures expiring in September fell 0.2 percent to $82.26 a barrel
China's slower-than-expected economic growth sparked concerns over the country's demand for oil which continues to impact prices
Interest rate cut expectations and the political uncertainty in the United States have supported gold prices to their record high
This includes developing the exchange market, facilitating bilateral trade and direct investment, and remittance settlement
In the UAE, gold prices fell with 24-carat gold inching up to AED293.50 per gram
The Central Bank wants more evidence that inflation is still on track to reach the 2 percent target by the end of 2024
The bank noted that "the current monetary stance is appropriate to support the sustained moderation of inflation."
Brent oil futures for September delivery shed 0.5 percent to $84.73 per barrel
Fed officials noted that the path toward looser monetary policy has become shorter
Brent futures, the global oil benchmark, rose 32 cents, or 0.4 percent, to $85.40 per barrel
Markets are pricing in a rate cut of at least 25 basis points by the Fed at the September meeting
Reserves increased on a monthly basis by 3.5 percent from AED19.615 billion in March 2024
Fed Chair Powell expressed confidence that inflation is returning to the central bank's target of 2 percent
Brent crude futures fell 21 cents, or 0.25 percent, to $84.64 per barrel
Markets are currently pricing in a 93 percent chance of an interest rate cut in September, according to the CME Fedwatch Tool
The Central Bank has added more than AED176 billion to its foreign assets within a year
Gold prices surged above the $2,400 level after data showed unexpected decline in U.S. inflation
Brent oil futures for September delivery rose 0.1 percent to $85.52 per barrel
Traders are currently pricing in a 46 percent chance that the Fed will cut rates twice by the end of the year
Brent Oil Futures expiring in September rose 0.7 percent to $85.74 a barrel
Global physically backed gold exchange-traded funds saw inflows for the second month straight in June
The remittances in May 2023 amounted to around $1.6 billion, as reported by CBE
Recent weak U.S. economic data has raised the market's hopes for two interest rate cuts by the end of the year
