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Abu Dhabi’s Economy Rises 3.5% in Q2 2023  

Visitors at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi. (epa)
Visitors at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi. (epa)
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Abu Dhabi’s Economy Rises 3.5% in Q2 2023  

Visitors at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi. (epa)
Visitors at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi. (epa)

The Statistics Center – Abu Dhabi (SCAD) announced the gross domestic product (GDP) estimates for the second quarter of 2023, revealing a whopping 12.3 percent growth of the non-oil economy and a 3.5 percent increase in the total GDP compared to the same period in 2022.

Abu Dhabi's non-oil economic activities have maintained remarkable growth in Q2 2023, leading the value of the emirate's real non-oil GDP to $42 billion, the highest since 2014 to break a record registered in the first quarter of the current year, where it surpassed $39 billion.

According to preliminary estimates, the value of Abu Dhabi's real GDP in the second quarter of 2023 reached its highest level at $78.2 billion, driven by the growth of all non-oil activities, to continue the increase of its contribution to the GDP to 53.7 percent.

It boosted the growth of the emirate's non-oil GDP by 9.2 percent in the first half of 2023 compared to the same period last year.

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Gold Gains over 1% as Dollar, Yields Ease; Spotlight on Trade

A gold seller arranges gold bracelets at a gold shop in Bangkok's Chinatown, Thailand, January 27, 2025. REUTERS/Chalinee Thirasupa/ File Photo
A gold seller arranges gold bracelets at a gold shop in Bangkok's Chinatown, Thailand, January 27, 2025. REUTERS/Chalinee Thirasupa/ File Photo
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Gold Gains over 1% as Dollar, Yields Ease; Spotlight on Trade

A gold seller arranges gold bracelets at a gold shop in Bangkok's Chinatown, Thailand, January 27, 2025. REUTERS/Chalinee Thirasupa/ File Photo
A gold seller arranges gold bracelets at a gold shop in Bangkok's Chinatown, Thailand, January 27, 2025. REUTERS/Chalinee Thirasupa/ File Photo

Gold prices gained over 1% on Monday as the dollar and US bond yields weakened amid uncertainty over trade talks ahead of a US deadline of August 1 for countries to strike deals or face more tariffs.

Spot gold was up 1.2% at $3,390.79 per ounce at 9:52 ET (1352 GMT). US gold futures were up 1.3% to $3,402.40.

The US dollar index was down 0.4%, making dollar-denominated gold more affordable for buyers using other currencies, while benchmark 10-year U.S. Treasury yields hit a more than one-week low, Reuters reported.

"With the August 1st deadline looming, it brings a level of uncertainty to the market and that certainly is supportive," said David Meger, director of metals trading at High Ridge Futures.

The European Union is exploring a broader set of possible counter-measures against the US as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats.

On the interest rate front, traders are pricing about a 63% chance of a rate cut in September, according to the CME FedWatch Tool.

U.S. Treasury Secretary Scott Bessent said the entire Federal Reserve needed to be examined as an institution and whether it had been successful.

Talk of earlier than expected U.S. rate cuts is building, with speculation around a possible replacement of Fed Chair Jerome Powell and reshaping of the Fed adding to market jitters, Meger said.

Gold is considered a hedge against uncertainty and tends to perform well in a low interest rate environment.

Data showed that the world's leading gold consumer, China, brought in 63 metric tons of the precious metal last month, the lowest amount since January. Its imports of platinum in June fell 6.1% from the prior month.

Spot silver gained 1.8% to $38.86 per ounce, platinum rose 2.2% to $1,453.17 and palladium was 3.5% higher at $1,284.46.