UAE PM Says Entering New Phase of Gradual Reopening of Economy

UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum during cabinet virtual meeting. (WAM)
UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum during cabinet virtual meeting. (WAM)
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UAE PM Says Entering New Phase of Gradual Reopening of Economy

UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum during cabinet virtual meeting. (WAM)
UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum during cabinet virtual meeting. (WAM)

The UAE is entering a new stage as the economic activity gradually resumes but every person should be responsible, announced Vice President, Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, on Sunday.

Speaking at the first cabinet meeting since government workers returned to their offices, he asserted that health remains a priority and a responsibility.

“We are approaching a new phase of gradual reopening of our economy where entities & sectors are responsible for safeguarding health of employees. Public health remains a top priority,” he tweeted.

He said the government has efficiently worked remotely during the “past months and today is completing its works from the field after the return of employees to work.”

Sheikh Mohammed stressed the UAE will continue to serve all and pursue its efforts to deliver its centennial plan which aims to make the country among the best in the world.

The cabinet meeting, which was held via video conferencing, discussed procedures for the return of employees to their offices and the future mechanisms of government work.

“We have instructed officials to provide all means of safety and prevention and create a healthy environment for the safety of all,” added Sheikh Mohammed.

He added that over the past few months, the country became stronger, better and faster and that the next step would require a new spirit, with different thinking to work faster with greater flexibility.

The government also discussed judicial and government online services, as well as societal culture in light of the implications of the coronavirus outbreak.



Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose for a second straight session on Tuesday, but traded below the recent all-time highs, as uncertainty around US President Donald Trump's tariff plans continued to fuel economic growth concerns and safe haven flows into bullion.

Spot gold gained 0.6% at $2,913.79 an ounce as of 0714 GMT. It hit a record high of $2,942.70 last week.

US gold futures added 0.9% to $2,925.50.

"Trump's disruptive modus operandi, aggressive rhetoric and tariffs - whether actual or threatened - could unravel global trade and intricate supply chains," said Nikos Tzabouras, senior financial writer at trading platform Tradu, Reuters reported.

"With uncertainty surrounding the global economy and the broader geopolitical landscape in the Trump 2.0 era, gold is set to remain a natural beneficiary of risk-off flows and central bank buying."

Since taking office last month, Trump has swiftly redrawn the global trade battlefield with a series of tariffs, while plans are already in motion for sweeping reciprocal tariffs, aimed squarely at any nation that taxes US products.

"Gold continues to benefit from the uncertainty surrounding the US. government's tariff policy. Central bank buying should also continue to provide support, even if there is no new data on this," Commerzbank analysts said in a note.

The market's focus has now shifted to the US Federal Reserve's January meeting minutes due on Wednesday for clues into the central bank's interest rate trajectory.

"Price gains are also supported by growing expectations that the Fed will cut rates in 2025 - a sentiment that gained further traction among traders after last week's disappointing US retail sales figures," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said.

Bullion benefits from geopolitical and economic uncertainties, as well as rising price pressures, but higher interest rates diminish the asset's allure.

Spot silver fell 0.9% to $32.50 an ounce. Platinum jumped 0.9% to $985.20 and palladium climbed 1.6% to $978.00.