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Abu Dhabi Investment Office Opens 8 Global Offices

Abu Dhabi Investment Office Opens 8 Global Offices
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Abu Dhabi Investment Office Opens 8 Global Offices

Abu Dhabi Investment Office Opens 8 Global Offices

The Abu Dhabi Investment Office (ADIO) has set up eight new offices in Tel Aviv, New York, San Francisco, Frankfurt, London, Paris, Beijing and Seoul, in an effort to attract investors, the state news agency WAM reported.

The network of offices, in collaboration with the Abu Dhabi Department of Economic Development, expands ADIO's reach in key overseas markets, where it is looking to attract innovative businesses to establish and grow in the emirate, WAM cited ADIO as saying in a statement.

ADIO's international expansion complements its $545 million Innovation Program, which provides financial and non-financial incentives to innovation-driven businesses in high-growth areas.

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Gold Rises on Dip-buying, Focus on US-China Trade Updates

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
TT
20
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Gold Rises on Dip-buying, Focus on US-China Trade Updates

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo

Gold prices rebounded on Thursday as investors bought bullion following a sharp decline in the previous session, while focus still remained on US-China trade tensions.
Spot gold was up 1.6% to $3,340.79 an ounce, as of 0907 GMT, Reuters reported. Bullion lost over 3% on Wednesday, in its worst daily performance since late November.
US gold futures gained 1.8% to $3,352.10.
"Gold's pullback earlier has cleared some of the froth from its latest surge. That in turn attracted some buy-the-dip action, amid still-persistent global trade war fears," said Han Tan, Exinity Group's chief market analyst.
"Given the still-evident tailwinds for this precious metal, gold bugs could ultimately conquer the $3,500 level with conviction."
Non-yielding bullion, traditionally seen as a hedge against global instability, has risen over 27% so far this year.
The International Monetary Fund made sharp reductions to its outlook for both US and global growth this year, with President Donald Trump's tariff policy the central reason behind the downgrade.
"If the economic outlook deteriorates further, then there's no reason why gold could not receive another strong bid," said Ole Hansen, head of commodity strategy at Saxo Bank.
However, US Treasury Secretary Scott Bessent said the US economic growth will surpass the IMF's revised estimate of 1.8%, down from 2.7% in January, if Trump administration's policies are implemented.
He also said that the excessively high tariffs between the US and China are unsustainable, and must be reduced before trade negotiations can proceed.
Supporting gold, the US dollar eased, making the greenback-priced bullion cheaper for overseas buyers.
Spot silver fell 0.5% to $33.37 an ounce, platinum was steady at $973.25 and palladium was down 0.6% to $939.53.