Gold stormed to a record high on Monday as investors sought refuge from the possible hit to a pandemic-stricken global economy from an escalation in the US-China spat, which pummelled the dollar.
China’s services sector expanded at the fastest pace in over a decade in June as the easing of coronavirus-related lockdown measures revived consumer demand, a private survey showed on Friday, though companies continued to shed jobs.
Bilateral trade between the UAE and China will continue to surge in the coming years due to the strong trade relations and people-to-people synergies between the two countries as they transition to the digital economy.
Pakistan’s foreign direct investment (FDI) has improved by 88% in fiscal year 2020 to $2.56 billion with major investment coming in the power and telecommunication sectors from China and Norway respectively.
The Ministry of Economy of the United Arab Emirates and the China Council for the Promotion of International Trade (CCPIT), will together host the first China-UAE Economic and Trade Digital Expo,
India’s additional scrutiny of imports from China has disrupted operations at plants owned by Apple supplier Foxconn in southern India, three sources told Reuters, and other foreign firms are also facing delays as tensions between the two countries build.
Spot gold was up 0.1% at $1,808.85 per ounce by 0453 GMT. US gold futures eased 0.2% to $1,808.90.
World stock markets advanced Monday, helped by investor confidence in upcoming US quarterly earnings and the business outlook, and by hopes for progress towards a coronavirus vaccine, dealers said.
Auto sales in China rose 11.6% in June from a year earlier to 2.3 million units, driven largely by strong demand for trucks and vans as Beijing ramps up infrastructure spending to revive the economy.