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Tishwash: Iraq Stock Exchange suspends operations for 12 days

The Iraqi Stock Exchange announced on Monday that it was suspending its activities for 12 days on the occasion of eid al-Adha and a curfew.

“In compliance with the announced official holiday timings in Iraq, the market administration has decided not to hold trading sessions for the days of July 29 and for 12 days to coincide with the Eid al-Adha holiday,” the market said in a statement to The Twilight News.

“The first trading session on the Iraqi Stock Exchange will be as of Sunday, August 9, 2019,” the market added.

The Iraqi Stock Exchange has used electronic trading and central deposit systems since 2009 and is seeking to launch an online trading system for investors, organizing five weekly trading sessions from Sunday to Thursday, including 105 Iraqi joint stock companies representing the sectors of banking, telecommunications, industry, agriculture, insurance, financial investment, tourism and hotels. link

Harambe:  CNBC: Gold prices touch record high amid coronavirus worries, U.S.-China tensions


Gold touched record prices as worries over issues such as the coronavirus pandemic as well as U.S.-China tensions weighed on investor sentiment.

In the morning of Asian trading hours on Monday, spot gold traded at about $1,931.11 per ounce after earlier trading as high as $1,943.9275 per ounce. Those levels eclipsed the previous record high price set in September 2011.

Gold futures were also up 1.54% to $1,926.70.

In a note circulated before the new highs, Commonwealth Bank of Australia’s Vivek Dhar said the fall in U.S. 10-year real yields has been the “most important driver” among other factors, such as a weakened U.S. dollar and safe-haven demand being lifted.

The yield on the benchmark 10-year Treasury note last sat at 0.5856%. Against a basket of its peers, the U.S. dollar was at 93.906. The Japanese yen traded at 105.60 against the greenback after strengthening sharply late last week from levels above 106.40 per dollar.

“The negative relationship between long term US real yields and gold futures has held up fairly well over the longer term. That is because when long term US real yields increase, gold is less attractive relative to US interest bearing securities since gold has no income earning ability,” said Dhar, who is a mining and energy commodities analyst at the firm. “The fall in US 10 year real yields is primarily being driven by an increase in US 10 year inflation expectations.”

Johan Jooste of The Global CIO Office told CNBC’s “Street Signs Asia” on Monday that the “opportunity cost of holding gold is virtually zero” with Treasury yields at their current low levels. Still, he added that there’s a “horrible feeling of chasing it a bit after the fact” if investors enter the gold market now.

“We’ve said buy on dips, but … it’s a difficult thing to do now because … you probably have missed out somewhat,” said Jooste, who is chief investment officer at the firm.

The moves in prices of the precious metal came as tensions have been heating up between Washington and Beijing. China announced on Friday that it ordered the United States to shut its consulate in Chengdu, following the U.S. demanding the closure of the Chinese consulate in Houston.