Dubai

Hypercom Corporation announced the completion of the full EMV certification of all of its Artema Modular self-service payment systems and Artema Compact countertop terminals across 49 Dubai Metro stations. The system will speed ticketing for 4 million passengers per month. Now travelers in Dubai’s urban railway network will be able to make payments using their chip and PIN cards.

Tuesday morning, bullion prices strengthened as the US currency remained weak on improved risk tolerance after concerns eased about Dubai's debt woes.

Spot gold rose modestly by 0,2% from New York's notional close of $1,126.20 touching $1,128.70 per ounce. Bullion hit a 4-week low of $1,109.10 on Friday.

Spot gold is trading about $100 below a record high of $1,226.10 reached on December 3.

Wednesday, bullion surged as high as $1,207.65, hitting records for the second consequent day as the dollar remained weak and economic uncertainty, underscored by Dubai's debt woes, continued to support gold as a safe-haven asset.

 Spot gold extended gains after hitting $1,207.15 an ounce in the current session, to stand as high as $1,207.65 by 2:34 GMT, versus New York's notional close of $1,196.00. Gold's previous high was $1,201.40, struck on Tuesday.

Tuesday, the first winter day, bullion was mostly flat around $1,180 per ounce taking a break from a rally to record highs late last week. Nevertheless, the gold’s demand as a safe haven is expected to continue to attract investors.

Dubai government doesn’t intend to guarantee Dubai World's debts, government official said on Monday. That means creditors will be affected by the conglomerate's restructuring in "the short term".

As Abdulrahman al-Saleh, director general of Dubai's department of finance reported, market reaction to Dubai World's announcement last week was amplified and did not match the extent of the conglomerate's woes. 

Monday, flat close to $1,175 per ounce level well above one-week lows hit the previous business day, as Dubai debt default fears ensured gold's safe-haven demand remained uninjured.

 Spot gold reflected mild slip, sliding from New York's notional close of $1,176.70 to $1,175.80 per ounce at about 2:52 GMT. Friday, precious metal hit a low of $1,136.80 an ounce, setting the lowest level since November 20.

 On Thursday fears at the world markets that a Dubai debt default could reignite the financial turmoil of the credit crisis impacted European and Asian equities, lifting government bond prices and pulling the U.S. dollar off of recent lows as investors sought out safe havens.

"This an important reminder that the credit crisis is forgotten but not gone," Robert Rennie, strategist at Westpac Global Markets Group, said in a note.

 The United Arab Emirates is considered to be one of the richest countries throughout the world being one of the largest oil exporters that has the world's sixth largest oil reserves. This Muslim country has one of the most developed economies in the Middle East, ranking the thirty-sixth largest by nominal GDP. The UAE consists of seven states, termed emirates, which are Abu Dhabi, Dubai, Sharjah, Ajman, Umm al-Quwain, Ras al-Khaimah and Fujairah.