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Zawya
8 minutes ago
- Zawya
Gold falls on firmer US dollar and rising trade optimism
Gold prices fell on Friday, pressured by a recovery in the U.S. dollar and optimism over progress in trade talks between the United States and the European Union. Spot gold was down 0.6% at $3,347.28 per ounce by 0949 GMT. U.S. gold futures fell 0.7% to $3,349.80. The U.S. dollar index rebounded from more than a two-week low, making bullion more expensive for overseas buyers, while benchmark 10-year U.S. Treasury yields rose. A resurgence in risk appetite driven by optimism over potential tariff negotiations, and lower-than-expected U.S. jobless claims reinforcing the view that the Federal Reserve is unlikely to cut rates, is pressuring gold, said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades. "There is an element of uncertainty that still lingers... with a strong support around $3,300, I see the potential for gold prices to rise should new episodes of volatility be triggered," he said. The European Commission said on Thursday that a negotiated trade solution with the United States is within reach - while EU members voted to approve counter-tariffs on 93 billion euros ($109 billion) of U.S. goods in case the talks collapse. Data showed the number of Americans filing new applications for jobless benefits fell to a three-month low last week, pointing to stable labour market conditions. President Donald Trump pressed Fed Chair Jerome Powell to lower interest rates in a tense visit to the U.S. central bank on Thursday, less than a week before the next rate-setting meeting where policymakers are expected to hold interest rates steady. Markets are pricing in a potential rate cut in September. Gold typically performs well during periods of uncertainty and in low-interest-rate environments. Spot silver fell 0.6% to $38.85 per ounce, but was still on track for a weekly gain of about 1.6%. Platinum was 1.2% lower at $1,391.25, with palladium also down 1.2% at $1,213.76. (Reporting by Anmol Choubey in Bengaluru, additional reporting by Ishaan Arora; Editing by Rachna Uppal, Kirsten Donovan)
The National
37 minutes ago
- The National
Psychology of a bargain: Why people spend more during sales – and how to stop
Black Friday, Prime Day, Cyber Monday – it feels as though there's always a 'can't-miss' sale and it's never been easier to buy with just one click. But while snagging a bargain delivers an instant rush, is it doing more harm than good? Amazon recently reported its biggest ever sales during its four-day Prime Day event in the US, where Americans spent an estimated $24.1 billion online, according to Adobe Analytics. But while buying the latest tech or new clothing can feel good in the moment, what does deal-chasing really do to our wallets – and our well-being? Shopping can make you feel good – but only briefly Shopping does make people feel good, at least temporarily. The activity – especially when finding a good offer – can boost the brain's release of dopamine, the same 'feel good' chemical involved in eating chocolate or receiving a compliment. 'It creates excitement and anticipation, making the purchase feel more rewarding than it actually is,' says Dr Salman Kareem, specialist in psychiatry at Aster Clinic, Discovery Gardens JLT and Aster Royal Clinic, Downtown. 'The thrill of finding a 'good deal' provides immediate satisfaction.' But while the psychological thrill drives many purchases, it doesn't always have to end in regret. With the right mindset, sales can also be approached strategically, says Carol Glynn, founder of Conscious Finance Coaching. 'Major sales events like Prime Day or Black Friday can financially benefit consumers if they are mindful, planned for and used intentionally,' she adds. 'If you've already budgeted for a big-ticket purchase, done your research, and waited for a sale to make the purchase, then yes, it can be a smart financial move.' When a bargain isn't really a bargain However, that same feel-good rush can also lead to buying things that aren't needed, meaning people splurge on offers that aren't truly useful or wanted. 'These tactics trigger our brain's fear of missing out. We tend to grab on to things if we believe they're rare, so 'limited time' offers make us act quickly without fully thinking,' says Dr Kareem. 'Certain phrases like 'one day sale' or '90 per cent sale' activate our emotional brain centres while bypassing the logical thinking areas. This makes it harder to pause and consider whether we actually need the item.' Glynn puts it simply: 'If you're buying something just because it's discounted, you're still spending, not saving.' Like any unchecked behaviour, uncontrolled shopping habits can quickly spiral, especially thanks to the ease of shopping online. 'One-click checkout and constant online sales have fundamentally changed how people manage, or often lose track of, their spending by making purchases extremely quick and seamless, which encourages more frequent and impulse buying,' says Glynn. She notes that Cornell University research shows that one‑click checkout users spend nearly 30 per cent more on average, placing 43 per cent more orders and buying 36 per cent more items than before. 'This speed and convenience reduce the mental effort that usually makes us pause before buying, leading to more impulsive purchases,' she explains. But this instant gratification can also be addictive. 'It can create a vicious cycle where you need more 'shopping therapy' to feel good,' says Dr Kareem. 'This can lead to financial stress, cluttered living spaces and the realisation that material purchases don't create lasting happiness.' When sales backfire Alison Soltani, founder of UAE savings website Leap Savvy Savers, agrees that people tend to spend more when they believe they're getting a good deal. But she warns against mistaking discounts for savings. 'Most of the time, I think sales encourage people to overspend and perhaps spend money they hadn't planned to because something is 'a good deal' or 'on sale'. But if you don't want or need the item, you haven't saved any money – you've added another item burdening your life,' she says. 'It's great if you find an item you really need, or have been searching for a while, that comes up on sale – then you've secured a bargain. But otherwise, you haven't.' Soltani also notes that excessive shopping can take a toll beyond finances. 'Depending on what we are buying, our purchases may have a negative effect on the environment and make our homes and minds cluttered. This can lead to overwhelm and a resistance to taking action to make changes,' she says. Although a purchase here and there may seem harmless, Glynn warns that these small expenses can quickly add up, often leading to overspending or debt without much to show for it. 'Constant deal-hunting can cause stress and decision fatigue, which might influence poorer financial choices and overall well-being. The fleeting satisfaction from bargains can perpetuate a cycle of compulsive buying,' Glynn adds. Dr Kareem adds that for many, the consequences go beyond finances. 'Overspending often leads to financial anxiety, shame and relationship conflicts. It can also prevent people from developing healthier coping strategies for stress or difficult emotions,' he says. Practical ways to shop smarter For those who struggle to decide whether to make a purchase, there are some practical steps that can help. Dr Kareem recommends making shopping lists and sticking to them, giving yourself time before making an initial purchase, and finding alternative ways to relieve stress or stay entertained. Glynn advises creating a sales-specific budget, using only cash or a debit card to pay and unsubscribing from marketing emails to reduce temptation. Meanwhile, Soltani suggests pausing checking out – whether in-store or online – and waiting 24 hours to see if an item is still wanted. She also recommends asking a few simple questions, such as: 'How many hours have I had to work to make this purchase?' 'How often will I use it?' 'If I lost the item in a fire, would I quickly replace it?' 'Could I buy it cheaper second-hand or at a different retailer?' For many, shopping is a source of enjoyment and instant gratification. But for those who overspend as a way of coping, Dr Kareem says it may be time to seek help: 'If someone uses shopping as their primary way to cope with emotions, it's time to seek professional support.'
Middle East Eye
4 hours ago
- Middle East Eye
Starmer's 'all guns, no butter' policy will cost him dearly
The recent Nato summit demanded that member states agree to reach a target of five percent of GDP on defence spending over the next decade. Nato secretary general Mark Rutte was beside himself with joy. This will make Nato 'more lethal', he vowed. Rutte was in no doubt as to why Nato had successfully agreed on this historic high in arms spending: US President Donald Trump, or 'daddy', as Rutte called him. In embarrassingly fulsome messages to Trump, made public by the US president, Rutte put to shame the most obsequious courtier in an 18th-century absolute monarchy, as he verbally prostrated himself at the feet of the ruler of the empire. In all fairness to Rutte, he was correctly summarising the view of European governments. Much as some claim to dislike Trump, they have fallen in line with his demands for increased arms expenditures in double-quick time. All but Spain endorsed the five-percent defence spending target, despite the fact that the US spends only 3.5 percent of GDP on arms. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters Trump was triumphant, using the Nato news conference to rub the noses of European leaders in the latest proof that the US is the organisation's top dog. Never has founding secretary general Lord Ismay's aphorism - that Nato exists to keep 'the Soviet Union [read Russians] out, the Americans in, and the Germans [read Europeans] down' - been more true. British Prime Minister Keir Starmer is an unqualified enthusiast for rearmament. The most clearly defining policy of his prime ministership so far, where so much else is shrouded in serial U-turns, is a commitment to US-led rearmament. The picture of Starmer at the recent G7 summit bowing at Trump's knee to pick up papers that the president had dropped went viral, because it accurately captured the political relationship between the two governments. Credibility gap Starmer, of course, signed up to the five percent of GDP rearmament target and coupled it with a commitment to buy a dozen American F35A fighters capable of carrying a nuclear payload, marking the first time the UK will have the capacity to deliver airborne nukes since the Cold War. The cost of this programme alone will be £15bn. More broadly, the newly publicised Strategic Defence Review underpins Starmer's over-inflated rhetoric about the UK needing to prepare to fight on the 'home front' in the case of a full land invasion of the UK. Such a project, unsuccessfully contemplated by Napoleon and Hitler, was last accomplished in 1066. There is no plausible modern candidate for this project. Russia, with an economy the size of Spain's and a military depleted by three years of unsuccessful war in Ukraine, is certainly not the 21st-century equivalent of either Napoleon or Hitler when their empires spanned the continent. Indeed, having failed to reach Kyiv, it is improbable to the point of absurdity to think that Russian troops might soon be on the Normandy beaches. The period of high Starmerism is past. Now the pendulum is swinging in the other direction, back towards traditional centrist Labourism The UK defence establishment and government are well aware that this huge credibility gap exists in the minds of British voters. The Strategic Defence Review spends an unusual amount of time worrying about how rearmament can be sold to the population. It calls for a 'national endeavour', first mooted by the previous Tory government, in which a wide variety of propaganda and 'educational' weapons will be fired at hapless citizens in order to reduce them to compliance with the warmongers' project. And there is no Starmer speech that does not echo the Strategic Defence Review's insistence that there will be a 'defence dividend', in the Orwellian language now common in government circles, that will result in more jobs. So far, the 'national endeavour' project is failing spectacularly. The purchase of F35A jets is a case in point. It's a slap in the face for Unite the Union general secretary Sharon Graham, who campaigned relentlessly for a renewal of the Eurofighter Typhoon fleet in the name of British jobs. In a sharp lesson in the UK's defence subservience to the US arms industry, Starmer ignored her and opted instead to flatter Trump with a purchase of American planes manufactured by Lockheed Martin, with only 15 percent of UK-made components. Leadership in danger But even when money spent by the UK government isn't pouring directly into the bank accounts of US defence contractors, it will never produce the same number of jobs as the same amount of money spent on civilian industry. Defence spending is simply a massively inefficient way of generating jobs. Beyond these specific arguments is the gigantic fact that Starmer is advocating huge increases in arms expenditures, while hacking away at the already emaciated welfare budget. The assault on welfare, the defining project of the first year of the Labour administration, has already produced a record-breaking back bench rebellion. This in turn produced yet another screeching U-turn from Starmer. Accompanying the U-turn is the blame game. At the moment, No. 10 guru Morgan McSweeney and 'iron chancellor' Rachel Reeves are the ones catching it in the neck. Starmer is running out of road Read More » As tens of thousands of people at the recent Glastonbury Festival cursed Starmer's name, Starmer himself has been busy apologising for his own mistakes to any journalist who will listen. A sure sign that Starmer's leadership is endangered was Health Secretary Wes Streeting's recent TV interview, in which he refuted criticism of the Glastonbury crowd by saying that Israel should get its 'own house in order'. Starmer is now a couple of by-election losses away from a leadership challenge. Perhaps he can make it to the May 2026 council elections if the fates spare sitting MPs and no by-election takes place. But whatever the timing proves to be, the period of high Starmerism is past. Now the pendulum is swinging in the other direction, back towards traditional centrist Labourism. A number of important consequences follow. Firstly, the time for Jeremy Corbyn to launch a new leftist party is now. Secondly, no new party can afford to be merely an electoral project: it must have the closest possible relations with Palestine and antiwar movements whose activists will be its core constituency. Thirdly, the antiwar movement will be central to ongoing opposition to the government. Reeves or her successor will return to the task of extracting the money for rearmament from working people, one way or another. The defence of working-class living standards at home will be intimately bound to opposition to the preparation for war abroad. The views expressed in this article belong to the author and do not necessarily reflect the editorial policy of Middle East Eye.
