Gold prices gained on Thursday, June 19, as the Iran-Israel tension entered its seventh day, while platinum rose to a more than 10-year high on expectations of a supply shortfall.

Spot gold was up 0.1 per cent at $3,371.15 an ounce, as of 0526 GMT. US gold futures fell 0.6 per cent to $3,388.60.

Read-Gold gains as Israel-Iran crisis lifts safe-haven appeal

“Gold has made a modest bounce as we await the next steps in the Israel-Iran conflict. If the US does decide to get directly involved, this could raise the geopolitical stakes,” KCM Trade Chief Market Analyst Tim Waterer said.

Gold edges up amid heightened geopolitical tensions

Gold is often used as a safe store of value during times of geopolitical and financial uncertainty.

Meanwhile, the US Federal Reserve held interest rates steady on Wednesday. Fed policymakers still forecast slashing rates by half-a-percentage point this year, but they have slowed the pace of future cuts.

However, Fed Chair Jerome Powell cautioned against putting too much weight on this outlook, warning of “meaningful” inflation ahead as higher import tariffs loom.

Elsewhere, platinum rose 1 per cent to $1,336.08. Earlier in the session, the metal hit $1,348.72, its highest level since September 2014.

Platinum surges to 10-year high on supply concerns

“Platinum lease rates are high, so the refineries are not looking to manufacture because the cost is much higher. So demand is coming, but there’s not enough supply… above ground inventory is tight,” said Brian Lan, managing director at GoldSilver Central, Singapore.

Platinum lease rates refer to the cost of borrowing platinum for a set period of time. High lease rates can indicate a shortage of platinum in the market.

The Executive Council of Dubai has approved the launch of the ‘Dubai Orchestra’ to enhance the emirate’s global cultural profile and expanding opportunities for Emirati and international talent in the arts sector.

The project was approved under the directives of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai.

“Art is a universal language that connects people, and Dubai is a hub for initiatives that build bridges between cultures and celebrate creativity,” said Sheikh Hamdan. “We continue to support and empower the cultural and artistic sectors by establishing an integrated and sustainable infrastructure that promotes the growth and prosperity of cultural and creative industries.”

The Dubai Culture & Arts Authority will lead the implementation of the project in collaboration with public and private sector partners.

By 2033, the orchestra aims to include Emirati talent in 50 per cent of its membership. The project also supports wider cultural and economic goals outlined in the Dubai Creative Economy Strategy, the Dubai Economic Agenda D33, and the Dubai Social Agenda 33.

Dubai Orchestra to embody emirate’s ‘creative’ ambitions and support Emirati talent

Sheikh Hamdan described the orchestra as a reflection of Dubai’s cultural identity and an initiative that embodies the emirate’s creative spirit. “We have approved the ‘Dubai Orchestra’ project as a key avenue for expanding international cultural collaboration. It contributes to developing the cultural and arts sectors, further highlighting Dubai’s rich and diverse cultural landscape and heritage.”

Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of the Dubai Culture & Arts Authority, said the approval marks a significant step in reinforcing Dubai’s presence on the global arts stage.

“This project is a powerful reflection of Dubai’s creative scene, celebrating local talent, shaping a distinctive musical identity, and enhancing the city’s global standing in the cultural sector,” said Sheikha Latifa.

The initiative will also launch a series of community-focused programmes, including education and youth outreach initiatives designed to build long-term engagement with music and the arts.

These activities aim to promote artistic expression, support emerging musicians, and preserve regional musical heritage.

The Central Bank of the UAE (CBUAE) thas announced its decision to maintain the base rate applicable to its overnight deposit facility (ODF) at 4.40 per cent. This move follows the US Federal Reserve’s announcement to keep the interest rate on reserve balances (IORB) unchanged.

The CBUAE will also maintain the interest rate for borrowing short-term liquidity from the CBUAE at 50 basis points above the base rate, applicable to all standing credit facilities.

This decision by the CBUAE directly stems from the UAE dirham‘s peg to the US dollar, which necessitates mirroring the monetary policy actions of the US Federal Reserve to ensure currency stability and consistent financial conditions.

US Fed maintains base rate

The Federal Reserve decided yesterday to maintain its target range for the federal funds rate at 4-1/4 to 4-1/2 per cent.

This stance by the US central bank is taken as it assesses an economic outlook indicating continued solid expansion despite swings in net exports, a low unemployment rate, and generally solid labor market conditions, even with inflation remaining somewhat elevated.

The Federal Reserve, committed to supporting maximum employment and returning inflation to its 2 percent objective over the longer run, continues to monitor incoming data, the evolving outlook, and the balance of risks.

The CBUAE’s base rate, anchored to the US Federal Reserve’s IORB, serves as a key indicator of the UAE’s general monetary policy stance.

It also establishes an effective floor for overnight money market interest rates across the UAE, ensuring the transmission of monetary policy within the national financial system.

In the UAE, what was once a routine errand is now a high-speed, tech-powered experience built around personalisation, speed, and instant gratification. With $38.29bn in revenue generated in 2024 — and a projected CAGR of nearly 5 per cent through 2028 — the e-grocery industry isn’t just growing, it’s transforming.

From AI-driven inventory to delivery that’s faster than you can write a list, this shift is powered by innovation that’s redefining how, when, and why we shop.

The popularity of e-grocery is perhaps the most telling sign of change. With the segment hitting $1.14bn in 2024, commanding 17 per cent of the nation’s total e-commerce market, it’s clear this market is reshaping the future of retail.

Growing at a staggering CAGR of 25.4 per cent, its ascent promises a $2.82bn milestone by 2028.

These figures are more than just numbers, they highlight a radical shift in consumer shopping habits towards the virtual cart and checkout.

Consumer behaviour shifts: A new demand for speed and personalisation

The landscape of consumer demand is undergoing a metamorphosis, highlighting the need for speed, personalization, and value. This transformation is symbolized in the rise of quick commerce — our arena of grocery and retail—where the expectation isn’t merely for same-day delivery but delivery that races the clock, within minutes.

Illustrative of this shift, our innovative talabat Mart stores have effectively halved delivery times, catalysing a remarkable surge in customer interaction, with order frequencies in these locales climbing by 1.3 times.

This evolution amplifies the essence of speed in magnifying customer engagement within digital retail.

The rhythm of consumer habits is also shifting, with peak hours between 5pm and 9pm driving nearly 40 per cent of all grocery and retail orders — a clear signal of the need for precise capacity planning and real-time inventory updates to masterfully navigate high-demand windows. But the story doesn’t end there.

Late-night orders are carving out their own space in this evolving dynamic, with categories like snacks and beverages witnessing an impressive average of 48 per cent growth year-over-year.

The “nocturnal” demand is rewriting the script on traditional shopping and what it means to shop on your own time, stretching the boundaries of convenience deep into the off-hours.

The modern consumer isn’t just participating in the marketplace, they’re seeking a dialogue with it.

Personalisation has become the drumbeat to which modern consumer behaviour marches, with personalised item-level deals boasting over 30 per cent higher click-through rates than their generic counterparts, given the consumers’ strong preference for offers tailored to their unique tastes.

Further reflecting this personalised journey is the uptick in search-led sessions, as consumers make bespoke and health-conscious choices.

Searches for niche and lifestyle staples like matcha, vegan cheese, and protein snacks paint a picture of a consumer base that’s not just buying, but curating their carts with intentionality, carving a shopping experience that’s not just satisfying but also markedly theirs.

The rise of private labels in the digital grocery and retail space

The rise of private labels is transforming the very definition of value in the grocery and retail space, blending affordability with quality in a way that deeply resonates with modern consumers. Since debuting our first offerings in the UAE in November 2023, we’ve scaled to 351 SKUs across seven countries by April, achieving a 1387 per cent year-over-year growth.

This trajectory reveals a clear consumer preference for products that deliver a seamless harmony of cost and craftsmanship.

Private labels aren’t merely a product line — they’re the new narrative of value, innovation, and trust in retail.

The strategic expansion of our food category signals a decisive step to align with evolving consumer demand.

Currently, with 89 per cent of our portfolio composed of non-food items, this shift reflects a targeted effort to diversify and meet the growing appetite for food-related offerings.

Leveraging technology for operational excellence

The integration of advanced technology has been transformative, solidifying our leadership in the grocery and retail industry.

AI-driven computer vision enables real-time stock accuracy, minimising out-of-stock scenarios through predictive replenishment, while IoT systems in dark stores ensure consistent product quality without physical oversight.

These innovations have culminated in a 98 per cent order fulfillment rate, reducing errors and delays, and enhancing overall customer satisfaction.

Today, grocery shopping has gone from being a mundane chore to a futuristic journey powered by cutting-edge technology such as AI, ML, and IoT. These innovations do more than streamline operations; they revolutionise the consumer experience by weaving convenience, accuracy, and promptness into the very fabric of service.

The industry can leverage these technologies to not only keep pace with modern demands but also foster connections characterised by deep trust and shared benefits.

The writer is the chief retail officer at talabat.

Oracle and xAI have announced a partnership that will bring xAI’s Grok models to Oracle Cloud Infrastructure (OCI), enabling enterprise customers to deploy the advanced generative AI models via OCI’s Generative AI service.

The integration allows businesses to harness Grok’s capabilities, ranging from content creation and research to complex business process automation, using Oracle’s high-performance, scalable AI infrastructure. xAI will also use OCI to train and run inferencing for its next-generation Grok models, including the recently launched Grok 3.

“Grok 3 represents a leap forward in AI capabilities, and Oracle’s advanced data platform will accelerate its impact on enterprises,” said Jimmy Ba, co-founder of xAI. “This collaboration between xAI and Oracle is set to redefine enterprise-grade AI.”

Grok 3 supported by supported by OCI’s enterprise-grade infrastructure

Founded in 2023, xAI has emerged as a leading player in artificial intelligence, with Grok 3 demonstrating strong performance in reasoning, mathematics, coding, and cross-domain understanding. The models are trained using large-scale reinforcement learning and are supported by OCI’s enterprise-grade infrastructure, which prioritises data governance, management, and zero data retention processing for enhanced security.

“By bringing xAI’s cutting-edge Grok models to our customers, we are expanding the possibilities of AI in the enterprise,” said Greg Pavlik, EVP of AI and Data Management Services at Oracle Cloud Infrastructure. “This partnership underscores our commitment to offering organisations greater flexibility and access to the most advanced AI technologies.”

Oracle’s AI infrastructure — including bare metal GPU instances — supports a broad range of demanding AI workloads such as generative AI, computer vision, and recommendation engines. Thousands of enterprises are already deploying Oracle’s AI offerings to drive innovation and boost productivity.

Telecom provider Windstream is among the early adopters exploring xAI’s multimodal models via OCI to improve operational workflows. “We think there could be real advantages to leveraging Grok models via OCI Generative AI service, integrating language comprehension and reasoning to propose meaningful actions,” said Kaushik Bhanderi, SVP at Windstream.

The announcement further strengthens Oracle’s AI ecosystem and expands xAI’s reach into enterprise applications through a secure, scalable platform.