Gold snapped a three-day losing streak on Wednesday, in choppy trade that saw the metal swing between gains and losses around the key $1,200 an ounce level as stock markets consolidated recent gains.
Spot gold was at $1,205 an ounce by 9.45am UAE time, after earlier dropping to a session low of $1,195.40.
It lost 3.7 per cent in the previous three sessions.
Gold rates for Tuesday, Feb 17, 2016
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The stock market stabilisation, after last week's rout on concerns about the global economy, has reduced investor interest in gold as a safe-haven asset. The yellow metal hit a one-year high of $1,260.60 an ounce last week.
Concerns remain that gold could correct further as some analysts say gold gained too much, too quickly.
Sentiment was not helped by news that John Paulson, one of the world's most influential gold investors, slashed his bets on bullion at the end of last year by cutting his stake in the top gold-backed exchange traded fund by 37 per cent.
Global stock markets have calmed since last week's declines. Asian shares were taking a breather on Wednesday after two sessions of solid gains, while US shares registered gains in Tuesday's session.
DD/TT RATES AT - 03.45 PM - 17 Feb
The dollar has recovered from multi-month lows hit last week against the euro and the yen.
Despite the recent losses, gold has risen 13.1 per cent in 2016, making it the best performing asset this year.
Investors will be eyeing the minutes of the Federal Reserve's January 26-27 meeting to be released later on Wednesday to gauge the US central bank's view of the economy and its outlook on interest rates.
Speculation has increased in recent days that the Fed might resort to negative interest rates to stimulate the economy after Fed Chair Janet Yellen said last week it was an option that would not be taken "off the table."
Lower or negative rates would boost demand for non-interest-paying gold.
However, Boston Fed President Eric Rosengren said on Tuesday it would take a grimmer economic picture to prompt the central bank to cut rates.
The Fed raised interest rates in December for the first time in nearly a decade.
Weekly Gold Rates
Rates will be updated twice daily
Emirates 24|7 brings you the daily Dubai gold rate (22k, 24k, 21k and 18k), as well as currency exchange rates, including the Indian rupee, Pakistani rupee, Philippine peso, Sri Lankan rupee, sterling pound, euro and may more against the UAE dirham (US dollar).
The rates for 24 carat, 22 carat, 21 carat, 18 carat and Ten Tola (TT) Bar (11.6638038 gram) will be updated four times a day to keep them fresh and relevant for buyers of gold bars and gold jewellery in the UAE.
The update times for Retail Gold Rate in Dubai will be at 9.30am, 2.30pm, 5pm and 8pm (unless there is drastic fall or rise in the international rate).
On Saturdays, the gold rates will be updated at 9.30am and this rate will stay static through Saturday and Sunday until the international market reopens on Monday.
Please note that the retailers add making charges separately to the quoted rate of gold.
The Retail Gold Rate in Dubai is being supplied by the Dubai Gold and Jewellery Group.
Foreign Exchange Rates
The Foreign Exchange Rates of major currencies will be updated twice each working day at around 8:30am and 3:30pm.
These will cover both the Remittance Rates [for sending money] and the Currency Notes Rates [for buying and selling of currency notes].
The Foreign Exchange Rates are being supplied by UAE Exchange.
- ^ Get retail Gold and Forex rates with Emirates 24|7 (www.emirates247.com)
- ^ Emirates 24|7 (emirates247.com)