Sunday, February 21, 2016

Latest gold, forex rates in UAE: Gold slips but only just

Gold eased on the last trading day of the week (Friday) as investors cashed in some of the previous day's 2 per cent gains.

However, expectations that rock-bottom interest rates would persist served to keep prices above $1,225 an ounce.

Spot gold closed the week at 1,225.73 an ounce, marking its first weekly decline in five weeks.

Gold rates for Saturday, Feb 20, 2016

Daily MORNING
9:00 AM
AFTERNOON
2:00 PM
EVENING
5:00 PM
LATE EVENING
8:00 PM
TT Bar 16890      
24k*

147.25

     
22 k*

139.75

     
21k*

133.75

     
18 K*

114.75

     

Prices remain up nearly 16 per cent so far this year, with turmoil in the wider financial markets fuelling interest in the metal as a store of value while reducing the likelihood of further interest rate rises by the US Federal Reserve.

That is continuing to underpin gold as it consolidates below last week's one-year high of $1,260.60.

Rising rents and healthcare costs lifted underlying U.S. inflation in January by the most in nearly 4-1/2 years, signs of a pick-up in price pressures that could allow the Federal Reserve to gradually raise interest rates this year.

Global equity markets retreated but were off earlier lows as oil prices weakened, while short-dated US bond prices rose after economic data raised the possibility of a US rate hike this year.

Bullion has been supported by inflows into gold-backed exchange-traded funds (ETFs), holdings of which have already risen this year by more than they fell in the whole of 2015. In the physical markets, Asian gold demand slowed this week with discounts in key consumer India at a record high.

DD/TT RATES AT - 09.45 PM - 20 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

WEEKLY
RATES
SATUR SUN MON TUES WEDNES THURS FRI
TT Bar              
24k              
22 k              
21 k              
18 K              

   
Get retail Gold and Forex rates with Emirates 24|7 [1]

Rates will be updated twice daily

Emirates 24|7[2] 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.

References

  1. ^ Get retail Gold and Forex rates with Emirates 24|7 (www.emirates247.com)
  2. ^ Emirates 24|7 (emirates247.com)

Latest gold, forex rates in UAE: Gold slips but only just Rating: 4.5 Posted by: Unknown

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