Gold edged higher on Friday after losing more than 1 per cent in the prior session, but was on track for its biggest weekly decline since March as a firmer US dollar cut the metal's appeal.
The dollar was up for a fourth week in five against a basket of major currencies, making dollar-denominated assets such as gold more costly for holders of other currencies.
The greenback got a boost overnight after Boston Federal Reserve President Eric Rosengren said the Fed should raise interest rates if data confirms a stronger jobs market and inflation outlook in the second quarter.
"Right now the dollar is the primary factor in the gold price," said William Wong, assistant head of dealing at Wing Fung Precious Metals in Hong Kong.
Wong believes market opinions remain mixed on when the Fed will hike rates next after raising them for the first time in nearly a decade last December. The metal will likely be trapped between $1,250 and $1,300 before the Fed's next meeting in June.
Spot gold was up 0.3 per cent at $1,266.46 an ounce by 0218 GMT, after dropping 1.1 per cent on Thursday. It has lost 1.7 per cent so far for the week, the most since the week ended March 25.
Still, gold has gained more than 19 per cent in 2016 after a series of weak economic data in the United States and elsewhere eased expectations of a near-term increase in US interest rates.
Reflecting sustained optimism towards bullion, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, stood at 27.17 million ounces on Thursday, the highest since November 2013. But Wong said physical gold demand in top consumer China remained scarce, possibly due to the high price.
"Maybe towards $1,250 we might see a bit more physical demand," he said.
US gold for June delivery slipped 0.3 per cent to $1,267.90 an ounce. Technical analysts at ScotiaMocatta said their view on gold is neutral so long as it trades between the $1,303 resistance level and the $1,256 support.
Spot silver advanced 0.4 per cent to $17.03 an ounce, platinum was steady at $1,045.10 and palladium dropped 0.6 per cent to $589.72.
Gold rates for Saturday, May 14, 2016
|LATE EVENING |
|22 k*|| |
|18 K*|| |
DD/TT RATES AT 03.45 PM - 05 May 2016
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)
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