On Monday, spot gold price slipped below the psychological $1,200-mark briefly to trade at $1,199.60 an ounce, its lowest since February 17.
Gold edged higher on Tuesday after falling to a 3-1/2 month low in the prior session but the yellow metal remained on track for its biggest monthly decline since November on the back of broad strength in the dollar.
Bullion got some support earlier in the session as Asian stocks wobbled and were headed for a monthly loss.
Spot gold was up 0.5 percent to $1,211.54 per ounce by 8.22am UAE time.
In Dubai, retail gold prices remained largely flat, with a gram of 18K gold being retailed for Dh112 while 24K gold is being retailed at over Dh146 per gram.
"There is pessimism for gold prices at the moment. The pressure is not done yet... For the coming two days, I still think the bearish sentiment will dominate," said Mark To, head of research at Hong Kong's Wing Fung Financial Group.
The safe haven asset has been under pressure over the past couple of weeks as senior US central bank officials, including Fed chief Janet Yellen, indicated that a rate rise may be on the cards sooner rather than later.
St. Louis Fed President James Bullard said on Monday global markets appear to be "well-prepared" for a summer interest rate hike from the Fed, although he did not specify a date for the policy move.
Bullion has fallen about 6.25 per cent so far in May, its biggest monthly fall since November.
A bearish target at $1,175 per ounce has been aborted for spot gold, as it managed to hover above a support at $1,206, Reuters technical analyst Wang Tao said.
"The precious complex continues to be under pressure albeit with some positive technical support now flowing through," said MKS Group trader James Gardiner.
The dollar hovered near its highest in two months against a basket of currencies on Tuesday on growing expectations of an imminent US rate hike.
US non-farm payrolls data for May is due on Friday and a solid reading could heighten expectations for a June rate rise.
Investors will also be looking out for trading cues from data on US personal income and consumer confidence, due later in the day.
Gold rates for Monday, May 30, 2016
|LATE EVENING |
|22 k*|| |
|18 K*|| |
DD/TT RATES AT 03.45 PM - 30 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.
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- ^ Emirates 24|7 (emirates247.com)
Source &h arr; MP3 Lagu Baru