Sunday, May 22, 2016

Latest gold, forex rates in UAE: Gold’s biggest 2-month drop

Gold edged lower on Friday for the third straight session and notched its biggest weekly slide in nearly two months on growing expectations for an increase in US interest rates as soon as next month.     

Spot gold closed the week at $1,251.95 an ounce, down 1.6 percent on the week in its third straight week of losses.

US gold futures for June delivery settled down $1.90 at $1,252.90.

New York Fed President William Dudley said on Thursday there was a strong sense among central bank officials that markets were underestimating the probability of policy tightening.       

That came a day after the minutes of the Fed's April meeting revealed that most policymakers felt a rate increase might be appropriate as early as next month, sending gold to a three-week low of $1,244. It has since bounced back, as ultra-low yields and concerns over economic growth lent support.     

"Those minutes from the last FOMC meeting I think really gave quite a bit of light to the possibility for that June rate hike," said Phillip Streible, senior commodities broker at R.J. O'Brien in Chicago.    

"I think that the Fed is now challenged and the market is getting more confident that it's going to happen, provided that the data supports it."    

Gold is highly sensitive to interest rates, gains in which lift the opportunity cost of holding non-yielding bullion. The metal has rallied 18 per cent this year as investors bet the Fed would hold off from further increases.      

The dollar retreated from its highest in nearly two months against a currency basket, but cruised to its third week of gains, keeping up pressure on gold.     

"The gold environment now is substantially different from what was apparent several weeks ago, when a weaker dollar and a benign rate environment were providing an element of support," INTL FCStone said in a report. "This is no longer the case."    

Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Shares, rose by 4.5 tonnes on Thursday to their highest since November 2013.     

Streible also said if there was some foul play discovered in the disappearance of an EgyptAir jet this week, that could lead to gold prices rising, spurred by safe-haven buying.      

Gold demand in Asia was subdued this week by a firmer dollar and weak seasonal demand in major trading centres.

Gold rates for Saturday, May 21, 2016

Daily MORNING
9:00 AM
AFTERNOON
3:00 PM
EVENING
5:00 PM
LATE EVENING
8:00 PM
Ounce rate 1253      
24k* 151.75      
22 k*

142.50

     
21k* 136.00      
18 K*

116.50

     

DD/TT RATES AT 03.45 PM - 05 May 2016

Weekly Gold Rates

   
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)

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Latest gold, forex rates in UAE: Gold’s biggest 2-month drop Rating: 4.5 Posted by: Unknown

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