Gold surged more than 2.5 per cent and saw its biggest one-day jump in seven weeks on Friday after US payrolls data fell well short of forecasts, boosting expectations that the Federal Reserve will stand pat on interest rates.
Spot gold was up 2.55 percent at $1,243.80 an ounce at 8.49am UAE time on Sunday (market closed), while US gold futures for August delivery settled up 2.5 per cent at $1,242.90 an ounce.
In Dubai, the price of 18K gold jumped from Dh112.75/gram on Friday morning (9am) to Dh115.25/g by 5pm on the same day.
The US economy created the fewest jobs in more than five years in May, a Labor Department report showed.
That could make it difficult for the Fed to raise interest rates further. The data sparked a rebound in gold, which had slid to a 3-1/2 month low of $1,199.60 on Monday on growing expectations for a hike.
"The climate for gold to go higher ... was certainly set because this pretty sharp drop in bond yields, along with the pull-back in the US dollar and declining equities created a good combination for the gold market to go higher," said James Steel, chief metals analyst for HSBC Securities in New York.
US and European shares, the dollar, oil and bond yields dived after the US job data.
"The sharp drop in non-farm payrolls is negative for the dollar and positive for gold," ABN Amro analyst Georgette Boele said. "Expectations for a rate hike soon have clearly diminished ... Precious metals prices will fly higher."
Gold was on track to rise 2.3 per cent this week, following four straight weeks lower after comments from senior US central bank officials, including Fed Chair Janet Yellen, boosted expectations of an imminent rate rise.
Gold is highly sensitive to US rate expectations, as rising rates lift the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced.
Gold demand in Asia, home to the world's biggest consumers of physical gold, was muted this week as a slight increase in India and Japan was offset by reductions in other trading centres as buyers awaited further price declines.
Gold rates for Saturday, June 04, 2016
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DD/TT RATES AT 03.45 PM - 2 June 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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