Gold rates for Saturday, July 23, 2016
Gold remained above a three-week low on Thursday, as the dollar slipped and European shares also fell after the European Central Bank left key interest rates unchaged, as expected.
The ECB held rates at record lows as it seeks to revive growth and inflation with cheap credit to the economy. It added that it continues to expect its key interest rates to remain at present or lower levels for an extended period of time and well past the horizon of the net asset purchases.
Spot gold rose 0.3 per cent to $1,319.27 an ounce by 1211 GMT, after touching $1,310.56, its lowest since June 28.
US gold was unchanged at $1,319.30 an ounce.
The dollar index, which hit a more than four-month high on Wednesday, slipped 0.2 per cent against a basket of six currencies, also on reports that Bank of Japan Governor Haruhiko Kuroda has ruled out the idea of using "helicopter money" to stimulate Japan's economy.
The US currency had benefitted from stronger-than-forecast economic data lately, which raised expectations that the Federal Reserve may raise rates before the end of the year.
Gold is highly sensitive to rising rates, which increase the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.
"The chief factor impacting gold is the Fed's decision about the interest rate hike," ThinkMarkets chief analyst Naeem Aslam said.
Spot gold has found a support at $1,313 per ounce, and may hover around this level temporarily before falling towards the next support at $1,298, according to Reuters technical analyst Wang Tao.
Spot silver was on track for a sixth session of losses, down 0.1 per cent at $19.36 an ounce.
Platinum, which hit a two-week low on Wednesday, was up 0.3 per cent at $1,085.
Palladium, which hit its highest in nearly nine months on Wednesday, was unchanged at $669.75.
DD/TT RATES AT - 03.45 PM - 21 JUL
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.