Latest gold, forex rates in UAE: Gold up on safe-haven bids

Gold inched higher on Monday, bolstered by safe-haven bids following rising geopolitical tensions in the Middle East that knocked equities and the dollar lower.

Saudi Arabia cut ties with Iran on Sunday, responding to the storming of its embassy in Tehran.

Spot gold was up 0.4 per cent to $1,064.40 an ounce by 0323 GMT, while US gold futures rose 0.3 per cent. Silver jumped nearly 1 per cent to $13.89, tracking the yellow metal.
Gold rates for Friday, January 1, 2016

Daily

9:00am

2:00pm

5:00pm

8:00pm

TT Bar

14675

24k

128.25

22k

121.50

21k

116.25

18k

99.75

Asian shares and currencies fell on Monday due to tensions in the Middle East and soft Chinese data. The dollar fell to a 10-week low against the yen, also seen as a safe haven. A weaker dollar makes gold cheaper for holders of other currencies.

Brent crude and WTI rose about 2 per cent on Monday due to the fallout in the Middle East. Higher oil prices support bullion, as gold is seen as a hedge against oil-led inflation.

Investors bet on gold as an alternative investment during times of geopolitical and financial uncertainties, though safe-haven rallies typically tend to be short-lived.

After losing 10 per cent last year, gold faces another tough year in 2016, amidst higher US interest rates and a stronger dollar, with analysts predicting further price drops.

The Federal Reserve raised US rates for the first time in December, and is expected to resort to gradual increases in this year. Higher rates dent demand for non-interest-paying gold, while supporting the dollar.

Weekly Gold Rates

 

 

 

Weekly

rates

 

 

 

Saturday

 

 

 

Sunday

 

 

 

Monday

 

 

 

Tuesday

 

 

 

 

Wednesday

 

 

 

 

Thursday

 

 

 

 

Friday

 

TT Bar

16430  No 16460 16530 16610 16130 16620

24k

143.50  Trading 143.75 144.25 145.00 141.00 145.00

22 k

136.25   136.50 137.00 137.50 133.75 137.50

21 k

130.50   130.75 131.25 132.00 128.25 132.00

18 K

113.00   113.25 113.50 114.00 111.00 114.00

   
Get retail Gold and Forex rates with Emirates 24|7 

 

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.

http://www.emirates247.com/business/gold-currency/latest-gold-forex-rates-in-uae-gold-up-on-safe-haven-bids-2016-01-04-1.564538

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