Gold rose for a second session on Monday, as slowing economic growth in China and weakness in Asian stock markets lifted the safe-haven appeal of the precious metal.
Spot gold gained 0.4 per cent to $1,276.7 an ounce by 8am UAE time, while US gold futures added 0.5 per cent to $1,279.5 an ounce.
“In the second quarter, $1,300 to $1,400 is a fairly reasonable price for gold as the central banks are not going to raise interest rate any time soon,” said Mark To, head of research at Wing Fung Financial Group in Hong Kong.
“I think overall sentiment is very positive for the gold market.”
Asian stocks slipped early on Monday, weighed down by Friday’s decline on Wall Street and soft Chinese economic data released over the weekend.
China’s investment, factory output and retail sales all grew more slowly than expected in April, adding to doubts about whether the world’s second-largest economy is stabilising, data released on Saturday showed.
Gold has gained 20 per cent this year after weak economic data in the United States and elsewhere eased expectations of a near-term increase in US interest rates.
Higher rates would lift the opportunity cost of holding non-yielding gold.
Still, stronger-than-expected US economic data last week renewed expectations the Federal Reserve will hike rates more than once this year, capping gains in precious metals.
US retail sales in April recorded their biggest increase in a year as Americans stepped up purchases of automobiles and a range of other goods, suggesting the economy was regaining momentum after growth almost stalled in the first quarter.
Two Fed officials said the central bank should raise rates if data points to an improving economy.
Gold rates for Saturday, May 14, 2016
9:00 AM AFTERNOON
3:00 PM EVENING
5:00 PM LATE EVENING
Ounce rate 1274
DD/TT RATES AT 03.45 PM – 05 May 2016
Weekly Gold Rates
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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.
Courtesy : emirates247.com