Gold extended losses on Monday, falling towards a near-six-year low reached last week, pressured by a robust dollar and upbeat comments from Federal Reserve officials on a possible US rate hike next month.
Spot gold had dropped 0.7 per cent to $1,070.36 an ounce by 0320 GMT (7.20am UAE time), down for a 13th session in the 16 trading days this month. The metal declined to $1,064.95 last week, the lowest since February 2010.
Gold rates for November 23, 2015
|
Daily |
9:30am |
2:00pm |
5:00pm |
8:00pm |
|
TT Bar |
14755 | 14755 | 14755 | 14730 |
|
24k |
129.00 | 129.00 | 129.00 | 128.75 |
|
22k |
122.25 | 122.25 | 122.25 | 122.00 |
|
21k |
116.75 | 116.75 | 116.75 | 116.75 |
|
18k |
100.25 | 100.25 | 100.25 | 100.00 |
Speculation that the Fed will lift interest rates for the first time in nearly a decade this year has intensified since the release of strong US jobs data earlier this month. Comments from Fed officials have boosted that view.
Higher rates tend to weigh on gold, as they lift the opportunity cost of holding non-yielding assets, while boosting the dollar.
More pressure on bullion is expected as investors exit positions in the metal ahead of the looming US rate hike.
Assets in SPDR Gold Trust, the world's top gold-backed exchange-traded fund, slid 0.18 per cent to 660.75 tonnes on Friday, the lowest since September 2008.
Hedge funds and money managers switched to a bearish position in Comex gold contracts in the shortened week to November 17, as prices fell to the lowest in nearly six years, US Commodity Futures Trading Commission data showed on Friday.
The dollar was trading near a seven-month high against a basket of six major currencies on Monday, weighing on gold. A strong greenback makes dollar-denominated gold more expensive for holders of other currencies.
Other precious metals also tracked gold lower. Silver tumbled to $13.92 an ounce, the lowest since August 2009. Platinum was close to a seven-year low of $840.40 hit last week, while palladium fell over 1 per cent.
DD/TT RATES AT 03.45 PM - 23 Nov 2015
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.