Gold extended losses on Monday, dropping towards its lowest level in nearly six years, and was poised to record its steepest monthly slide in 2-1/2 years on prospects of a US interest rate hike this year.
The Federal Reserve is expected to raise rates at its next policy meeting on Dec.15-16.
Investors believe gold, as a non-interest-paying asset, will take a hit to demand from higher rates as the dollar gains.
Spot gold slipped 0.2 percent to $1,055.60 an ounce by 0656 GMT. It had dropped to $1,052.70 earlier in the session, within striking distance of $1,052.46, the lowest since February 2010, reached on Friday.
Gold rates for November 30, 2015
|
Daily |
9:30am |
2:00pm |
5:00pm |
8:00pm |
|
TT Bar |
14535 | 14535 | 14550 | 15645 |
|
24k |
127.00 | 127.00 | 127.25 | 128.00 |
|
22k |
120.25 | 120.25 | 120.50 | 121.25 |
|
21k |
115.00 | 115.00 | 115.25 | 116.00 |
|
18k |
98.75 | 98.75 | 99.00 | 99.50 |
Assets in SPDR Gold Trust, the world's top gold-backed exchange-traded fund, fell to their lowest since September 2008 on Friday.
The strength in the dollar also kept a lid on any increase in gold prices. The dollar climbed to a fresh eight-month high against a basket of major currencies on Monday.
Among other precious metals, silver was poised to log its worst month in year, with a near-10 percent drop. The platinum group metals were the worst performers in the precious group in November. Palladium has lost 20 percent for the month, while platinum has lost 16 per cent - both biggest monthly drops in four years.
DD/TT RATES AT 03.45 PM - 30 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 |
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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.
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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.