Gold clung to gains from a two-day rally on Wednesday, supported by short-covering following a dip in the dollar after soft US manufacturing data.
The outlook for the metal, however, remains bearish due to a looming US rate hike, with all eyes now on the US non-farm payrolls data due later in the week.
A strong jobs report would further bolster the likelihood of a hike later this month, reducing the appeal of dollar-denominated gold.
Spot gold slipped slightly to $1,067.80 an ounce by 0704 GMT, after gaining about 1 percent in the past two sessions.
"The fate of gold is still very much determined by US monetary policy," said Mark To, head of research at Hong Kong's Wing Fung Financial Group.
"Prices will consolidate around current levels until the policy meet in mid-December."
The expected US interest rate increase will drag gold prices to the $1,000 level, he added.
Bullion fell to a near-six-year low last month and posted its biggest monthly drop in 2-1/2 years in November as investors believed higher rates could weaken demand for non-interest-paying bullion.
The Federal Reserve is widely expected to raise U.S. rates for the first time in nearly a decade at its next meeting on Dec. 15-16.
ABN Amro on Tuesday maintained its negative outlook for gold prices in 2016, mainly on expectations the Fed would slowly raise rates into next year, and said prices could fall below $1,000 per ounce in the coming months.
Traders will be eyeing US payrolls data on Friday to gauge the strength of the economy and its impact on the Fed's rate decision.
Data on Tuesday showed US manufacturing contracted in November for the first time in three years, though other data showed an increase in construction spending in October. Analysts said the manufacturing weakness will not deter the Fed from raising rates this month.
The US dollar fell from an 8-1/2 month high on the weak data on Tuesday, but ticked up on Wednesday.
Gold rates for December 02, 2015
|
Daily |
9:30am |
2:00pm |
5:00pm |
8:00pm |
|
TT Bar |
14715 | |||
|
24k |
128.75 | |||
|
22k |
121.75 | |||
|
21k |
116.50 | |||
|
18k |
100.00 |
DD/TT RATES AT 03.45 PM - 1 December 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.