Blog

In Dubai, the city of gold, Gold prices in the UAE for Gram 24-carat DH 155, gram 22 carat DH 147, Gram- 21 carat DH 139.12 and settled gram 18 carat DH 119.50.

According to Reuters, the spot price of gold rose to $ 1255.37 after reaching $ 1258.03 in the previous session when it hit its highest level since July 10.

Gold jumped 1 per cent yesterday, buoyed by the dollar’s decline and global stock crashing as the Federal Reserve (Fed) eased hopes for a lighter approach to the rate hike.

US gold futures rose 0.2 per cent to $ 1258.80 an ounce.
“The weakness of the dollar is the main reason for what we see from the rise in gold,” said Carsten Minke, an analyst at Julius Baer, ​​a move that includes all precious metals, suggesting that the dollar is mainly from the dollar.

He added that weak performance in stock markets increases demand for gold as a safe haven as well.
Global equity markets plunged after the Federal Reserve disappointed investors with Amel’s forecast for monetary easing, sending the dollar index down to a 10-year low, adding to the lure of gold to non-US investors.

Palladium rose 0.5 percent in spot trade to $ 1266.26 an ounce after hitting a record high of $ 1283.49 in the previous session.
Silver rose 0.7 per cent to $ 14.70 an ounce and platinum also rose 0.8 per cent to $ 792 an ounce.

The dollar fell to a 10-day low against rivals on Friday as concerns about the United States were in the throes of a sharp economic slowdown next year despite the Federal Reserve raising its benchmark interest rate for the fourth time this year.
Although US policymakers say they may raise interest rates three times by early 2020, the yield curve on US bonds, widely seen as an indicator of future economic recession, has stabilized at 10 basis points and slightly above its 11-year low. Earlier this month.

The dollar index fell 0.4 per cent to 96.68, close to the 9-day low of 96.554 recorded in the previous session.

The yen rose 0.5 percent to 111.92 yen per dollar and headed towards the fifth day of gains respectively.

In a widely expected decision, the Bank of Japan kept the interest rate unchanged and its monetary policy was very choppy.

The euro was leading the bulls in London, adding 0.5 percent to $ 1.1428.

The euro received support from the news of an agreement between Italy and the European Commission on the Rome budget for 2019, and some strong trade data this week.

Sterling gained 0.3 percent to $ 1.2658, and the Bank of England is expected to keep interest rates unchanged at its last meeting this year.

The Swedish krona jumped more than 1 percent against the dollar after the central bank raised interest rates for the first time in more than seven years.

In Dubai, the city of gold, Gold prices in the UAE for Gram 24-carat DH 146.75, gram 22 carat DH 39.75, Gram- 21 carat DH 133.12 and settled gram 18 carat DH 112.50.

NEW YORK (Reuters) – Gold trimmed its weekly gains, slipping through Friday, after jumping yesterday to its best daily gain in more than two years.

The improvement in the performance of US stocks and recovery after six consecutive declines, and the strengthening of the US dollar again against major currencies to reduce the demand of investors on the precious metal as a safe haven.

While gold dropped near the end of the trading session of the level of 1,220 dollars, the futures contracts for yellow metal delivery for December fell by 0.5% to 1,222 dollars, recording a weekly gain of 1.4%, in performance is the best in about two months.

Gold is still far from its best this year, which hit 10% in April. The metal’s losses were mainly due to the strong performance of the US dollar as the US economy recorded record growth rates and the Federal Reserve’s policy of raising interest rates.

In Dubai, the city of gold, Gold prices in the UAE for Gram 24-carat DH 146.75, gram 22 carat DH 136.75, Gram- 21 carat DH 130.12 and settled gram 18 carat DH 111.50.

Gold prices retreated earlier on Friday amid the Turkish lira crisis, which boosted demand for the precious metal as a safe investment but at the same time gave support to the US dollar, making gold more expensive for other currency buyers.

Investors defended the dollar as a safe haven as the Turkish currency collapsed by 23 percent to a record low, the Russian ruble fell to its lowest level in more than two years and the euro and the pound fell to their weakest levels in a year.

As Turkey’s turmoil spreads to other markets, gold, traditionally seen as a safe investment in uncertain times, has attracted some extra attention, said Saxony Bank analyst Ole Hansen.

“There is a battle between the strength of the dollar and some demand for safe havens created by the risk of a lira collapse,” he said.

Spot gold settled at $ 1211.94 an ounce by 1743 GMT, while the dollar index jumped more than 0.9 percent. The yellow metal is heading for the end of the week with little change after four consecutive weeks of declines.

US gold contracts fell 0.1 percent to $ 1219.00 an ounce.

Gold fell 11 percent from April’s peak to a one-year low of $ 1204 last week as the dollar rose to a 13-month high, investors pulled out of gold positions and speculation began to fall.

Among other precious metals, spot silver dropped 0.9 percent to $ 15.27 an ounce, platinum fell 0.2 percent to $ 828.50 and palladium rose 0.1 percent to $ 907.80 an ounce.

In Dubai, the city of gold, Gold prices in the UAE for Gram 24-carat DH 147 .50 , gram 22 carat DH 137 , Gram- 21 carat DH 130.12 and 18 carat DH 112

Gold fell more than 1 percent and hit its lowest level in 16 months as the dollar strengthened

 
The dollar rose against a basket of currencies during the certificate, increasing the cost of the metal to non-US investors.

The yellow metal continued its slide at its lowest level in a year as the dollar rallied after the Federal Reserve chairman said the bank would continue to raise interest rates at least 4 times a year at this time.

In economic data, industrial production in the US rose last June more than analysts expected.

On settlement, gold futures for August delivery fell 1% to $ 12.40 to $ 1227.30 an ounce, the lowest since mid-July 2017.

The US Department of Commerce’s Bureau of Economic Analysis is due to release its first economic growth estimate for the second quarter of this year on July 27.

At the same time, Powell warned that the federal budget deficit, which is going to exceed $ 1 trillion a year, equivalent to about 5% of GDP in the coming years, will pose risks that are difficult to define.

“In general, we see the risk of an unexpected drop in the economy, barely balancing the possibility of economic growth at a faster pace than current expectations,” he said.

The President of the Federal Reserve suggested that a “gradual” increase in key interest rates is likely to continue.

With core inflation in the US approaching the target of almost 2 percent per year for the first time after years of low inflation, Powell said policymakers “will continue to monitor inflation closely.”