Gold prices rose after the dollar and US Treasuries fell from their high levels, but the prospect of an agreement to make the Korean Peninsula a nuclear-weapon-free zone reduces the precious metal’s appeal as a safe haven.
Gold rate in Dubai 24k gold in Dubai is Dh160.25 , 22k can be bought at Dh151 and 21k stable at Dh142 .
Spot gold rose 0.5 percent to $ 1323.84 an ounce late in the US session.
US gold futures for June delivery rose 0.42 percent to settle at $ 1323.40 an ounce.
“The dollar has fallen and US Treasury yields have fallen below 3 per cent, giving a boost to gold,” said Walter , executive vice president of investment banking firm Dillon .
Ten-year Treasury yields, a benchmark for global interest rates, continued their slide from the 3 percent level it surpassed on Wednesday for the first time in four years.
Typically, rising US bond yields are putting pressure on gold by reducing the attractiveness of the precious, non-yielding dollar-denominated metal.
Traders said that the decline in yields of US Treasuries and the dollar and the fall of gold to a major level of support have triggered purchases in the yellow metal.
Gold finished the week down about 1 percent for the second week in a row, the biggest drop in four weeks.
Among other precious metals, spot silver rose 0.3 percent to $ 16.53 an ounce, ending the week with a loss of about 2.5 percent.
Platinum rose nearly 0.6 percent to $ 911.74 an ounce after hitting its lowest level since Dec. 18 at $ 900.50.
Palladium fell 1.08 percent to $ 973.90 an ounce, ending the week with a loss of around 6 percent. The metal has jumped nearly 10 percent since the United States imposed sanctions on Russian entities on April 6. Russia is the world’s largest producer of palladium.
