Dubai gold prices decline, 22k priced at Dh149.25

London - In Dubai, gold prices are Dh158.75 for 24-karat.

Gold prices dropped on Thursday for a third consecutive day, holding near four-week lows hit in the previous session, on a firmer greenback amid expectations of more US interest rate hikes this year.
Spot gold was down 0.4 per cent to $1,313.51 per ounce, as of 0351 GMT. In the previous session, it hit
Meanwhile in Dubai, gold prices are Dh158.75 for 24-karat and 22-karat can be bought for Dh149.25.
its lowest since Jan. 10 at $1,311.66.
US gold futures for April delivery rose 0.1 per cent to $1,315.70 per ounce.
The US dollar rose on Wednesday, marking its biggest one-day gain in more than three months against a basket of currencies . It was steady at 90.216 on Thursday.
"The main drivers behind the precious metal - notably, the dollar and US equities - still remain too turbulent," INTL FCStone analyst Edward Meir said.
"They should have an oversized impact on price direction for gold for a little while longer."
Asian shares flirted with six-week lows on Thursday, while US stocks finished lower on Wednesday, losing ground late in the session as a jump in Treasury yields kept investor nervousness high.
The US Federal Reserve will stick to its plan for "steady, gradual" interest-rate increases, San Francisco Federal Reserve Bank President John Williams said on Wednesday despite market gyrations and strong data on US wage growth that has bond traders pricing in faster rising inflation 
Hikes in interest rates lead to higher bond yields and dampen the demand for non-yielding gold. The yellow metal is also used as a hedge against inflation 
"The shifting Fed narrative that is gathering hawkish following could be the most significant thorn in the Gold Bulls side," said Stephen Innes, head of trading APAC at OANDA.
Spot gold is expected to fall more to $1,301 as it has pierced below a support at $1,316 per ounce, according to Reuters technical analyst Wang Tao.
Holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, dropped 0.29 per cent to 826.90 tonnes on Wednesday from 829.27 tonnes on Tuesday.
Holdings fell for a second straight session after they marked on Tuesday their worst one-day drop since December 2016.
"The heavy falls in equities appear to have impacted ETF investors," ANZ analysts said in a note.
Among other precious metals, silver edged 0.4 per cent lower to $16.31 per ounce. In the previous session, it touched $16.26, its lowest since Dec. 22.
Platinum declined 0.8 per cent to $972.00 per ounce, after touching its lowest since Jan. 11 on Wednesday.
Palladium fell 0.4 per cent to $980.20 per ounce. In the previous session, it hit $978.55 an ounce, its lowest since Nov. 15.
 

• Gold and Forex