Dubai gold price remains steady, time to buy?

Dubai gold price remains steady, time to buy?

The price of gold continues to be steady as dollar gained

By Reuters

Published: Tue 8 Aug 2017, 8:59 AM

Last updated: Tue 8 Aug 2017, 2:39 PM

Gold prices were steady early on Tuesday, hovering around nearly two-week lows hit on Friday, with the US dollar buoyed by hopes of another interest rate hike this year after robust US employment data.
24k gold in Dubai is priced at Dh152.75, while 22k can be purchased at the rate of Dh143.50.

Spot gold had edged up 0.1 percent to 1,258.20 per ounce at 0046 GMT. US gold futures for December delivery were nearly flat at $1,264.20 per ounce. The dollar steadied in Asian trading on Tuesday, maintaining most of the gains it made on last week's employment data that kept hope alive that the US Federal Reserve could still increase interest rates this year.
But St. Louis Fed President James Bullard aid on Monday that the Fed could leave interest rates where they are for now because inflation is not likely to rise much even if the US job market continues to improve.
US Secretary of State Rex Tillerson held a door open for dialogue with North Korea on Monday, saying Washington was willing to talk to Pyongyang if it halted a series of recent missile test launches.
A broad measure of equity markets across the world climbed to a record high on Monday, boosted by gains in Asia, while US and European markets were little changed, with US energy shares capping gains on the benchmark S&P 500 index.

US Treasury yields slipped on Monday after a stronger-than-expected US non-farm payrolls report the previous session, with no major market drivers ahead of a slew of government bond and corporate supply this week.

Holdings at the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.03 percent to 786.87 tonnes on Monday from 787.14 tonnes on Friday.

British Prime Minister Theresa May's botched gamble on a snap election has shaken public confidence in the government with nearly two thirds of voters now negative about her government's approach to Brexit talks, an ORB opinion poll indicated.

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