Gold edges down on firm dollar, 22k priced at Dh149.75

Gold edges down on firm dollar, 22k priced at Dh149.75

Gold prices nudged lower on Thursday as the dollar held near its 2018-peak.



By Reuters

Published: Thu 10 May 2018, 9:32 AM

Last updated: Thu 10 May 2018, 2:54 PM

Gold prices nudged lower on Thursday as the dollar held near its 2018-peak on firm US bond yields, with investors also keeping an eye out for any further impact from US President Donald Trump's decision to pull out of a nuclear deal with Iran.
24k gold can be bought at Dh149.75 and the price of 22k is Dh149.75. Check today's rate here.
Spot gold had fallen 0.1 percent to $1,311.26 per ounce by 0053 GMT.
US gold futures for June delivery slipped 0.1 percent to $1,311.40 per ounce. 
The dollar held firm on Thursday after the 10-year US bond yield rose back to the psychologically important 3 percent mark and investors looked to US consumer price data due later to show accelerating inflation.              
The dollar index was 0.1-percent higher at 93.150 after hitting a 4-1/2-month peak at 93.416 on Wednesday.  
Asian stocks rose on Thursday, with energy shares leading the way as crude oil prices bolted higher after Trump's move to exit the nuclear deal with Iran.            
Dismayed European allies sought on Wednesday to salvage the deal with Iran.            
US producer prices barely rose in April after strong gains in the first quarter, held back by a moderation in the cost of services such as hotel accommodation and healthcare, which could ease fears that inflation pressures were rapidly building up.             
Bank of England interest rates look set to remain on hold on Thursday, after unexpectedly weak economic data and cautious remarks from Governor Mark Carney dashed the chances of what until a few weeks ago looked like a near-certain increase.            
Investors are pushing back expectations for a rise in euro zone interest rates further into 2019 against a backdrop of soft economic data and disappointing inflation numbers, money market pricing suggests.     
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.14 percent to 862.95 tonnes on Wednesday from 864.13 tonnes on Tuesday.


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