Gold’s rate made a rebound last Monday in the stock exchange market during the last session’s nine week high. This happened while the pressure on Asian stock markets made a trigger on safe-haven bids for the metal.
On the market, gold rose 0.88 percent to $1,107.4 per ounce. Last week, gold’s rate made its highest increase since early November of 2015. It added more than 4% to its value this year. This has become a concern for the Chinese economy while the stock markets have triggered safe-haven appeal for the so-called precious metal.
Last year, gold slid up to 10% which gave fear for higher US rates to dip down on demand for non-paying asset while boosting the dollar on the other hand. For other currency holders, a stronger greenback could make dollar-denominated gold more expensive.
After Wall Street had suffered its worst start, the Asian share markets faced a testing time last Monday. It also gave doubts over the sent investors of Beijing’s policy who ended into the safe-haven yen and sovereign bonds.
On the other hand, the oil market fell for five times straight on Friday, which caused the lost of 10% on its value; while Goldman Sachs said in a statement that more losses were needed for the producers to be forced to cut off adequate supplies and make a balance on the demand.
The Emirates 24|7 is set to bring daily updates in Dubai forex rates which included Indian rupee, Pakistani rupee, Philippine peso, Sri Lankan rupee, sterling pound, euro and may more against the UAE dirham (US dollar) and most importantly the gold rate (22k, 24k, 21k and 18k).
The updates for Retail Gold Rate in Dubai is said to be aired daily at 9.30am, 2.30pm, 5pm and 8pm. While on the other hand, The Foreign Exchange Rates of major currencies will be updated twice each working day at around 8:30am and 3:30pm.