Dubai gold price slips further from yesterday's Dh151 for 24...| MENAFN.COM

Thursday, 01 December 2022 06:11 GMT

Dubai gold price slips further from yesterday's Dh151 for 24k


(MENAFN- Khaleej Times) Gold prices crept higher early on Tuesday, after falling about 1 percent to a six-and-a-half-month low in the previous session, as a softer dollar and mounting global trade tensions supported the safe-haven metal.

24K gold is priced at Dh150 in Dubai and 22k can be bought at Dh141.

Spot gold was up 0.1 per cent at $1,242.23 an ounce as of 0044 GMT. It fell about 1 per cent to $1,239.20, its lowest since Dec. 12, on Monday.

US gold futures were 0.1 per cent higher at$1,243.10 an ounce.

The dollar index, which measures the greenbackagainst a basket of six major currencies, was 0.2 per cent lower at 94.864, after gaining about 0.4 per cent the previous day.

US President Donald Trump warned the World TradeOrganization on Monday that "we'll be doing something" if the United States is not treated properly, just hours after the European Union said that US automotive tariffs would hurt its own vehicle industry and prompt retaliation.

The White House said on Monday that Canada's decision to enact tariffs on C$16.6 billion ($12.63 billion) worth of American goods in retaliation for US tariffs on imports of Canadian steel and aluminium would not help its economy.

The US Chamber of Commerce on Monday denounced PresidentTrump's handling of global trade disputes, issuing a report that argued tariffs imposed by Washington and retaliation by its partners would boomerang badly on the American economy.

Investors have sharply increased their use of hedgingstrategies, signaling concerns that the intensifying trade battle between the United States and China might hit economies from Germany to South Korea.

US Secretary of State Mike Pompeo will leave for NorthKorea on Thursday seeking agreement on a plan for the country's denuclearisation, despite mounting doubts about Pyongyang's willingness to abandon a weapons program that threatens the United States and its allies.

US manufacturing activity surged in June, but a strongeconomy and import tariffs were causing bottlenecks in the supply chain, which could potentially weigh on production in the months ahead.

The US economy is growing at a 4.1 per cent annualizedrate in the second quarter in the wake of the latest data on construction spending and manufacturing activity, the Atlanta Federal Reserve's GDPNow forecast model showed on Monday.

The Perth Mint's sales of gold products in June increased about 14 per cent from May sales, while silver sales fell about 60 per cent from the prior month, the mint said on Monday.

Holdings of SPDR Gold Trust, the world's largestgold-backed exchange-traded fund, said its holdings fell 1.19 per cent to 809.31 tonnes on Monday.

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