Dubai: Gold on Wednesday landed its highest level in nearly one week as investors anticipate the interest rates to remain unchanged towards the end of the year.
Retail prices in Dubai rose to Dh138.25 per gram for 24-carat gold on Wednesday, up by 3 per cent or Dh4 from nearly a week ago. The precious metal was retailing at Dh134.25 for 24K on October 1.
The price for 22K stood at 131.25 per gram, while 21K and 18K retailed at Dh126 and Dh109, respectively.
Also In Wednesday’s early session, spot gold had climbed to $1,151.20, its highest since September 24. It later settled at $1,148.16 an ounce, up by 0.1 per cent at 0331 GMT, according to a Reuters report.
The precious metal has earned much support from lacklustre employment data from the United States. Hiring in the United States slowed down in September, with the economy adding only 142,000 jobs last month, much lower than the forecast 304,000 vacancies.
The Federal Reserve announced last month that it would defer the increase in interest rates. Investors are expecting that the weak hiring figures in the US, coupled with the volatility in the financial markets and slowdown in China, will continue to deter the Fed Reserve from adjusting the rates before the end of 2015.
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