Latest gold, forex rates in UAE: Gold hits one-week low
Dubai-UAE (Aug 7) US jobs data beats forecasts; US dollar, global stocks move higher. Gold fell as much as 1.7 per cent on Friday, the last trading day of the previous week, as the dollar rose after US data showed employment increased more than expected in July, raising the probability of an interest rate hike from the Federal Reserve this year.
Spot gold fell to a one-week low of $1,336.46 an ounce and closed the week down more than 1 per cent at $1,337.30/oz. US gold ended the week at $1,336.40. “I don't think all the new retail investors are very happy with this direction," said Rob Haworth, senior investment strategist for US Bank Wealth Management in Seattle.
Gold is highly sensitive to rising US interest rates, as the opportunity cost of holding the non-yielding asset increases.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund rose to the highest since July 11 on Thursday.