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Gold, forex rates in UAE: Gold slips on firmer dollar

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Gold continued to slip on Thursday as the dollar firmed on the back of strong economic data and Asian stocks ticked up ahead of the Bank of England’s expected rate cut later in the day.

Spot gold was down 0.3 per cent at $1,353.90 (£1,017.72) an ounce by 10.01am UAE time, after declining 0.4 per cent in the previous session. US gold fell 0.5 per cent to $1,358.60 (£1,021.04) an ounce.

Investors bet the BoE would cut interest rates for the first time in more than seven years to ward off recession following Britain’s vote to leave the European Union.

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Paul

The author Paul