Gold price edges lower globally, 24k priced at Dh152.25 in Dubai

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Gold price edges lower globally, 24k priced at Dh152.25 in Dubai

The price remained unchanged in Dubai

By Reuters

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Published: Tue 25 Jul 2017, 12:35 PM

Last updated: Tue 25 Jul 2017, 4:29 PM

Gold prices inched lower early Tuesday after hitting a one-month high in the previous session as the dollar firmed ahead of a U.S. Federal Reserve monetary policy meeting.
Price of 24k gold remained unchaged in Dubai at Dh152.25. 22k gold can be purchased at Dh143 in Dubai.

Spot gold fell 0.2 percent to $1,252.90 per ounce at 0050 GMT. It hit $1,258.79 an ounce in the previous session, it highest since June 23.
US gold futures for August delivery fell 0.1 percent to $1,253.30 per ounce. The US dollar rose from its lowest in more than a year and Treasury yields climbed on Monday as investors braced for news from this week's central bank meeting and possible hints on when the next interest rate hike is coming.
The greenback was also assisted by stronger-than-expected readings on the US economy, as investors kept a wary eye on developments concerning possible ties between Russia and aides
to US President Donald Trump.
Long-delayed legislation to impose new sanctions on Russia hit another snag on Monday when influential Republican chairman of the Senate Foreign Relations Committee, Bob Corker said the
announcement of a deal to move the bill forward was premature.

Trump's son-in-law, Jared Kushner, on Monday told Senate investigators he had no part in any Kremlin attempt to meddle in the US election despite having met Russians four times last
year.
Trump made a last-ditch plea to US Senate Republicans on Monday to "do the right thing" and fulfil seven years of campaign promises to repeal and replace former President Barack
Obama's signature healthcare law.

US home resales fell more than expected in June as a dearth of properties amid strong demand pushed prices to a record high, keeping first-time buyers on the sidelines.

A slowdown in euro zone business growth at the start of the second half of 2017, alongside declining inflation pressures in a key business survey, could put paid to expectations of a
stimulus clawback by the European Central Bank later this year.

Holdings at the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.51 percent to 809.62 tonnes on Monday from 813.76 tonnes on Friday.
Newcrest Mining Ltd said on Monday its fourth quarter gold production fell 7.7 percent from a year ago after its flagship Cadia mine was hit by an earthquake, but output was just enough to meet its full-year target.


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