Latest gold, Forex rates in UAE: ‘Safe haven’ gold is back

New York (Feb 3)  Gold stabilised near a three-month top early on Wednesday, its safe-haven appeal kept intact by concerns over a wobbly global economy that has put share markets under pressure.

Spot gold was flat at $1,128.12 an ounce by 0216 GMT (6.12am UAE time), not far below Tuesday's peak of $1,130.30, its strongest since Novenber 3.

Gold rates for Tuesday, Feb 03, 2016

Among the best performing assets so far this year, gold has gained more than 6 per cent after losing 10.4 per cent in 2015.

US gold for April delivery was up 0.2 per cent at $1,128.90 an ounce.

Buying from China, the world's top gold consumer, ahead of next week's Lunar New Year holiday, also supported the metal, said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central.

There may be enough momentum for bullion to rise above $1,160 and test the $1,200 mark, said Lan. Gold last reached $1,200 in June last year.

Source: Emirates247