Gold price likely to av­er­age $1,025 an ounce this year

The Pak Banker - - 6BUSINESS -

DUBAI: Gold's re­tail prices in Dubai con­tin­ued to hold steady on Sun­day although an­a­lysts are ex­pect­ing the bul­lion to re­sume its weak­ness fol­low­ing the re­cov­ery of the global stock mar­kets. Over­all, there are still some bar­gains to be had for gold bugs in Dubai, with Sun­day's re­tail prices still lower com­pared to al­most a week ago, when the yel­low me­tal was re­tail­ing at Dh140 per gram for 24K. As the US dol­lar picked up strength on Fri­day, the UAE dirham con­tin­ued to rise against other cur­ren­cies, with the In­dian rupee pegged at 18.01 per dirham and Philip­pine peso at 12.7 on Sun­day, slightly higher than Thurs­day's ex­change rates.

As of Au­gust 30, prices for 24-carat (24K), 22K, 21K, 18K and ten tola gold bar re­mained un­changed at Dh137.25, Dh130.50, Dh125 Dh108.25 and Dh15,720, re­spec­tively, com­pared to the pre­vi­ous day. Gold prices are ex­pected to dip fur­ther this year. Ac­cord­ing to ABN Amro's forecast, gold will drop from an av­er­age of $1,218 an ounce in the first quar­ter of the year to $1,025 by the end of 2015. The bul­lion hit a one-week low of $1,117.35 on Au­gust 21.

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