Oil falls and remains near its highest level in 9 months
Oil fell a slight decline to come down from $ 119 a barrel on Monday but remained near its highest level in nine months as offsetting investor concerns about the euro zone economy on stronger-than-expected growth of demand in China.
European shares fell and the dollar index. Brent crude was recorded the highest level in nine months on Friday after data showed the rise in China’s imports of crude to the third-highest rate ever.
Said Rick Spooner, senior market analyst at CNN. Um. C Markets in Sydney that the oil price gains “occur on the back of improved average general expectations of global economic growth and demand.”
By 0933 GMT Brent crude fell 24 cents to $ 118.66 a barrel after hitting $ 119.17 on Friday, the highest price since May. U.S. crude fell nine cents to 95.63 dollars
Gold rises and poor circulation amplify price movements
Gold rose despite the fluctuation of the euro on Monday and weakness of transactions due to the Lunar New Year holidays to inflate the price movement while meat platinum and palladium without their strongest levels in 17 months.
And senior Nick Triffitan said metals analyst at AT. Said. ZTE in Singapore “I do not think that there are now many other effects in the market, and certainly not in the Asian market anyway except currency. So I think it will be to monitor the U.S. Dollar Index.
“Prices may go up a bit and probably to $ 1672.90. Likely to be bottom at about 1665 dollars. It a very tight trading range.”
In theory leads rise in the U.S. dollar to raise the cost of buying gold for holders of other currencies, while reinforcing high oil prices center gold as a hedge against inflation.
Gold rose to $ 1669.31 an ounce and a record $ 1667.96 by the time of 0637 GMT, up $ 1.07 from the previous close. Among the main centers closed today in Asia because of holidays of Japan, China, Hong Kong, Singapore, South Korea and Taiwan.
Gold contract rose U.S. $ 1.80 an ounce to $ 1668.70.
The spot price rose for silver 0.10 dollars to 31.49 dollars per ounce.
In contrast platinum fell $ 0.51 at $ 1712.49 an ounce, while palladium lost 2.04 dollars to 750.46 dollars an ounce.
The Almadnan outscored gold and silver since the beginning of the year due to supply concerns and an improvement in demand for cars
DubaiGoldPrices : Officials Gold trader in Dubai, said that Gold sales had declined over the past week, rates ranged between 10 and 20%, due to lower demand for purchase, after the events of Dubai Shopping Festival, which concluded its activities on the third of February.
Gold prices rose limited, the day before yesterday, ranged between 25 and 50 fils per gram of various calibres, as compared to the previous week, according to indicators published rates in the markets of Dubai and Sharjah.
The price of a gram of gold 24-carat, 200.75 dirhams, an increase of 50 fils, for the end of the previous week, while the price of a gram 22-carat 188.75 dirhams, an increase of 50 fils.
The price of a gram carat gold 21 carat 179.5 dirhams, up 50 fils, in record time gram 18-carat 154.50 dirhams, an increase of 25 fils.
The official said sales in the shop «Rmaizan Gold and Jewellery», Mohammed Alesayi, said that «sales jewelry saw a decline rates reached 20% during the past week», reference decline to falling sales of tourists, and sufficiency majority dealers from buying, after bought their requirements gifts of gold jewelry during the Dubai Shopping Festival.
Alesayi pointed out attractions that was provided by the festival, by giving buyers a voucher to withdraw gold gifts on a daily and weekly, for each purchase worth up to AED 1000.
In turn, said Director replace «Jewelry Dhecan», Jay Hecan, that «outlets experienced slower sales during the past week, due to lack of rates sales tourists that were made during visits intense regiments of tourist centers and commercial markets through events Dubai Shopping Festival, in addition to the decline turnout of residents in the state, to buy jewelry.
He stressed that «sales fell at a rate of 10% during the past week, although the movement of relative stability in the prices of gold. In the same vein, as director of shop «Baghdad gold jewelry», pioneers Zia Saudi decline of demand for sales gold over the past week, by 10%, in line with his opposite numbers in the sales of foreign tourists during the Dubai Shopping Festival has seen remarkable growth, but declined thereafter.
And expected to continue to decline in varying proportions limited through Feb., considering elevations Ltd. in gold prices over the past week, is influential in the markets.
He stressed that «prices experiencing relatively stable, with limited variation rates during the past three weeks.
Traded 1.1 million contracts in the Dubai Gold and Commodities in January
Increased trading volumes monthly in DGCX and goods, to one million and 108 thousand 614 contracts during January 2013, an annual increase 133%, achieving the highest level ever with the arrival of the value marginally during this month to 43.55 billion dollars.
According to the exchange in a statement issued yesterday, as recorded the highest average value of daily contracts ever by 2.07 billion dollars a day in January 2013, noting that the currency futures contracts, formed the main engine of growth, after hitting million 39 thousand and 602 held, representing an increase of 135% compared with January 2012.
According to the statement, maintained contracts «Indian rupee futures on a strong performance for the year 2012, as witnessed huge trading registered 982 thousand and 358 contract worth 36.14 billion dollars, the highest monthly volume ever. And recorded decades «Indian Rupee futures largest number of daily transactions also rose 48 thousand and 901 contract until the date 17 January.
In regard to the precious metals sector, has seen strong growth during January boosted gold futures, which recorded a significant increase of 89% compared with January 2012, a total of 57 thousand and 788 contracts.
The chief executive of DGCX and commodities, Gary Anderson, said that «strong growth and sustainable witnessed Borse Dubai Gold and Commodities evidence on its ability to provide market participants with tools investment and hedge innovative, and trading environment and clearing encouraging and very safe».
He added that «products bourse received increasing demand by a wide range of individual and institutional traders on the regional and international levels with the entry in 2013».
Move pair of gold / U.S. dollar higher on Monday, as the European political turmoil and economic data that came weaker than expected from the United States, increased the attractiveness of gold as a safe asset.
Spanish Prime Minister faces “Mariano Rajoy,” demands the resignation of the opposition parties against the backdrop of a corruption scandal, and opinion polls in Italy show that the former Prime Minister “Silvio Berlusconi” gets more popular before the elections scheduled for this month.
Resulting uncertainty in the euro zone stocks fell in Asia and Europe and the United States, and bond yields rose ten annual Spanish and Italian. Recent price action shows that the demand for gold has found more support as investors turned to gold, which is relatively safe.
Although we are still stuck within the last week, I think that the pair will penetrate to the outside soon. As I said in yesterday’s analysis, key levels that should be monitored are 1674 and 1660. Indicates the intersection positive between the line “Tinkan – age” (moving average for the period ninth – red line) and “Cajun – age” (moving average for 26 days – green line) on the charts to weighting see penetration pair towards the top, but I was still cautious, as the prices are still below the cloud Aichemuko on the daily time frame.
At this point, if what happened penetration ascending, I will look for 1680 and 1685 and 1688.80. If the prices turn out to be regressive At this point, it is possible to find support at 1666 and 60/1662 and 1652. Should also be aware that this week will be burdened with economic data, so you should expect daily fluctuations
– Kilo gold ore settle at 53500 dollars by the end of the week
– Euro climbs, and gold and silver at the expense of the dollar
– Bernanke restores luster gold P global stock markets
– The actual demand for the jewelery industry and Idama currencies rise of gold
– U.S. labor market data will help in closing the gold on the rise
– Silver maintain their gains near the level of 32 dollars per ounce
– Recovery of gold sales and gold ore at local markets
Gold returned to the glamor strongly after a series trades of tensile and attractions with the dollar and euro impact News global economic terms rose to its highest level 1682 dollars Wednesday evening impact results Minutes U.S. Federal and keep politicians stimulus and interest rates unchanged and expect too much to see gold headingtowards the psychological barrier $ 1700 in the case of break-resistant 1682 dollars, but reflected image in the next day with and access the euro to record highs will not seen since the year 2011 when touched worth 1.3711 of the dollar and with gold fell to below 1665 and $ confirms our expectations strongly goldand the upside is often in the coming period, closing the U.S. stock markets on the price of 1670 dollars
And this is what has been ascertained at the end of the week after the U.S. labor market data and that have contributed to the rise of gold and the rest of the precious metals where unemployment disappointed expectations, rising to 7.9 in the water and dropped the jobs created expectations logs 157 thousand and function and this resultsis complementary negative consequences of data U.S. economic which began passively sales Altdzeh and consumer confidence, construction and indicators manufacturing and durable goods, and with this can confirm that gold still represents forts hedge first investors markets spite rise of the euro and a weak dollar remains the gold close to the level of 1663 dollarsmost trades last week and is the average movement of gold during the 200-day and this makes forecasts gold trend towards new highs for the current year is out of the question to happen in the coming weeks and witness to this rising demand for gold from the jewelery sector and jewelry demand side on the metal pieces this side of notand a rush of investors to take profit as before.
Expectations rise do not preclude anticipation and caution any corrections back prices to square one and start from the support 1656 or $ 1636 dollars translations fact to the vagaries of stock markets European or U.S. and this trend will benefit from their death train purchase in the past or from hasty reap profits
Silver trod route gold in boarding and landing, but more sharply and and approached the difference between the highest price and lowest price-to-one and a half dollars over the past week the equivalent ratio fluctuation of 4.5 Mieh and is the percentage achieved good profits to invest short-term and closed Stock Exchange Nyumks on the price of 31.92 dollars to maintain the silver gains level of 32 dollars and so far silver trading at levels too far from the previous peak in April 2011 when it achieved $ 49 per ounce and we expect more of the Ascension of the Silver during the coming period, especially with the support of industrial demand for silver
The rest of the precious metals have maintained their gains and not affected by many news events economic because they make gains backed up orders from all markets and we expect more of the Ascension of the Platinum and palladium with confirm rumors shortage of them in the mines of South Africa and shut platinum on 1690 dollars, up $ 2 from the opening price, as well as palladium ended the week on a high at $ 15 756 dollars
Local markets benefited from falling prices in the beginning of the week and rose procurement cases until Wednesday and appeared cases suspense on Thursday and Friday as a result of unit movement in prices and stabilized gold after shutdown at 53,500 dollars per kilo of raw caliber 24 and silver at 290 dinars caliber 999 and did not see cases sell for a profit through the end of the week because of the certainty the pioneers of hard markets return prices to achieve further gains in the coming days. Goldsmiths movement appeared stable and has not changed much for the past few weeks and achieved sales of 21 carat and 18 carat satisfactory sales for merchants.
Shares rose crude oil futures during the European morning hours on Tuesday, as investors returned to the market for further evaluations selling the previous day, which led to a reduction in prices over the week.
On the New York Mercantile Exchange, contracts were traded light sweet crude for delivery in March at $ 96.41 a barrel during European morning trade, gaining 0.25% on the day.
Oil prices rose on the New York Stock Exchange by up to 0.3% earlier in the session to hit a daily high of $ 96.45 a barrel.
Oil prices fell by 1.6% on Monday over a week to hit $ 95.91 per barrel with political uncertainty in Spain and Italy, fueling concerns over the debt crisis in the region, and led to higher borrowing costs
The yield on Spanish bonds in 10 – to 5.5% on Tuesday in early, while Italian bond yields similar maturity rose up to 4.54%.
Spanish Prime Minister Mariano Rajoy and drew calls for his resignation from the leader of the opposition in the country, after allegations that he and senior officials of the ruling People’s Democratic Party received secret payments.
At the same time, in Italy, which launched uncertainty about the outcome of the next general election and former Prime Minister Silvio Berlusconi gains in the polls. In addition, there were also concerns about the health of the Italian banking system.
Prompted investors to avoid the news riskier assets such as equities and industrial commodities, and flock to traditional safe-haven assets such as U.S. Treasuries and the dollar.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, rose 0.1% to trade at 79.68.
Dollar-denominated oil futures contracts tend to fall when the dollar rises, and this makes oil more expensive for buyers in other currencies.
Prices came under pressure after announcing that Iranian Foreign Minister Ali Akbar Salehi said Sunday that Tehran would be interested in participating in the bilateral talks on its nuclear program, as long as there is a “good faith.”
The minister’s response to the offer by the United States for talks, which were led by the five permanent members of the Security Council of the United Nations.
Salehi said that the next round of talks will be held in Kazakhstan on Feb. 25.
Oil traders awaited new weekly information on U.S. stockpiles of crude oil and refined products to gauge the strength of oil demand in the world’s largest consumer of oil.
The American Petroleum Institute will publish a report on oil stocks later in the day, while the report is expected to show on Wednesday that crude inventories rose by 2.8 million barrels.
Elsewhere, in ICI Stock Exchange, were little changed on oil futures Brent for March delivery traded at 115.57 dollars a barrel, where the difference between stop Brent crude at 19.16 dollars a barrel.
Gold unchanged amid concern over the political situation in Europe
Were little changed on gold futures contracts during European morning trade on Tuesday, as concerns over the political troubles in Europe to be placed once again on the agenda ..
On the Comex division of the New York Mercantile Exchange, traded Gold futures for April delivery for trading at 674.65 0.1 d was little changed gold futures during the European morning trade Tuesday, as concerns over the political troubles in Europe pushed its way back to the agenda – I
On the Comex division of the New York Mercantile Exchange, traded gold futures for April delivery at 674.65, $ 1 per ounce during European morning trade, shedding 0.1% on the day.
Prices traded in a tight range between 671.25, $ 1 per ounce, the lowest price for the day the highest price for the session 677.55, $ 1 per ounce.
The gold price traded as 653.35, $ 1 per ounce, the lowest price since January 28, and the near-term resistance at 684.35, 1, dollars per ounce, the highest price since Jan. 30.
Political uncertainty in Spain and Italy worries about the debt crisis in the region, and higher borrowing costs led to weak investor confidence in the single currency.
Spanish Prime Minister Mariano Rajoy lawsuit to stop the corruption allegations against him and senior officials in the ruling party popular while growing uncertainty on the outcome of the upcoming elections in Italy after opinion polls confirmed the investigation of former Prime Minister Silvio Berlusconi gains ..
Investors were also cautious ahead of the outcome of the meeting policy of the European Central Bank on Thursday.
The yield on Spanish bonds with ten years – to 5.46% on Tuesday morning, while the yield on Italian bonds rose 4.50%.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, rose 0.1% to trade at 79.68.
The strength of the U.S. dollar usually affect the gold, because it alleviates the metal’s appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.
Investors were also cautious ahead of the outcome of the meeting policy of the European Central Bank on Thursday.
Elsewhere in the Comex, silver fell for March delivery rose 0.1% to trade at 31.69 dollars per ounce while copper fell for March delivery rose 0.05% to trade at 3.767 dollars per ounce during European morning trade, shedding 0.1% on the day.
– DSF contributed to increasing gold sales between 20% and 40%
– Daily Vouchers prizes to customers for the quarter of a kilo gram of gold
– Festival give a boost to gold sales
DubaiGoldPrices– Dubai Shopping Festival contributed to the increased sales of their shops by ranged between 20% and 40%, as the increase in the flow of tourist groups to the emirate since the start of the festival earlier this month, as per jewelery and gold jewelery in Dubai
They pointed out that the festival and the contents of the grant vouchers prizes daily to customers enabling them to profit quarter kilogram of gold, in addition to other awards a gold coins, spurred traders of all nationalities on buying gold in various Aaaradtha, also saw jewelry and watches studded with diamonds and precious stones demand significant other is to take advantage of the festival, which allows for those jewelry buyers opportunities to profit sums up to two million dirhams, adding that the festival has succeeded in revitalizing gold sales to a great extent after the case, dramatic fluctuation in prices, finally, and then sales slowed.
Increase sales
And detailed, official said sales in the shop «Rmaizan Gold and Jewellery», Mahmoud Al Yafei, said that «the Dubai Shopping Festival contributed to the increased sales by 40%, as a result of awards granted to buyers which, in addition to the average rates for gold prices since the beginning of this month is appropriate It encourages dealers to purchase, pointing out that «nationalities most popular purchase at the festival Indians, followed by the Russians and Europeans.
Boost
For his part, Director of the company «Jewelry Shanti Lal», Pavin Sagger, said that «our sales grew 30% since the beginning of this month, which coincided with the launch of the Dubai Shopping Festival, as encouraged promotions and campaigns withdrawals dealers to buy in larger quantities, in the hope of winning a quarter kilogram of gold per day, in addition to other awards a gold coins », adding that« outlets awarded on every purchase worth 1500 AED one coupon to enter the draw, either daily or weekly, which has a prize major kilograms of gold, in addition to final withdrawal of the 20 gold coin, is the numbers of vouchers sent via SMS messages.
He mentioned that the prizes made dealers interested in buying from shops participating in the festival, just as interested in prices and forms of gold, pointing out that «the assignee is participating in the festival sales also increased, but at rates lower than those participating.
He Sagger that «the festival gave a boost to gold sales succeeded her in overcoming the oscillation Price taking place for some time, what is slower than the sale», stressing that «the sales festival surpassed the level of sales during the Christmas celebrations and the New Year, as marked by the diversity of groups buyers ».
Tourist flow
In turn, said Director replace «Jewelry Baghdad», pioneers Zia Saudi, said that «many tourist groups from various countries, waiting for solutions Dubai Shopping Festival to visit the state, which shows significantly through turnout thick of tourists currently on gold markets», indicating «festival and Joaúzh raised gold sales about 30% compared to last month.
He pointed out that «the festival has contributed to raising the sales precious gifts of watches and jewelry of all kinds, especially with the introduction of withdrawals awards dedicated to these products win sums up to two million dirhams», pointing out that «awards under the auspices of the Dubai Gold and Jewellery, and participation shops are members of the Group, which buys awards vouchers to promote its outlets during the festival.
Festive atmosphere
For his part, an official said sales in the shop «National Gold and Jewellery», Anil Sony, said that «the festival popularized atmosphere festive in gold markets, through withdrawals awards that are at different stages throughout the day, contributing to the revitalization movement in the markets», adding that « Our sales have grown since the beginning of the festival by 20%, and we expect the high rate with the conclusion of the final day of the festival.
He pointed out that «residents, especially Asians, and some tourists like the Russians, the Germans, and Chinese, were the most inclined to purchase, and a variety of purchases between small jewelry, gold coins and gifts, and pieces studded with diamonds and precious stones.
UAE company requests a license to Mining for gold in Egypt
Said deputy chief of nuclear materials, Dr. Adel Al-Afandi “Thani Dubai” Mining asked the Authority to be granted a license to conduct geological exploration and evaluation of gold exploration in western Shalateen located on the south-eastern border of Egypt.
The Egyptian government, represented in the form of mineral wealth has signed an agreement in 2008 with “Al-Thani Dubai” Mining Emirati company obtained under the concession for gold zones basins and Wadi Kareem West Shalateen for 5 years ending in 2015, and Convention further provides production-sharing between the Commission and the company.
The Emirati company already pumped over the past years investments worth $ 10 million at the stage of the search for gold in the region.
Afandi said “Next week will be the signing of a protocol between the nuclear material and” the second Dubai “Mining UAE whereby the body geophysical studies and magnetic area franchise granted to the company, followed by geological assessments for gold exploration West Shalateen”.
He explained that the nuclear material is is the only party in Egypt, which owns the aircraft conducting exploration and drilling for natural raw materials, although the cost of the process depends on space exploration and exploration which means unless determined yet.
Egypt has 120 gold mine most famous and largest mine diabetes, a gold mine huge located in the Jebel diabetes located 30 km south of Marsa Alam Red Sea Governorate, a candidate because ranks among the 10 largest gold mines in the world and there is also a mine Hamesh and Dunjah Eastern Desert, according to the report of the Ministry of Petroleum and Mineral Resources of Egypt.
The only Egypt’s production of gold on the production of mine “diabetes” only, and said the company “Centamin” Australian royal right franchise mine diabetes for gold production in Egypt since the week it will raise production at its factory by July to 325 thousand ounces compared to 250 thousand ounces currently, and with the start the fourth stage of the plant.
The reserves of the mine is estimated at 15.5 million ounces gold, which makes it one of the largest gold mines in the world.
