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Gold continues to climb support of U.S. budget deal

Gold continues to climb support of U.S. budget deal

Gold prices rose from the lowest level recorded during Alosbuaaan two after U.S. Congress has approved a bill sparing the country tax increases and cuts spending $ 600 billion, despite avoiding the largest economy in the world falling into “the abyss of financial” will Congress fights bitter during the next two months.

Gold prices rose immediate as of at 13:18 GMT by 0.67% to record levels trading $ 1685.84 per ounce, recording the highest at $ 1690.11 and a low of $ 1670.17 compared to the opening price at $ 1674.25, silver prices currently trading around levels of 31.06 $ per ounce compared to the opening price at $ 30.31 and recorded a low of $ 30.17, higher at $ 31.08.

Shares hit the highest level in five months, while the dollar fell after reaching a financial agreement in the United States at the last minute and could which was threatening to drag the U.S. economy in the clutches of a new recession and spreading turmoil in financial markets around the world.

The Senate approved Bogelba large and reached 89-9 result Democrats, a few minutes is that separated application shelf financial and between the approval of this alternative proposal, which would eliminate postponing the implementation of the so-called “programs truncation of the budget” for a period of two months, and with the extension of tax cuts for those earning less than the annual U.S. $ 400 thousand.

Vote came by the U.S. Congress as a result of intense pressure by President Barack Obama to activate this plan before you open the U.S. market, which prompted the decision makers to cancel their holidays throughout the past few days to meet to vote and determine the future of the abyss of financial and applied or not.

Copper prices jumped to the highest level in two weeks during Asian trade today supported the approval of the U.S. Congress on a bill sparing the United States fall into the “financial abyss”, but also are supporting prices of positive economic data from China, a major consumer of the metal industry.

Standard copper contracts rose for three months and traded the London Stock Exchange for metals 1.74% to $ 8070.25 per tonne, its highest level since Dec. 19 before retreating slightly to $ 8067.25 by at 04:15 GMT.

January 3, 2013
Gold end the session and week lower

– Spot gold price fell about $1655.80 an ounce

– Gold prices tends to end the year on a gain of 6 percent

– WGC expected upward trend in 2013 with demand from China and India.

Gold prices fell on Friday after it was around the corner from the weekly recording the first increase since November after being baptized traders to push the market lower with waiting a result of last-minute talks on the U.S. budget.

It is due to meet U.S. President Barack Obama with senior lawmakers Democrats and Republicans in the 2000 GMT with the approaching deadline end of the year to avoid the “abyss of financial” of force automatic increases in taxes and spending cuts totaling $ 600 billion at the beginning of the new year.

The record price of gold for immediate sale in late trading on the New York $ 1654.50 an ounce, down from $ 1663.29 at the close in the previous session.

And U.S. futures fell for gold for February delivery 7.80 dollars, or 0.5 percent, to a record settlement at $ 1655.90 an ounce.

The precious metal tends to end the year on a gain of 6 percent, extending a rise for the second year in a row, but remains below the record level of 1920 dollars per ounce set in September 2011.

World Gold Council said he expected the upward trend continues for the thirteenth year in 2013, boosted by growing demand for the yellow metal from China and India.

Among other precious metals decline in the price of silver for immediate sale, about 0.5 percent, to 30.02 dollars an ounce and platinum fell 1.9 percent to $ 1518.75 an ounce and palladium fell 1.8 percent to $ 694.67 an ounce.

December 29, 2012
Expectations: China remain at the top of the list of gold producers in the world

China remain at the top of gold producers in the world

China Gold Association predicted Thursday that China remains the world’s largest gold producer in the world for the sixth year in a row this year. According to the New China News Agency ‘Xinhua’.

Association’s latest data shows that China produced 323 tonnes of gold in the period from December / January to October / October this year, an increase of 11 ‘for the same period of last year.

China surpassed South Africa to become the largest gold producer in the world in 2007 and remained the largest producer until the end of last year, according to a report released Thursday by the Association. China ranks second in terms of the consumption of gold after India, with a total consumption of 761 tons in 2011.

December 29, 2012
Decline In the UAE Gold Prices Increases Sales

– Decline In Gold Prices UAE In Two Weeks

– Christmas Contributes To Increase Gold sales IN Dubai gold market

– Increased Sales Of luxury Watches, jewelry And Diamonds In Dubai

UAE Gold prices today show decline in price gram gold ranged between ‬ 75 fils and AED per gram in various carats for the second consecutive week compared with last week to be total decrease in gold price in the UAE five dirhams within two weeks, according to gold prices in DGCX gold market in Dubai.

Trader in Dubai gold market said the gold market saw a recovery and boom in gold sales during the last period with the approach of Christmas, where gold sales jumped by between 20% to 30%, especially with the decline in global gold prices.

Gold prices in Dubai fell hit four dirhams during the last week when the price of grams gold 24 carat 198 dirhams, while the gram 22 carat AED 185, and reached gram 21 carat carat 177 dirhams and the price of grams gold 18 carat 151 dirhams .

Gold dealers in Dubai pointed that there are a significant increase in turnout dealers to buy gifts we of gold jewelery on the occasion of the celebration of birthdays, which reflected the increased sales of luxury watches, jewelery and diamonds, in addition to gold especially 21 carat and 18 carat.

Contribute to tourist groups in increased sales of the gold market in Dubai significantly, with high gold sales in the UAE during periods of increased tourist groups with low gold prices of local and global.

December 29, 2012
Gold rises amid concern the financial crisis in the United States

Gold futures rose before Birth holiday during European trading hours on Monday, as investors awaited negotiations between U.S. lawmakers to avoid “financial crisis looming.

Of trade is expected to remain quiet with the end of the year with the end of the year due to the holidays with less activity in many countries. The size becomes choppy trading, which led to rapid changes in metals prices in recent weeks.

On the Comex division of the New York Mercantile Exchange, the futures trading of gold for February delivery traded at $ 1 664.95 a troy ounce during European morning trade, gaining 0.3% on the day.

Prices traded in a tight range between 652.75, $ 1 per ounce, the lowest price for the day and the highest price for the session at 666.45, $ 1 per ounce.

Gold prices fell to 636.45, $ 1 an ounce on Friday, the lowest price since August 22, amid a round of technical selling specified in a price break after less than 200 days, triggering sell orders amid signs new bearish chart.

Gold prices were likely to find support at 636.45, $ 1 per ounce, Friday’s low and resistance at 1, 672.75 dollars per ounce higher price on Thursday.

Market sentiment remained under pressure as investors continued to monitor developments surrounding the financial crisis in the United States, which up to one billion $ 600 billion of tax increases and spending cuts automatic due to come into force on January 1.

Adjourned meetings of the U.S. House of Representatives because of the Christmas holiday, fueling speculation that policy makers would not be Eetmknu solve the crisis in a timely manner, without an agreement, the United States can be traced to the recession and the withdrawal of a large portion of the world down with it.

And raising fears Italian Prime Minister Mario Monti his resignation after only 13 months of receipt of the office, paving the way for national elections highly uncertain in February.

Gave a weak dollar support for gold in the United States. The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, rose 0.15% to trade at 79.52.

Dollar weakness usually benefit from gold, because it enhances the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.

Elsewhere in the Comex silver for March delivery rose 0.45% to trade at 30.33 dollars per ounce while copper fell for March delivery rose 0.1% decline to trade at $ 3.564 a pound

December 24, 2012
Dollar, gold and silver at its lowest level in months

U.S. dollar, and all the gold and silver, sharp declines during the past two days, hackers levels Not been touched for several months, in conjunction with the prevalence hopes breakthroughs on “the abyss of financial” in the United States, which is open appetite of investors to enter the market of high-risk such as stocks and bonds, and out of the markets “safe havens”.

The dollar fell U.S. to its lowest level against the euro since May / May last, bringing the euro exchange rate level of 1.32, a price that has not witnessed the market since seven months, closer to the euro so to finish 2012 on a high total against the dollar stood at 1.3%.

The Gold scored its lowest level since August / August during trading Thursday to fall to below the level of 1645 dollars per ounce, while silver recorded on Thursday, the lowest level in four months at 29.9 dollars per ounce.

Due many analysts this wave of landing to the high risk appetite when investors after positive data numerous issued by the U.S. economy, both with regard to rate of growth that exceeded the 3%, or about progress in the talks between Republicans and Democrats in order to spare the United States decline to “financial abyss” with the beginning of the year 2013.

But the weakening of the U.S. dollar is particularly affected in addition to these reasons, the decision of the U.S. Federal pumping more liquidity into the markets in the context of a new wave of “quantitative easing” is supposed to include pumping more than U.S. $ 45 billion,according to what he said analyst specializing in currency Yasser Rawashdeh for “alarabiya Net”.

Rawashdeh added that the U.S. dollar broke through important resistance points contributed to the further decline, was the most important level of 1.137, indicating that the positive news on the “financial abyss”, and stocks rise, dollar weakened because investors as risk appetite increased dramatically.

Rawashdeh believes that a further decline in the U.S. dollar is still possible.
As for the decline of gold Rawashdeh said, It is due to the “change centers for investment portfolios, as well as the liquidity usually fall at the end of each year of the markets in general.”

Rawashdeh expected to return gold to rise with the beginning of next year, where the return of liquidity to the markets, including commodity markets, particularly gold, which represents a safe haven for investors.

December 22, 2012
Increase on buying small gold bars from investors

Combi-bar

Increased turnout from private investors in Switzerland, Austria and Germany to buy gold bars in the size of a credit card easily broken into pieces each piece weighs one gram and used as a substitute for cash in times of emergency.

Now smelter Falcamba Swiss – a unit of American Mining giant Newmont wants to put alloys new “Combi-bar” in the U.S. markets and build a sales network in India’s largest gold market in the world where it is used precious metal substitute for money long ago.

Over the past ten years, investors poured money fearful of inflation that undermines the value of the financial turmoil in possession of liquidity to buy gold. And prices rose nearly 500 percent since 2001, compared with a 12 percent increase in the MSCI M. S. CNN. Any Global Equity.

The value of sales currencies and gold bullion nearly $ 77 billion in 2011 compared with only $ 3.5 billion in 2002, according to World Gold Council data.

Said Michael Mizarryk CEO a Falcamba Smelter “the rich are buying bullion or have a traditional gold deposits. Owners wealth least buy up to one hundred grams.” “But for many investment product is no longer sincere enough. They want to be able to dispose of the precious metal.”

He that Alcolmba feature bar which will be called “chocolate cake” because of the ease broken down by hand into small pieces each gram piece is that it can be easily transported and cost less than buying 50 pieces weighing grams.

“The product can also be used in payment instead of cash.”

And adopt Valcombe network sales in India and plans to launch Alcolmba bar in the U.S. market next year. In Japan, you want to focus on the Combi bar of platinum and palladium.

In other areas comes a huge demand from Germany, which still fears of high inflation, such as that experienced after the First World War when the value of money collapsed and was buying a loaf of bread needs to fill a wheelbarrow of paper money.

December 22, 2012
UAE Gold Drops 4 Dirhams Per Gram In Gold Market

UAE Gold Rate Drops 4 Dirhams Per Gram In Gold Market

UAE Gold prices fell, between 3.25 and four dirhams per gram of various carats, compared to prices last weekend, according to list prices in the markets of Dubai and Sharjah until yesterday afternoon.

The indicators decline in gold prices this week, a return to market declines witnessed the beginning of December, which averaged three dirhams, after he recorded prices during the past week high reached about 1.75 dirhams per gram.

And reflected declines in the prices of gold positively on jewelery sales in retail outlets this week in varying proportions, supported by «Christmas», and the enthusiasm of consumers to buy gifts, according to officials in the gold artifacts shops in Dubai and Sharjah.

The price of a gram carat gold (24) carats, ‬ 199.25 dirhams, down four dirhams by the end of last week, while the price of one gram of caliber (22) carats to 187.5 dirhams, down 3.75 dirhams.

The price of a gram caliber (21) carats AED 178.25, a decline of 3.5 dirhams, scoring rounds gram (18) carats ‬ 152.75 dirhams, drop of 3.25 dirhams.

The official said sales in the shop «Jewelry Daizin that», Asim Ali, said that «declines gold prices this week contributed to the sales promotion rates varying in the market, especially with the presence of Iqbal to buy now to buy gifts jewelry special occasion (Holiday Birth)», expected «show sales growth rates, more and more influential in the market during the next week before the end of New Year’s Day, up to their maximum level.

In turn, director pointed replace «Ahmed Ali Jewellery», Mahmoud Ali Caso, that «despite the decline in prices a great extent during the current week, a large number of dealers still awaiting further declines in the price of gold, according to the expectations of global reports final, what the impact of the failure to achieve high growth rates in sales.

He added that «most traders rely on to achieve greater growth in sales during the next week with the approach of (Christmas), and the enthusiasm of the public to buy gifts.

The Bank «Saxo» specialist in trading and investment multi-asset via the Internet, said in an issued annual component of ‬ 10 forecasts for the year ‬ 2013, that the strength of the recovery of the U.S. economy in ‬ 2013 surprised the market, especially financial investors in gold, pointing out that the scene variable for the U.S. economy, and the lack of recovery in physical demand for the precious metal in China and India, which are facing difficult circumstances because of weak growth, high unemployment rates which, cycle Stimulate President to sell gold.

And gold is expected to fall to $ 1,200 an ounce, before central banks, especially in emerging economies to seize the opportunity, take advantage of low prices and buy gold.

Globally, gold fell yesterday, and remained close to its lowest level in four months, while heading for the biggest weekly loss incurred since June 2012, with the reluctance of investors due to the drop in the euro and the U.S. stalled talks aimed to avoid a financial crisis.

Gold fell in the spot market to $ 1.38 $ ‬ 1645.76 an ounce after recording the lowest price in four months at $ ‬ 1635.09 in the previous session.

Gold climbed in U.S. contracts for February delivery to $ ‬ 1646.90 dollars an ounce after falling yesterday to about 1636 dollars.

December 22, 2012
What is the COMEX or spot price of gold and silver?

Currently there is a shortage of unprecedented physical metal markets in gold and silver alloy. It is very difficult to buy gold and silver are the highest since 1980 and a waiting period of up to 8 weeks or more for delivery.

In view of increasing financial instability all over the world now, people more than ever are looking for gold and silver.

Even now, after the change in the prices of gold and silver through the middle of the year when the emergence of the credit crunch, the spot price for gold and silver fall, and this is contrary to the usual economy, traditionally, in any crisis, the value of gold and silver rising constantly.

But at the present time, the immediate COMEX prices, no longer reflects the real price of gold and silver in the market. Question may ask why this is happening? Usually expected when there is a lack of goods, the price will rise in proportion to the lack of availability. After more than a commodity must enter the market to make up the shortfall, resulting in a balance between price and goods. So now we have a clear gap between the price of gold and silver.

And the answer to this puzzle, and perhaps take advantage of it, we need to look at a number of issues. The first is,

What is the COMEX or spot price of gold and silver?

What is COMEX?

There used to be two of the exchanges in New York. New York Mercantile Exchange (NYMEX) and the Commodity Exchange. In 2006, these exchanges merged and became one. It is now the New York Mercantile Exchange (NYMEX), but is divided into two parts, the NYMEX Division is traded commodities such as oil and gas, platinum and palladium COMEX division, which it is trading, gold, copper, silver and aluminum.

We are more interested in this exchange, this exchange is traded “futures” of gold and silver.

Futures trading

Futures trading is the basic procedure to enter into a contractual agreement legal with another individual for the exchange of money or assets with a value at some time in the future with the pre-set price (called the futures price) on the basis of origin, such assets can be securities.

Futures trading of gold and silver

In this case futures traded are gold or silver through the Comex, the market where one buys and sells specific amounts of gold or silver in the form of futures contracts at a specified price with delivery set at a specified time in the future and called on the price prior to the futures price and delivery date is called settlement price.

What happened with the COMEX?

First, to assist in the understanding of how it works may ask the question, why the price of COMEX gold and silver much lower than the real price of gold and silver? In the report of the Commodity Futures Trading Commission, showed that some banks took short positions huge futures contracts for gold, silver, and far lower for gold and silver prices since the beginning of the revolution gold major in 2001 – 2002, this means that artificially through short sales in decades, the price of gold and silver retreats decrease as part of the effort to raise the dollar.
Of course, this only affects the price of gold and silver in the COMEX and has no effect on the real price of gold and silver, thus opened up the opportunity for investors and traders in gold and silver to buy at COMEX and sell in the open market, there are some problems with the cost to overcome but simple when you look at the difference in the prices of COMEX and metal actual.

December 16, 2012
Dubai Gold Rate Declines Up To 3.5 Dirhams Per Gram

Dubai Gold Rate Declines Up To 3.5 Dirhams Per Gram

UAE Gold prices fell ranges between 2.75 and 3.5 dirhams per gram in various gold carts, compared to UAE gold prices last weekend, according gold rates in Dubai gold prices and Sharjah gold markets until yesterday .

Officials gold shop trader in Dubai and Sharjah that the declines in prices over the week is more influential in the Gold market compared to rates decline during the past week, which did not exceed one dirham per gram, that the decline in prices to support sales growth rates is limited.

The price of a gram gold 24k 202.25 AED, a decrease of 3.5 dirhams by the end of last week, while the price of one gram 22k to 190 dirhams, a decline of 3.5 dirhams.

The price of a gram 21k 180 dirhams, a decrease of 3.25 dirhams, while the price of a gram 18k 155 dirhams, a decrease of 2.75 dirhams.

The director of the shop «Basalt Jewellery», Ali Al Yafei, said that «decline in prices during the current week to support sales activity for our rates is limited, and reached ‬ 10%», adding that «decline in prices was a contributing factor in motivating consumers, especially Arabs and citizens who preparing for the establishment of their joys during this period of the year, to buy jewelry, but did not succeed in achieving the required activity in sales, due to continuing fears some dealers of price instability as a result of volatility’s rapid gold Finally, reaching high levels since the middle of this year ».

For his part, Director of Sales at the place of «Jewelry teller», Abdullah Mohammed Ali, he «despite the decline in sales rates relatively large during the current week, but sales grew at rates is limited, so with anticipation Most dealers further declines could nearly the same price limits during the first half of the year.

He added that «most traders rely on season celebrations (Christmas) and New Year’s Day, which is expected to raise the sales starting from mid-month to finish well proportioned», adding that «most transactions this week focused on works of the caliber ‬ 21 carats, from by Arab traders in particular.

In turn, according to official sales in the shop «Jewelry Design The», Asim Ali, that «decline in prices this week was of positive signs that have contributed to moving the sales, albeit at rates limited, but is not a powerful engine to stimulate sales a great extent, with continuation of the fact that gold prices in the already high rates do not encourage customers to buy it, pointing out that «New Year celebrations through the end of this month is expected to contribute to make good gains in sales of local gold markets.

December 7, 2012