Gold prices rose two percent to the highest level in five months on Friday strengthened its gains after a speech by the President of the U.S. Federal Reserve (central bank) have fueled speculation take new stimulus measures in the near future.
By the time of 1813 GMT, the gold in the spot market up 1.9 percent to $ 1687.64 an ounce heading to record the biggest daily gain in two months.
Earlier in the session reached the precious metal $ 1689.11 an ounce, its highest level since March 27.
Ruled Vice President Gold and Jewellery Group in Dubai Chandu Siroya affect recent rises in the price of the yellow metal globally rates domestic demand in both on the class gold ore in the form of bullion or coins or «break» dedicated to export, or for gold jewelry, which accounts individually to about 60percent of gold sales in Dana.
He said that gold prices recorded consecutive rises since the beginning the the year, which inspires confidence in investment.
Gold achieved considerable price jump in the past week to the price of $ 1,650 an ounce in average of (more than 6,000 dirhams), an increase of up to about 5 percent since last May, after the beginning exaggerated for gold prices, which reached to about 1750 dollarsounce touched the limits the $ 1,800 several times in the beginning the the year.
He told «Economic Vision» to the great demand for gold jewelery in Dubai markets due to the diversity of the exhibits it, and the degree of purity and high competitive price compared to markets around the region, pointing to the significant impact of strong demand from Indians living in Dubai for gold jewelry.
Said that, contrary to what may seem the appetite consumers of the yellow metal in Dubai and the UAE in general respond positively to the rise in world prices reflecting the strength of a savings and investment tool.
He pointed out that gold consumers investment pool often prefer to wait while gold prices are rising significantly to ensure the seriousness and stability wave prices before they decide to initiate purchase.
He pointed out that the positive outlook on the feasibility of investing in gold was behind the increased demand in the recent period, whether by individuals or institutions, where he succeeded over the past years to achieve sustainable returns and stable to its investors, and took his place as an ideal way to invest and savings including attracted even small individual investors.
And about the major challenges facing the retail sector in Dubai, said that the sudden price change was and still is the greatest challenge facing the industrythe especially in the gold ones, which rely sales mainly on the tourists coming to Dubai and resident Indians.
He pointed out that the most important challenges faced by the gold trade in Dubai, controls developed by India, finally, which imposes the collection of taxes on gold carried by travelers to India, if the value exceeds a certain limit.
Indian authorities began about two months ago to impose taxes on gold worth more than 20 thousand rupees «equivalent to 1380 dirhams.
Mohammed Jamal , independent expert in the trade of gold and precious metals confirms that gold demand from all bullets and especially 24 carat, and the so-called Gulf gold increased significantly in the recent period, and the desire of consumers to seize the opportunity right price.
He pointed out that a significant gold investment activity was evident in first half of this year, given the decline in investor and consumer confidence in the investment pools or other investment such – real – and stocks.
confirm data from the World Gold Council that the consumption of the UAE gold arrived in the first quarter of this year to 19.4 tons, of which 16.4 tons in the form of artifacts, with 3 tons in the form of ingots and coins, down 14 percent from what has been consumed locally in quarter the first of – year 2011, who scored 22.5 tons, of which 19.8 tons of jewelry, and 2.7 tons bullion and coins.
As for global demand for gold during the first quarter of this year, reaching more than 1097 tons, valued at 59.7 billion dollars, issued in gold bullion investors list of the biggest buyers of gold, followed by buyers of jewelery for personal use.
Gold prices yesterday decline ranged between 75 fils and AED grams in various carats, compared with the rate prices late last week, according to the stated price indices in Dubai and Sharjah markets until yesterday afternoon.
According to officials of shops gold and jewelery trade in Dubai and Sharjah that decline, despite being limited, but it contributed to the continuing sales activity in various outlets, and maintained a close indicators of growth in sales achieved by the markets during the Eid al-Fitr.
And reached yesterday, gram 24 carat 198 dirhams, down one dirham for end of last week, while the price of a gram 22 carat to 186.25 dirhams, down AED, and reached gram 21 carat 177.25 dirhams, down $ 75 fils, while the gram 18 carat 151.5 dirhams, down reached 75 fils. The director of the shop «jewel Baghdad» to trade gold, ruled Lord, that «retreat gram compared to last week maintained the gains made by the markets during the Eid al-Fitr and the days that followed, reaching growth rates of sales during that period, about 30% compared to the previous week has ».
He pointed out that «the current price of gold with limited decline in the price of love, contributed to the continued sales activity in comparable proportions of their activities during the season of Eid al-Fitr.
He pointed out that «the next two weeks are expected to see sales which declined ready with a large number of dealers for the school season, with less in that period usually purchases.
For his part, Director of Sales at the place of «Jewelry faith» to trade jewelry, Awad Al Jabri, said that «this week saw stable in sales at rates growing continued since season Eid al-Fitr supported backsliding uneven in recent days in the price of gold, which stood at AED gram yesterday.
He pointed out that «market is currently experiencing also active in the sale of used jewelry, with the willingness of households to the start of the school year.
For his part, the official said sales in the shop «alayam Jewelry » Jalish Saqr , limited declines in gold prices support the stability of the market activity this week.
And that «more transaction process works this week has gold products (22) carats and (21) carats, and the ratio was mostly dealers of Arab nationalities in the markets
source: emaratalyoum
You can buy gold in Dubai airport is the last moment before your plan. Also, if you are visiting Dubai during a stopover and do not have a chance to get out of the airport area, you may be tempted to buy gold and other items in the Dubai Duty Free.
Spoke with many people, we have come across a mixed reaction to buying gold at Dubai Aiport. Generally, over the years the level of customer service in the gold shops in Dubai Duty Free has gone down.
But if you know exactly what you want and then shopping at Dubai Duty Free is not a bad choice. Most people have commented that can sometimes had good deals here. We have compared the value of what you can get form Dubai gold souk and gold Dubai Airport doesn’t come close , also you can use your cell phone to check gold rate today in dubai
At the Duty Free Shop in Dubai airport you can buy gold jewellery,Bar and gold bullion from different carat you can fiend 24 carat ,22 carat ,21 carat and 18 carat .
The higher the carat quality the greater the proportion of GOLD it will contain. and you can buy gold also for invest when global gold price down its time to buy gold coins and gold bar and sell it when gold price rise in your home .
Gold prices in the United Arab Emirates witness a stability and gold prices remained today in Dubai and Abu Dhabi market at same prices yesterday, record gram 22 carat 180.11 dirhams,and the rest of gold prices day recorded :
Gold Rate In Dubai Today For 24 carat gold : AED 195.772 per gram
Gold Rate In Dubai Today For 22 carat gold : AED 179.459 per gram
Gold Rate In Dubai Today For 21 carat gold : AED 171.3 per gram
Gold Rate In Dubai Today For 14 carat gold : AED 146.828 per gram
Gold Rate In Dubai Today For 18 carat gold : AED 114.201 per gram
You can follow gold rate in UAE directly updated every hour on the following link http://www.dubaigoldprices.com/current-gold-rates-in-uae/
Stabilized gold prices today in Dubai at yesterday prices as a result of the stability of world gold prices reaching gram 22 carat 180.61 dirhams and 24 carat 197.03 dirhams is expected to stabilize gold prices in the UAE market this week with the relative stability of prices of gold and recorded the rest of gold rate in dubai today next :
Gold Rate In Dubai Today For 24 carat gold : AED 197.03 per gram
Gold Rate In Dubai Today For 22 carat gold : AED 180.61 per gram
Gold Rate In Dubai Today For 21 carat gold : AED 172.68 per gram
Gold Rate In Dubai Today For 14 carat gold : AED 111.25 per gram
Gold Rate In Dubai Today For 18 carat gold : AED 147.77 per gram
You can follow gold rate in UAE directly updated every hour on the following link http://www.dubaigoldprices.com/current-gold-rates-in-uae/
Gold rose on Tuesday after data reinforced on weak U.S. consumer sentiment speculation new stimulus measures from the Federal Reserve, but some analysts warned of du to potentially large demand for sale if it did du to abide du to the U.S. central bank more monetary easing.
Gold rose slightly due du to du to weak dollar as investors anticipated the possibility that reveals the Federal Reserve unveiled du to new round of stimulus during du to annual meeting of central bankers and finance ministers from around the world in Jackson Hole in Wyoming. It is scheduled to give Ben Bernanke Federal Reserve Chairman speech on Friday.
Analysts said investors in gold that can quickly give up their speculative du to on the ascent if Bernanke did not mention that du to du to ready to launch a third round of monetary easing.
At 1757 GMT, the Spot gold 0.1 percent to $ 1666.01 an ounce shy of du to highest level in four and du to half months amounted to $ 1676.45 on Monday.
The precious metal has increased five percent during du to past nine sessions.
And silver rose 0.5 percent to 30.85 dollars an ounce.
And platinum du to down 1.5 percent to $ 1514.25 an ounce as palladium fell 1.8 percent to $ 634.08 an ounce
Record high gold prices in India are weighing on jewellery companies, which suffer reduced up to 80 per cent in sales, and customers stay away.
Gold prices hit India’s highest ever over 31,000 rupees per 10 grams in the past few days, backed by a global rise in gold prices and the weakness of the Indian rupee.
This is bad news for jewelers like Dimpesh Jain, who runs a shop called Motaba & Sons Bridge Colaba in Mumbai.
“Because of the rise in prices, during the main season we are sitting without any business now,” he said.
He estimated that sales were down by 75 per cent compared with the same time last year.
The festival season in India, which started this month, is normally a peak period for gold demand. India is the world’s biggest consumer of gold jewellery.
“Once August comes, we are prepared with our fresh designs and we’re on our toes,” Mr Jain said.
“We expected a boom in August. But nobody has money, and people are saying ‘we will wait’.”
Across the road, Lalit Jain, the owner of Surana Gold, said that sales at his jewellery shop were down 80 per cent compared with last year.
“All the items are costly,” he said. “Money is very tight.”
An import duty increase on gold introduced this year has not helped the situation.
In addition, a weak monsoon was said to be further slowing demand because of its negative affect on the rural economy, which supports millions of Indians.
Gold investment and jewellery demand in India fell to 181.3 tonnes in the second quarter of this year, down from 294.5 tonnes during the same period last year, according to data from the World Gold Council.
Investment demand in India, at 56.5 tonnes, was less than half the level it was in the second quarter of last year.
Demand for gold jewellery in India declined 30 per cent to 124.8 tonnes during the quarter, the data showed.
“The fluctuations in the exchange rate and the rise in the gold price were compounded by domestic inflation and concerns over a weak monsoon season,” the council said.
“The higher price is having an impact in domestic gold demand,” said Madhavi Mehta, an analyst at Kotak Commodity Services.
“Apart from higher prices, low rainfall this year is also expected to affect gold demand later this year.
“The Bombay Bullion Association believes that India’s gold imports during the peak demand season of September to December are likely to slump 40 per cent on the year to 200 tonnes due to of a weak monsoon, fewer wedding dates and high prices.”
Despite their growth, global gold prices have not returned to the record levels they reached last year, with the depreciation of the rupee against the US dollar accentuating prices in India.
“International gold prices have rallied in the last few days on hopes that central banks will continue to take monetary easing measures to support their economy,” Ms Mehta said.
“The Indian rupee has depreciated in the last few months amid a weakening outlook of the Indian economy.”
Ms Mehta added that the outlook for gold was still bullish and that prices in India could approach 32,000 rupees per 10 grams.
Praveen Jain at Fagniya Jewellers, another store in Mumbai, said that his business was also suffering.
“We have very little sales, only inquiries. You can’t do anything.”
Analysts said during a conference for the platinum industry on Saturday that platinum prices may rise in 2013 with the absorption of the limited supply markets of South Africa’s leading producer of the platinum, which will pay the price of platinum to override the price of gold.
South Africa contribute by 80 percent of platinum supply and producers has a sharp decline in production over the past year due to labor strikes and interruptions imposed by the government for reasons of safety factors pushing prices to their highest level in more than three months.
Said Jeremy East director of metals trading at Standard Chartered Bank on the sidelines of the World Gold in India that major producers may begin to close the mines due to to high labor and energy costs
East said “in terms of basic factors we are betting on rising platinum mines South Africa feel that will to stop production … so the supply will .”
East said gold prices could rise to 1750 dollars per ounce up five percent from current levels by December on worries about the euro zone South Africa expected economic stimulus plans.
Said Jeffrey Rhodes director precious metals trading at any. Said. T. Commodity premium for platinum with gold will $ 200 an ounce within six months due sharp increase supported by supply concerns.
Rhodes said on sidelines exhibition “Over the past three months we platinum prices much lower than gold South Africa up to $ 200 which is illogical, especially for the metal exposed to shocks in supply.”
South Africa least platinum price $ 144 per ounce for gold prices may rise white metal to two thousand dollars end December, according to Rhodes.
“The real opportunity lies in platinum versus gold trading. Do see any justification for the low price platinum for price gold
Reuters
Gold should be there in the portfolio of risk protection, “said Lalit Nambiar, fund manager and head of research at UTI Asset Management in Mumbai.
“Investors had already obtained the benefit of a weak rupee and rising gold prices during the past six months,” the newspaper quoted an analyst as saying yesterday in the Mint business publication.
Gold prices hit record levels in India in recent trading sessions. Globally, that number rose to the highest level in four months waiting for monetary easing by central banks including the Federal Reserve Board in the United States.
Madhavi Mehta, an analyst at Kotak Commodity Services, and expectations that world gold prices up to 1,750 dollars per ounce $ 1,800.
Gold and diamonds Gurjar in Mumbai that there was an increase in inquiries from investors because of the recent movement in the price after weeks of stagnant metal prices,said Gurjar Gold and Diamonds in Mumbai. Gold plays an important role in Indian culture, and the exchange of gifts religious traditions during festivals and weddings, partly explaining why India is the largest consumer in the world.
Dimpesh Jain, the manager of Motaba & Sons said that Indians think of gold not only as an investment, It is a passion, and tradition for theme