Category: Featured

High purity raises the demand for gold Dubai

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.

August 31, 2012
Gold loses luster festive season

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.”

August 27, 2012
Gold climbs Rs 80 to fresh high of Rs 31,115

Gold climbed to a new record of Rs 31,115 per 10 grams, spurred by gains in the overseas market where it rose to over four-month high on speculation that the US will take steps to spur economic growth.

Gold rose by Rs 80, surpassing its Thursday’s record of Rs 31,035 per 10 grams. On the other hand, silver met resistance at existing higher levels and declined by Rs 150 to Rs 56,850 per kg.

Traders said gold’s rally in global markets influenced sentiment here.

In New York, gold spurted by 2 per cent to USD 1,677.50 an ounce, its highest level since April 13 in New York.

Besides, sustained buying by stockists and investors also helped gold to register gains for the fifth day in a row, they added.

Back home, gold of 99.9 and 99.5 per cent purity rose by Rs 80 to set a new peak level of Rs 31,115 and Rs 30,915 per 10 grams, respectively.

The metal has gained Rs 595 in last four sessions. Sovereign gained Rs 50 to Rs 24,700 per piece of eight grams. Silver ready declined by Rs 150 to Rs 56,850 per kg and weekly-based delivery by Rs 90 to Rs 56,480 on reduced offtake by industrial units.

Silver coins fell by Rs 1,000 to Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.

August 24, 2012
Ten central banks have more than 21 thousand tons of gold in the world led by the U.S. Federal

In a time which increased gold futures toward their highest levels since early May in light of expectations stimulate the U.S. third for largest economies in the world, there are still expectations constantly pace driven by rising long-term with continued high demand and declining supply.

Despite the decline in demand of 7% or approximately 76 metric tons in the second quarter to its lowest level in two years, demand remained strong central banks to diversify their reserve assets, and the protection of national wealth.

According to the World Gold Council data central banks bought 157.5 metric tons of the precious metal in the second quarter, up 63% compared with the first quarter, and a rise of 137.9% on an annual basis.

While the purchases of those banks 254 tons in the first half, up from 200 last year, which prompted the World Gold Council to sign a record of them this year than last year, which was the highest since 1964.

And the importance of following up the development of the precious metal reserves of those banks, the following list includes the world’s top ten banks in terms of possession of the precious metal according to the World Gold Council data, totaling 21,363.8 tons United States accounts for 38% of them.

Country Gold reserves in tons    Ratio in gold to total reserves at in Central Bank

United States    8,133.5                                                      75.1%

Germany    3,395.5                                                                           71.9%

Italy       2,451.8       71.3%

France 2,435.4                                                                             71.6%

China 1,054.1    1.6%

Switzerland                  1,040.1                                                                                  14.2%

Russia                             918.0    9.2%

Japan                              765.2       3.1%

Netherlands    612.5                                                                                       60.2%

India                                 557.7                                                                                        9.8%

August 24, 2012
Dubai second largest distribution center for gold bullion in the world and with over 600 stores

World jewelry designer Pena Ghuinka confirmed that Dubai success in strengthening its position as a global and regional gold and jewelery trade, where is the emirate’s second largest distribution center for bullion in the world, where imported 360 tons of bullion a year to re-export mostly (about 350 tons).

She said in a statement to “statement of economic” to that Dubai is home to over 600 stores of gold, concentrated 275 of them in the Dubai gold market, making it more market the world’s busiest in terms of number of stores located in it, pointing out that per capita in Dubai gold sales amounting to 31.1 grams is the highest in the world,And 48% are bought him gifts during occasions.

Pena Ghuinka said : a citizen in Dubai spending 7340 AED is equivalent to $ 2,000 a year on jewelry, noting that 95% of visitors to the emirate are buying gold. She explained that the gold jewelery of 21 carat carat which constitutes 95% of the gold market in Dubai and the region, with the rest concentrated in pieces of 18-carat. Pointing out that Dubai imports 90% of jewelry from countries such as India, Italy, Bahrain, thus strengthening its position on the global jewelery trade map. ”

Gold expectations in 2012

On the prospects of the gold market, jewelry, Ghuinka predicted to record year 2012 an increasing demand for these commodities, driven by emerging economies such as India and China, which contributes to the increase in production and raise sales, and added: “experts attribute the prosperity of the gold market to volatility continuing in oil prices, as well as prospects positive enjoyed by the precious metal. ”

On the competition between jewelry designers individuals and large companies specializing in this sector said Ghuinka: currently dominate jewelery houses famous global markets but there are promising opportunities for designers individuals, where witnessing their increasing demand by researchers for exclusivity and exclusive jewelry, ie those that do not manufacture numbers large, as investors continue to jewelry collectors searching for unique pieces and distinct in the market, which means fierce competition among designers and jewelery houses are increasingly “.

Global market

Indicated designed Pena Ghuinka that the volume of jewelery market globally up to $ 146 billion, up share GCC at 10%, pointing out that the industry and the jewelery trade occupies an important position within the UAE economy, through its contribution to the GDP of the state.

And confirmed by another increase in consumer spending on jewelry and gold jewelry, where these products recorded a growth in demand by 14% during the first quarter of this year, the equivalent of $ 28.3 billion is the value of 519.8 tonnes of gold ornaments.

August 24, 2012
Gold prices in India hit record high, buyers refrain

India’s benchmark gold futures rose 1.26 percent on Thursday to hit a new peak, driving away physical traders seeking to stock the yellow metal in the middle of the festive season.

The key gold for October delivery on the Multi Commodity Exchange (MCX) hit its peak at 30,699 rupees per 10 grams, before trading 1.09 percent higher at 30,646 rupees, backed by overseas leads, though a stronger rupee kept the upside limited.

Global gold rose to their highest levels in more than three months on Thursday, shaking off months of lethargy after minutes from the latest U.S. Federal Reserve meeting fuelled hopes for the swift launch of more bond buying.

The rupee, which rose to an over one-week high on Thursday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

“Buying is nil and there will be more of scrap,” said Ketan Shroff, director with Pushpak Bullion in Mumbai.

Festival season is underway in India, the world’s biggest consumer, and will continue till November. Weddings also take place during this period. Gold sales are expected to fall 40 percent during this period to 200 tonnes.

Gold imports have already halved so far this year and a likely drought could further dent rural demand. Rural areas, which depend on monsoon rains for yields and income, contribute to about 60 percent of the country’s demand.

In the spot market, HDFC Bank quoted 30,825 rupees per 10 grams, up about 300 rupees from previous close.

Silver also surged more than 2.5 percent to hit its highest level in four months, following the yellow metal.

The most-traded silver contract for September delivery was 2.53 percent higher at 56,710 rupees per kg, after hitting a high of 56,856 rupees, a level last seen on April 19.

August 23, 2012
Rise in gold prices after the increase of investors in gold bullion

with the increasing volume of the investors property of gold bullion to a record for fear of slowing economic growth and after the two Billionaires John Paulson and George Soros bought more gold, rose gold traders speculating on gold during the last six weeks.

In a poll conducted by Bloomberg News, and published the Middle East predicted 14 of the 26 analysts higher prices next week, while the predicted six of them falling prices, while six others, they were neutral, making rate speculation on higher prices highest since July 6.

The Paulson increase its stake in SPDR Gold Trust, the largest producer trader in the stock market powered gold, 26 per cent in the second quarter, and the Soros increase volume his possessions of gold has more than doubled, according to records revealed the Securities and Exchange on 14August.

The euro zone shrank in the second quarter after the worsening debt crisis led to the entry of at least six countries in a state of recession, as revealed EU data released on August 14.

And increased purchases of bullion and gold coins by 15 per cent in Europe in that period, according to the World Gold Council said yesterday.

And slowed growth in the United States during a period of three months until last June, and may extend slowing economic growth in China to the seventh quarter after the cessation of export growth in July, as disappointing industrial production and lending economists’ expectations.

August 23, 2012
7 billion pounds of gold sales in Egypt during the first half of 2012

According to the World Gold Council report that the value of gold sales in Egypt during the first half of the year 2012 increased to 1157 million dollars “7 billion pounds”, compared to 797 million dollars in the same period last year, at a time when global demand fell during the second quarter , and increased demand in Egypt during the first half of this year in terms of quantity to 21.9 tons, compared to 17.2 tonnes in the corresponding half of 2011.

Council data showed that the value of jewelery demand in Egypt reached in the first half amounted to 1081 million versus $ 797 million in the same period of 2011, while the volume of demand for jewelry in terms of quantities in the first half of 2012 amounted to 20.8 tons, compared with 16, 3 tons in the same period of comparison from last year.

At the level of the value of investment demand in gold 55 million dollars, and 1.1 tons in the first half of 2012, compared to 40 million, and the size of 900 kg, in the period from January to June 2011.

World Gold Council said in its report on gold demand trends that the size of the global demand for gold reached 990 tonnes in the second quarter of 2012, a decline of 7%, compared to what it was in the second quarter where it was 1065.8 tons.

Remained the volume of demand for gold in terms of value relatively stable at 51.2 billion dollars, compared to what it was where it was 51.6 billion dollars in the second quarter of 2011, and the average price of gold during the second quarter of $ 1609.49 an ounce, recording a rise 7 % from the average price in the second quarter of 2011.

August 22, 2012
Dubai a safe destination favored by investors

A recent report that foreign investors attracted by Dubai’s real estate market and the economy taking into stability.
described the report prepared by the «Celikt property» Dubai as the point of gaining more attractive. Confirming the presence of signs of recovery in the emirate, which gave it a safe destination place. Although impurities of the global financial crisis hit as do others.

In an interview with the Reuters news agency, leading Farouk Susa, senior analyst at Citigroup Dubai, the reasons why Dubai target for many buyers.

Susa said perceptions indicate that the real estate market hit bottom. Adding that the market in Dubai remains rational, in the context of running behind a long-term investment.

Dubai goes on to attract investors from other regions in the Middle East, as well as the Indian subcontinent, Pakistan and up to Russia, who seek to take advantage of the real estate market which is getting stable.

Real estate assets

Sure that perception in the context of recent data confirmed that foreign investors bought real estate assets in the emirate in the first half of 2012 ranged from about 28.3 billion dirhams.

The Dubai government recently revealed that Indians formed the backbone for buyers of luxury apartments, and commercial space in the Burj Khalifa, the tallest building in the world, during the past six months of the year a total of 814 million dirhams.

The Iranians came in second place in their purchases of the tower, worth 470 million dirhams.

The report pointed out that real estate plays a prominent role in Dubai’s economy, stressing that the increasing investment attraction, no doubt have a positive impact. Wages and prices in the emirate, and the emirate and steady recovery developed (safe haven).

Attractions

On the level of tourism praised the Wall Street Journal renaissance tourism in Dubai, saying, Spending Dubai huge on islands industrial, and other attractions that live up to the summit, made a visit that capital essential, adding that there is no need for lavish spending is replete with citizen attractions also cheap. She added that the tour in the gold market Almsdan on the bank of the creek in Deira, lend elegance to the visit, where teeming with dozens of shops goldsmiths.

The advantage of Dubai the beautiful beaches, where Jumeirah Beach is open and one of the most famous city landmarks, drawing tourists from all over the world, of Russian tourists and Arab families, and the Indians and Pakistanis.

Dreams desert

Said “Vail Daily” site under the title “Dreams desert in Dubai,” said the emirate teeming with tens of tourist destinations. It is a city completely as one would imagine, a huge emulate Las Vegas, in the spirit of Middle Eastern, and world-class, and unique. And attractions those Amahha rights once that degrades trip in Dubai International Airport, which is undergoing major expansion of operations. This is what distinguishes Dubai, known as “the capital of the Middle East entertainment”, which truth be told is huge. The rich Dubai shopping malls teeming with more upscale fashion in the world, and the names of global chefs have opened their own restaurants in the city.

from : Al Bayan news

August 22, 2012
Gold sales rate in eastern region reach to 50 million SR during the Eid al-Fitr

Gold market in the eastern region has been very active during the day of Eid al-Fitr and the previous days for it, accompanied by a rise in the movement of gold sales amounted to 70%, according to investors in the sector who said that higher sales latest active movement within the sector have brought gold sales volume in the Eastern Province during the holiday period toSR 50 million.

They explained that the reason for the popularity is due to the desire of citizens to buy gold on the occasion of Eid al-Fitr as well as the majority of social events coincided with this time of year.

Ali Dajani “vendor in the gold shop” There tangible difference between the movement of sales holiday period last year for this year from the same period as there is a rise of 15% in the movement of gold sales during the current year, and the price of gold remained volatile margins simple during the month Ramadan and grams of gold worth in this period, ranging between 195 and 215 riyals.

On the other hand asserts member of the Committee of gold jewelry Chamber East Jawad Arbash that there huge demand for gold shops during the holiday period and the last days of the month of Ramadan, which in turn impacted heavily on the Activity Movement sales to rise as the gold sales volume in the eastern region during the Eid al-Fitr and up to 50 million riyals and by Movement sales activity in the gold sector.

Arbash explained that the gold shops in the eastern region exceeded the 1000 shop, helping to raise the total value of net gold sales volume coupled delighted by in this period by the citizens and that are associated with the majority of events and social functions.

The businessman said Abdul Ghani Al-Muhanna said the large number of social events and solutions the occasion of Eid al-Fitr of the most important factors that led to the movement of gold sales activity in the eastern region, which witnessed the gold market during the last days of the holy month of Ramadan and the days of Eid al-Fitr.

August 22, 2012