Category: Gold in Dubai

Dubai Gold Rate touches the lowest as compared to the past three decades
Gold had been one of the bright investments for the investors in recent. After Economic recession hit the world’s largest economy, the world market saw a large number of investors migrating to gold. Past two years gold rates had shot up to the sky, with increasing number of big and small investors taking up gold as secure and long lasting asset. Entrepreneurs from all over world gather at Dubai for international conferences to decide the prices in different carats and also to exchange views on its market scenario.

The yellow metal turned down all investors as in April Gold Market saw deep din gold price which was almost by 15% from January 2013.

European economy effects Gold Price
- Earlier in 2011, Gold prices shot up as US economy was facing the greatest economic crisis of the times. Market experts say that the Economic condition in Europe which in turned declined the value of the Euro is the cause of the latest trend in gold Market.
- Investors who are leaving gold and the Euro is migrating to US Dollars, as there are improvements in the US Economy.
- Compared to the all time high price of gold in 2011, Gold seems a have lost 30% of its price in mid of April.
- The gold decline started when a huge selling order was placed with a big investment bank which set off a tremendous downfall in the Gold price.
- All in all, with Europe’s unstable economy and heavy selling by big shots led to decline of the gold price.
Dubai Market reacts to Gold Price:

Dubai is one of the highest traders of gold. Dubai gold is also known for purity and Dubai is one largest market of Gold Bullion.

1. Investors avoid Gold

The current Dubai gold rate hit the investors and gold retailers in Dubai. The demand of Gold among the Dubai investors decreased. The Gold retailers who had not forecasted this downfall is predicted face losses.

2. Frantic buying by end customers:

Even though the price of gold would have hit investors on the other said this had turned events in positive for end Customers. With decrease in Dubai gold rate; people were found rushing to Jewelry shops and hysterically buying gold jewelries and Bullions. Many shops reported high demand for Bullions and coins. Indians, the highest consumers of gold in world, were stopping in the shops to accumulate physical gold. This shows end customer’s stiff finds gold as adornment and as an investment.

Analysts are skeptical about the upcoming trends in Market. Some experts say that the current trend in the US economy may not be much more promising which can change the gold trend. Another view of market experts is that investors may not prefer gold for the upcoming months of 2013. The gold has lost its shine for a time being making paper currencies much preferable investment. Dubai gold market can also view low investments, but physical buying of gold would all across the world.
May 1, 2013
Gold futures rise due to the actual demand in Dubai

Pay large turnout on the actual purchase of gold in Dubai futures prices for the precious metal to climb registered its highest weekly gain since 2011.

Prices have jumped gold futures for June delivery half percent to $ 1.469 an ounce yesterday on the New York Mercantile Exchange, reaching its weekly gains to 5.3 percent.

The head of currency trading and minerals in the company «MKX» Bernard Sen in Geneva, that the strong demand for gold in Dubai and China was behind the rise in prices.

May 1, 2013
Increase purchases Indians of gold in Dubai with the decline in gold prices

Dubai Gold Prices –Gold prices are currently shaken is the heaviest in years, having to shave at all-time highs to 1924 dollars per ounce in September / September 2011 he found himself at the borders of 1333 dollars last week, which is equivalent to a decline of 30 per cent from the peak.

For his part, the World Gold Council said in a statement published by the Saudi economic newspaper, to the existence of a conspiracy behind the collapse of prices.

Chief Executive of the Council Aram Shishmanian in the statement, “It has become clear over the past week that the fall in gold prices was making speculators in the futures markets, Venzerthm short-term profit-taking varies with the long-term outlook for investors in gold.”

He pointed out that it appeared clearly through the massive wave of buying physical gold, which was launched over the weekend and has accelerated in the wake of its further decline on Monday.

“The increase in gold buying seen in markets stretching from India to China to the United States, Japan and Europe, buyers see it as an opportunity to buy gold at prices not seen in the last couple of years.”

The director of a gold shop in Dubai yesterday: “ran out of our gold bullion and gold coins that have survived have is a class of eight grams, the Indian consumers in particular scrambling in the stores to buy any quantity they receive.”

The World Gold Council that follow closely the reactions of the market has already seen a shortage of bullion and coins in Dubai, while reached Moreover prices to $ 26 per ounce in Mumbai and six dollars in Shanghai, which indicates that buyers are willing to pay higher prices than the spot price for precious metal.

He described the dealers in Dubai last week that the worst of the alloy in three decades, as gold prices lost more than 10 per cent in a single day and more than $ 200 an ounce in two days.

And trades observers more than one reason for this rapid collapse of gold prices, which do one of the banks to sell tally of gold of 125 tons, and the prospect of Cyprus to sell her gold, which hit the largest investment banks panic and try to get rid which has a metal yellow with successive descent prices.

Said Gerhard Schubert, head of precious metals at Emirates NBD in Dubai in his weekly “It seems that the selling pressure big last Friday swelled order the sale of four million ounces” 124.4 tons of gold, “performs at the opening of the Comex, and it was clear that this demand was greater which bear an empty market, and thus resulted in the first waves of pressure sales, which in turn attracted more selling, and so on. ”

In the aftermath of the crash in gold prices during the first days of last week in Dubai traders expected higher demand for gold as a result of the arrival of prices to attractive levels, especially by the Indians the biggest consumers of gold in the world.

However, the prices quickly rebounded to and above $ 1,400 an ounce until Thursday, the last trading day in the UAE market before the weekend, but by nine o’clock at night fell spot price of gold below $ 1,400, to be trading at 1393 dollars per ounce.

April 21, 2013
Aware of the minimum standard of gold and Dubai gold price

You are probably aware of the popularity of gold jewelry around the world. They are available in vibrant styles, colors and finishes with modern features ensuring all this. Did you know gold is the most popular and ancient choice of setting a precious gem stone too? It is indeed important to know about gold deeply, differences in the quality that affects the Dubai gold price and stuffs relating that should be known as a customer. This would be helpful in avoiding confusion about the price differences in the wide range of products available in the market.

Understanding gold better

There are chances of you getting cheated for a low quality gold ornament from a dealer at a local rate. It might appear just the same at the time of purchase. You would consider this as an asset and later, when you try to sell this, you would be disappointed with the bad news; the gold you have is less pure and is not worth what you paid earlier. You need to understand that whenever somebody offers you amazing price differences there are surely quality compromises too. The only thing that kept the emirate going is its gold rates and it has been running the market successfully since long.

Furthermore deep into gold

Gold is a precious metal that is well known for its external characteristics, the reason for use in jewelry. Another reason for using them would be luster, strength and other things that matter while purchasing or selling of gold or gold ornaments. This metal is found to be soft and is comfortable to work out designs on them. It would be surprising to you that a genuine rated one ounce of gold could be stretched out to around a five mile long wire of minimum thickness. This accounts for the amount of gold that could be flattened into a sheet that would be sufficient to cover one hundred square feet too.

Rare nature causing demand

At this Dubai gold price too, people tend to buy gold ornaments. Why does this happen? Gold has amazing properties that catches people’s mind everywhere. This metal is rare and its extraction is not so common or easy. The demands and the difficulty in availing them makes gold pricey. Gold mines that help in gold extraction are common in the Arab nations.

Purity of gold

You have heard at least in jewelry advertisements about Carat. This is the unit that is used to measure the purity of gold. Gold is basically a soft metal that is mixed with mainly copper to make it strong enough for jewelries. The pure gold for jewelries needs to be 916 purity or 24 carat ones. What does this mean? This requires 916 parts of gold out of 1000 parts in total.

You have had wonderful teachings about gold from here. Maybe you never thought about these stuffs before. Add this to your knowledge and make use of this while purchasing gold ornaments in the future.

April 13, 2013
Spot Gold Price In Dubai 10 April 2013

Spot Gold Price In Dubai today start with increase to record 1585.20 USD/Ounce in Dubai Gold and Commodities Exchange (DGCX) in Dubai.

Gold Rate in Dubai start with 177AED For 22 karat gold price in Dubai and 188 AED For 24k today in in Dubai Spot market.

April 10, 2013
Gold fever grips Dubai after price plummets

Dubai Gold – Huge quantities of gold flooded into Dubai last month as buyers from across the Arabian Gulf, India, Turkey and China sought to cash in on a crash that wiped more than 20 per cent from the price of the yellow metal.

“I have never seen anything like it,” said Jeffrey Rhodes, the global head of precious metals for INTLFC Stone, based in Dubai. “I am certain that when the customs data comes out they will show that April was one of the busiest months ever for gold imports into Dubai.

Official data for last month will not be released until this time next year, but gold dealers, refiners and jewellers are unanimous in their analysis of the current market.

“Our refinery in Sharjah is working 24 hours a day seven days a week,” said Tarek El Mdaka, the managing director of Kaloti Gold in Dubai. The amount of gold refined at Kaloti’s Sharjah plant was up 295 per cent compared with the same month last year, he added.

“It is running almost the same as in September 2011, the last time we saw a big price drop,” Mr El Mdaka said. “Back then it was mainly interest from Asia. Now it is interest from India mainly and the GCC.”

Mr El Mdaka added that buyers from Saudi Arabia, Kuwait and Bahrain were among the most prolific customers after India.

The huge interest in the Dubai market is also indicative of a big shift in the global gold trade from derivatives-led to physical gold.

Gerhard Schubert, the head of precious metals trading at Emirates NBD, said that the recent bear market was sparked by investment funds dropping huge quantities of the yellow metal from their portfolios.

These gold exchange traded funds, hedge funds and other derivatives traders were responsible for the big run-up in prices that more than doubled from US$850 per ounce in 2008 to more than $1,900 in September.

Derivatives trade is backed up by so-called large bars – 12.5 kilograms in weight – that are stored in vaults in London, Chicago and Switzerland, among other places. Now that the gold market has turned, investors are looking for smaller quantities that are both affordable to individuals and easier to transport and store.

“Now we are in a bear market and investors are buying physical gold,” Mr Schubert said. “And for this reason the market for kilo bars and coins is very active.”

The massive increase in demand for smaller bars and coins is also responsible for the flood of new business in the Dubai gold market.

The Dubai Multi Commodities Centre (DMCC) has established a brand called the Dubai Good Delivery Standard that guarantees the provenance and purity of all kilo bars stamped with it.

“The DGD Standard ensures the gold is pure and that it is not conflict gold,” said Gautam Sashittal, the chief operating officer of the DMCC. “The Indian market is predominantly looking for kilo bars, so the DGD Standard plays right into that. Dubai is very well positioned to benefit from this new interest in the physical market and in particular the kilo-bar market.”

source :thenational

April 3, 2013
Gold shines in Dubai as trade said to hit record $70bn in 2012

Dubai’s gold trade is estimated to have exceeded $70 billion in 2012, hitting record highs as more of the precious metal is exchanged and stored in the emirate.

Official figures show the gold trade was worth around $56 billion in 2011, and the figure for last year is estimated to be at least 25 percent higher.

Ahmed Bin Sulayem, executive chairman of the Dubai Multi Commodities Centre (DMCC), attributed the rise to greater confidence in the market and the trading infrastructure in the emirate.

“We expected that the gold-trade value would go down but it went up and reached $50 billion [in 2011]. I’m hearing numbers of $70 billion for last year in gold – or $80 billion,” said Mr Bin Sulayem.

Dubai’s gold trade was worth just $6 billion in 2003, according to the DMCC website, which quotes figures from Dubai Customs. That rose to $56 billion in 2011, made up of $33 billion in imports and $23 billion in exports.

Mr Bin Sulayem said official figures for Dubai’s gold trade in 2012 would be issued soon. But other experts shared his confident early estimates for last year.

Jeff Rhodes, the global head of precious metals and chief executive of INTL Commodities at the DMCC, said that Mr Bin Sulayem’s lower estimate of $70 billion was “credible”.

“$70 billion sounds quite possible,” said Mr Rhodes. “The growth of the gold industry in Dubai has been fantastic, certainly since the DMCC was created.”

Mr Rhodes attributed the rise in Dubai’s gold trade over the last ten years to both increased tonnage of gold traded, and the rising price of the precious metal. “That’s had a multiplier effect. The price of gold has gone up five or six times over that period,” he said.

Mr Rhodes acknowledged however that gold prices over the last six months are “sharply lower”.

The Dubai Gold and Commodities Exchange (DGCX), which is part of the DMCC, said recently it plans to launch the UAE’s first-ever spot gold contracts, which will allow investors in the country to buy and sell physical gold on a domestic exchange.

Mr Bin Sulayem confirmed the plans in an interview with Al Arabiya.

“Gold spot trading is going to be there, and we’ll have a full cycle of gold trading in Dubai… It will [happen] this year,” he said. “[The DGCX] is a fully-fledged UAE gold and commodities exchange. You have the attraction of no taxes, freedom of trade, ease of business.”

DMCC, which is located in the Jumeirah Lakes Towers district of Dubai, has subterranean vaults used to store gold and other precious items.

Mr Bin Sulayem said an increase in fees to store gold in Switzerland has led to a boost in gold deposits in Dubai.

“These fees that went up shocked [investors] – they never saw this coming. And that is a huge turn-off to investors,” he said. “When they come to DMCC and set up shop, they know that for 50 years there’s no tax hikes and everything is standard. But when Switzerland does that, they get paranoid with all the stories in Europe – the Libor scandal, and the issues that the euro zone is facing, Cyprus… They’ll move to a safer place. And I’m proud to say that DMCC is that place.”

Increased confidence is also seeing a shift in business to Dubai, Mr Bin Sulayem added.

“You’re sitting above one of the largest vaults in the world. In the very short term that vault will be full,” he said.

“You’re going to see more storage coming in Dubai. Because it’s not about just the cost… You have to look at what is causing the investors to bring their valuables and store them in Dubai. And if I was to sum it up in one word, it’s confidence.”

March 24, 2013
Kaluti Group launches gold bullion trading in Dubai for the first time

Announced Group Kaluti for jewelry, one of the major companies operating in the field of purification and handling of gold and precious metals in the world, to start the production and trade of gold bullion investment wholesale, which aimed at end consumers. Munir said Kaloti, Chairman at Kaluti Group:

The launch of production of gold bullion investment is part of our efforts to provide comprehensive and integrated solutions in the field of precious metals industry, where we will now be able to meet the demands of our customers repeated regarding the provision of small-scale gold bullion used as an alternative tool in their portfolios.

Consequently, these alloys official entry for the products Kaluti investment in the retail market through our customers from wholesalers around the world, and strive to meet this growing demand by producing gold bullion with a purity of 999.9, was examined in Mkhaberna and packed in sealed envelopes and secure protected of manipulation. ”

And will be available alloys Golden Kaluti (purity 9.999), different sizes of 1 gram, 5 grams and 20 grams and 1 ounce and 50 grams and 100 grams in Envelopes guaranteed protected from manipulation. These alloys come new addendum to the Group’s existing products, which include sizes ranging between 250 grams and 500 grams and 1 kg, as well as the production of large gold bullion and weighing 12.5 kg.

In addition to the production of gold bullion investment, new production processes will include the production of gold coins and medals Baaara 21 and 22 carats, as well as silver coins and medals that can be designed according to customers’ specific requirements. And will be the adoption of competitive prices for alloys according to the international price of gold daily, and can be purchased directly through any of the wholesale customers group Kaluti. It is worth mentioning that the factory Kaluti Gold holds adoption of each of Dubai standard for the delivery of goods and the Hong Kong market trading.

The company recently announced the expansion of its business in Latin America through its joint venture with the Government of Suriname to establish a refinery to refine gold and precious metals is expected to reach production capacity of the refinery to approximately 60 tonnes per year of refined gold.

The group has Kaluti Jewelry and its subsidiaries and its partner about 300 employees based in 6 offices located in Dubai, Singapore, Hong Kong, Miami and Istanbul and Suriname, as well as its refinery to refine gold and precious metals in Sharjah. And provides a Kaluti a full range of services which include gold checks and logistics and trading bullion as well as gold refining and storage.

March 22, 2013
The effects of the fall in Dubai gold price in UAE economy

Dubai in the UAE is known as the house of gold. There are many gold merchants and shops in the place. People from all over the world prefer to buy gold from Dubai for the purity and the comparatively low prices of the precious metal; in the city. Recently, the Dubai gold price has declined to a large extent. This has triggered the gold sale up to a very high percentage. The price fall ranges between 16 to 20.75 dirham per gram as compared to the previous rates of gold in the city/country. The customers belonging to the western as well Asian countries of the world are buying huge amounts of gold at low prices. A large portion of these customers is from India.

Regarding the gold prices

The price of 24 carat gram gold of 166 Dirham decreased to 20.75 Dirham in one week. The price of 22 carat gold of 157 Dirham declined to 18.5 Dirham. The gold price gram 21 carats of 148.25 Dirham has declined of 18.75 Dirham. The Dubai gold shop owners, wholesalers and the gold merchants are also having a huge profit due to this gold rate decline. Women and families are buying bulks of gold ornaments for the wedding purposes. Customers are all rushing to the gold retails in order to grab this opportunity of buying gold at low prices. This might be one of the great opportunities to buy gold or say gold ornaments; undoubtedly the rush would be higher in the market.

The effects of the gold price drop in UAE

The sudden and huge drop of the gold prices in Dubai, UAE is promoting the stock exchanges in the country to attract new liquidity. The fall of the gold prices will make the local economy of UAE stronger. As a result of which more and more foreign investors will be encouraged in investing capital in the country. The currency of the UAE will also have a stronger hold in the world market. The rate of gold never remains the same, it always fluctuates. Sometimes the rate goes up and sometimes it fall down. But, mostly the rate is always on a rising tendency. The declining price of gold is a rare case. Thus, it is a historical gold price fall in Dubai over the past thirty years.

Impact of Gold Price Decline in Dubai

A lot of people in Dubai as well as the whole globe are affected by the decline in the Dubai gold price. It is highly profitable for the gold retailers and the buyers, but a loss for the suppliers. Thus, the gold industrialists may divert their investments towards other industries. On the other hand, foreign investors will be encouraged to do gold investments in Dubai. But there is no doubt that this price fall is highly beneficial for the common customers of gold. They should not miss this opportunity and buy as much gold as possible before the prices rise again.

March 13, 2013
Dubai Gold and Commodities Exchange provide Emaar with secure data center

Dubai Gold & Commodities Exchange yesterday signed a joint services agreement with Emaar of Technology, a subsidiary of Emaar Properties. Under the agreement, the stock market will provide Emaar secure data center technology infrastructure to host the Stock Exchange. The service will contribute in promoting concentration levels of security, performance, and connectivity with telecom operators in the country and reduce costs and improve disaster management to DGCX and goods.

Said Ahmed bin Sulayem, Chairman of the Board of the Stock Exchange: enjoy this partnership of great importance to Borse Dubai Gold and Commodities, in light of its willingness to increasing trading volumes with the launch of its new trading platform and expand its product portfolio. One of the most prominent aspects that the focus of the service provided by the reconstruction of the technology to avoid any breaks in trading on the Stock Exchange. And will support this partnership bourse’s efforts to continue the development of the derivatives market in the country and the region as a whole.

Secure data center

For his part, said Gary Anderson, CEO of the Stock Exchange: This partnership allows us to acquire a secure data center hosting our infrastructure and enhance the speed of transactions for our members. And services will contribute to the site involved in promoting the reliability and security of the new platform to Borse Dubai Gold and Commodities. The partnerships with leading technology providers such as reconstruction of Technology is very important in our efforts to support our members by improving their own trading strategies and thereby increase profits.

quality and reliability

Muzammil Abdul Karim said , the Director-General in the reconstruction of Technology: The accession of DGCX and goods to us as a partner of the Joint Services another confirmation on the quality and reliability of our services. Has benefited the broad range of our customers, which cover sectors of real estate management, retail and hospitality, education, finance and health care, largely from our advanced technological solutions, as sensed great value in our offer.

March 8, 2013