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.
