Category: Gold in Dubai

Gold hitting its highest level in five months as the dollar recovers losses and political tensions ebb.

In Dubai, 24k gold is priced at Dh154.75 while 22k was priced at Dh146.50 today.

Tensions over the Korean Peninsula and the Middle East have overshadowed an optimistic outlook for global growth, while concern over the French presidential election continued.

According to Reuters, by 1833 GMT, there was little change in the spot gold price to settle at $ 1274.8 an ounce.

The yellow metal hit its highest level since November 10 at $ 1279.80 an ounce earlier to continue the gains of the previous session, when it rose nearly 2 percent.

Gold futures in US futures rose 0.3 percent to settle at $ 1278.1 an ounce.

The dollar steadied against a basket of currencies after tumbling Tuesday.

Among other precious metals, silver fell 0.2 percent to $ 18.27 an ounce.

Platinum fell 0.6 percent to $ 962 an ounce after climbing more than 3 percent in the previous session, while palladium dropped 0.8 percent to $ 795.25 an ounce.

Gold prices rose during the day’s trading on the European market for the first time in three days, where the recovering price of the lowest levels in two weeks, which was recorded on Friday, this rise was due to the decline in the US currency against a basket of major currencies amid expectations that suggests that policy-makers US monetary will not raise interest rates at the regular meeting of the Federal reserve, “the Fed,” which begins Tuesday.

In Dubai the city of gold, Gold prices in the UAE for Gram 24-carat DH 158 .50 , gram 22 carat DH 150.75 , Gram- 21 carat DH 141.12 and settled gram 18 carat DH 121.50 .

This has decreased the price of gold rose 0.3% on Friday, the second daily loss in a row, had thus recorded the lowest level in two weeks at $ 1306.18 an ounce, under pressure from some positive data in Washington, which showed consumer prices rose better than expected during the month of August the past.

Over the last week the price of gold lost about 1.5% in the first weekly loss in three weeks, it came because of the high stakes of the of Federal Reserve to raise US interest rates this year.

On the other hand, the US dollar also fell during trading on Monday in the European market at the beginning of the week against a basket of major currencies, within a correction and profit taking, comes after it rose on Friday to its highest level in two weeks, this decline also comes amid expectations that point to the survival of US fixed interest rates unchanged in the reserve of the Federal Council meeting, “the Fed”, which begins on Tuesday.

The index has concluded transactions on Friday, registering an increase of 0.8%, the biggest daily gain since the twenty-sixth of last August, it has thus had recorded the highest level in two weeks at 96.11 points, with the acceleration of buying the US currency operations against the majority of major currencies after data showed increased exceeded expectations on consumer prices in the United States during the month of August.

This begins with the Federal Reserve on Tuesday its regular meeting, which lasts for two days to discuss monetary policies to suit US economic growth path, amid expectations that point to keep the bank a fixed interest rate unchanged, in light of conflicting data that has been recently released from the US economy .

These data showed a contraction of the manufacturing sector during the month of last August, as the slowdown in the services sector showed growth during the same month to its lowest level in more than six and a half years, and the decline in retail sales and a slowdown in consumer spending levels.

In the case of continued focus by the makers of monetary policy on the labor force and improved levels of inflation the market is expected to point to increased interest rates in one of the two meetings in November or December next.

The bets traders remain on the reserve increase interest rates at a meeting this week at 20%, and during the December meeting of over 50%.

Gold Rate Today : To keep up to date with gold price In Dubai, go to our Current Gold Rate.

Gold rise to its highest level in seven weeks, on Wednesday, to continue its gains for the third straight session in light of the continued concerns about the Chinese economy, which had a negative impact on the stock markets and rising tensions in the Middle East and the Korean Peninsula.

Today 24-carat gold in Dubai was retailing at Dh133 per gram, up from Dh130.75 on Thursday, The price for 22K went up from Dh125.25 to Dh 130.25, while 21K rose from Dh117 to Dh120.

And stuck gold gains after the publication of the minutes of the meeting of the Federal Reserve (the US central bank), in which the policy-makers to raise interest rates, as the lecturer showed some fears of inflation remains at low levels perilous.

The price of gold in the spot transactions 1.5% to $ 1093.62 an ounce by 19:55 GMT, just shy of its highest level since November 16 when amounted to $ 1095.30 an ounce.

And increased US gold futures for February delivery contracts 1.3% to settle at 1091.90 dollars an ounce before the publication of the minutes of the meeting of the Central.

It is expected that the US central raise interest rates again this year, although the number increases still under discussion.

And global stock markets fell for the fifth consecutive day, Wednesday, as China fueled concerns about its economy to allow further weakening of the yuan, as the nuclear test conducted by North Korea has increased the growing political concerns.

And silver rose 0.4% to $ 14.02 an ounce, platinum fell 1.5% to $ 874.75 an ounce, while palladium down 4.8% to $ 508.50 an ounce, its biggest losses in four months.

Gold price in Dubai have seen a marked rise in the beginning of the week this week, and with the approach of Eid al-Adha holiday

Today 24-carat gold in Dubai was retailing at Dh137 per gram, up from Dh134.75 on Thursday, The price for 22K went up from Dh128.25 to Dh 130.25, while 21K rose from Dh123 to Dh125.

Gold futures rose near its highest price in nearly three weeks on Monday after the Fed’s decision not to raise interest rates, boosting demand for the precious metal.

During Friday’s trading, gold rose to US $ 1.141.50 per ounce, the highest price since September 1, gold rose to $ 30.30, or the equivalent of 3.14%, in the past week after leaving the Federal Reserve short-term interest rates unchanged, amid fears of The soft inflation data and the effects of market volatility in recent times affected the US economy.

Federal Reserve Board and said he wanted to see further improvement in the labor market, “and rising inflation by raising interest rates.

Most market experts expect now that the Federal Reserve begins to raise interest rates in December.

Gold fell to its lowest level in five and a half years by $ 1.072.30 per ounce on July 24 amid speculation that the Federal Reserve will raise interest rates for the first time since 2006 at some stage this year.

But as long as the timing of raising interest rates the Fed a constant source of controversy in the markets in recent months.

During this week, investors awaited the release of a report on the manufacturing index of China issued on Wednesday in search of a new indicator on the strength of the economy, as well as a report on US durable goods data as well as reports on US home sales in search of other indicators on the strength of the economy and the possibility of a raise the interest rate in the near term

Gold Rate Today : To keep up to date with gold price In Dubai, go to our Current Gold Rate.

Gold rose on Tuesday, with the decline in the stock due to new signs of weakness of the Chinese economy despite the fact that the growing hopes that the Federal Reserve raises (US central bank) interest rates this month, probably maintained some of the gains.

The retail price of 24-carat went up from Dh137 to Dh138, while 22K increased from Dh130.25 to Dh131.

The price for 21K gold stood at Dh125.75, up from Dh125 a day earlier, while18K gold went up from Dh108.25 to Dh108.75 and ten tola gold bar from Dh15,705 to Dh15,800.

Activity contracted Chinese factories at the fastest pace in the last three years in August as domestic orders and export orders recorded a significant decline boosting investor concerns about second-largest economy in the world.

The price of gold in the spot contracts 0.6 percent to $ 1141 per ounce by the time 0558 GMT, after a quiet session on Monday.

It ended August yellow metal to rise by 3.5 percent with causing concern about slowing Chinese economy in purchases of investment assets safe despite the fact that the precious metal fell from its highest level in seven weeks.

Increasing signs that may lead the Federal Reserve may raise interest rates during the next monetary policy committee meeting on September 16 to 17 September to curb the upward trend of gold.

Gold rose US December delivery 0.7 percent to $ 1140.90 an ounce.

The palladium price fell 1.1 percent in the spot contracts to $ 592.30 an ounce, while platinum rose 0.2 percent to $ 1008.80 and silver rose 0.3 percent to $ 14.65

Gold Rate Today : To keep up to date with gold price In Dubai, go to our Current Gold Rate.

Gold traders said they are not traded in bullion and specialize in the UAE and Bahrain and Kuwait and Saudi Arabia, jewelery trade, indicating that the demand for these artifacts significantly increasing because of the splendor designs, we have recorded the percentage increase in sales during the last period, including at least 200% over the same period from last year or so before falling prices.

They pointed out that the majority of buyers of Abu Dhabi dispersed on certain Arab nationalities, stressing that the UAE and Sudanese nationality were most in demand to buy, and that there is a great demand for Emirati jewelery in particular.

The price of 21 carat gold, the most-caliber demand in the Abu Dhabi market stable since about a week and ranges between AED 112 and AED 113. The traders that whatever is said about the expected decline may be imprecise and no one knows the price of gold tomorrow or the day after tomorrow may rise or fall, but it is important that the prices currently excellent.

Jewelry sales accounted for in the first three months of 2015 about 83% of consumer gold demand in the UAE, with 17% remaining is alloy gold coins, and that of the total of 19.8 tons. The decline in the UAE average, amounting to 7% in the amount of gold required by the consumer during the year, so the first quarter of 2015.

It is important to note a very important recent development in India is likely to be more impact on the demand for the UAE’s exports of gold, a gold convertibility into cash which encourages individuals to deposit gold they have in banks to get the benefits of the program in order to reduce the large and India’s imports of the yellow metal bill and which it is expected to affect the low gold prices worldwide.

And influenced by gold in Dubai and the UAE trends of global gold market and the levels of consumers in different regions of the world demand, it has been the global gold market has achieved during the past three months the situation of parity between supply and demand fell slightly by 1% on an annual basis to reach 1,079 tons during the first quarter of 2015.

Despite the difference in demand trends by region, but the general pattern was reflected on world prices for the alloy where the global economic slowdown and weak oil prices and the decline in inflation and the high value of the dollar, the decline in gold prices contributed.

A recent Chamber of Commerce and Industry, Dubai analysis on the global gold market trends that gold demand comes from consumers and central banks and other institutions, and manufacturers of electronic devices and destinations manufacturing of medical and dental equipment.

Prices

Gold prices remained other precious metals such as silver and tend to the downward trend since 2011 due to repeated concerns about the global economic recovery and cheap energy costs and the consequent decline of inflation levels. The gold ingot is currently trading at levels slightly less than US $ 1,200 an ounce, which means actually decreased by 31% from its price four years ago.

Although demand balanced, the yellow metal 6.8% of its value over the past twelve months. This was due mainly to the rise in the dollar. Gold as is the case closely or negative correlation with the dollar value of goods traded internationally. The general rule says that when the dollar strengthened against a basket of currencies, the commodity prices usually go down. Also it played other directions, less important, according to the region, a role in the pressure on gold prices. In China, for example, it absorbed the rising stock market and strong most of the money that would have been allocated for gold and thus eased pressure on the alloy of gold prices.

Dominance

China, India and form alone, half of the consumer on the world’s gold demand (56%) where Asthlkta together 482 tons during the first quarter 2015. The Middle East is the third largest consumer share of 10% of total consumer demand, after 83.6 tons consumption during the same period. Europe and the Americas come after that quotas of 9% and 5% of the total after 73.5 tons and 44.2 tons respectively consumption. Share the remaining 20%, or the equivalent of 174 tons in markets smaller spread in the rest of the world entered.

Constraint

By the end of 2014 and in order to prevent distortions of trade and the fight against the smuggling of gold, the Indian government eased restrictions imposed a year earlier on imports in order to reduce India’s imports bill. In spite of this, the Government relies on the new project, which the transfer of 22 tons of gold in the state saved into cash in order to supply the domestic market and reduce the need for imports.

Despite the acceleration of demand in India and Europe, the slowdown in consumer demand for gold in China, the Middle East and the Americas have invalidated that growth. While strong stock market and weak GDP growth expectations in China were behind the small decline in demand, cheap oil prices was the reason in the case of the Middle East. Demand in Germany and Switzerland grew by 18% and 11%, respectively, contributed to the annual growth of consumer demand for the European continent, where it reached 12%.

Odds

It expected that the prospects for higher gold price remain weak in the short term as there is global economic growth still lacks a driving force. In the absence of global inflation, which is the first mover of the high price of gold, analysts expect that the constant demand in all major global markets with the exception of Europe, which continued to own more gold to take advantage of relatively low prices as their economies enjoy some growth, the long-awaited remains.

Deceleration

With the exception of Saudi Arabia, the demand in all the major consuming countries in the region went slowdown. Consumption in Iran is most affected by a decline in oil prices, falling consumer demand Iranian annual rate of 41%. Egypt has seen a similar situation and that the decline in demand by 32%.