dubaigoldrates

Category: Gold in Dubai

  • Dubai Gold Share Up 48% World’s Gold Trade

    Dubai Gold Share Up 48% World’s Gold Trade

    Announced CEO of the Center for DMCC Ahmed bin Sulayem, the Emirate of Dubai raised its share of the global gold trade to 48% of the total global gold trade, and they joined the City “Ontwerab” Belgian sit on the throne of global trade of diamonds, has also succeeded in cornering 60% of the tea trade worldwide.

    He said Bin Sulayem said in remarks published by the newspaper “the statement” the UAE, the number # of companies registered in the Jumeirah Lakes Towers free during the first six months of this year reached 1027 company, an increase of 30% from the same period during the last year, bringing the total number # of registered companies 8865 Company. He predicted that the number of companies registered to # 10 thousand companies during the year 2015.

    He pointed out that Dubai’s position as a trading hub, has been enhanced thanks to the continued flow of goods across the emirate in a strong, rising value of gold, which passes through Dubai in 2013 to 75 billion dollars, compared to about 70 billion dollars in 2012, to assume Dubai so its position as the center World trade gold bullion. Bin Sulayem revealed that the center is planning to incorporate the gold spot during the next two months, expressing confidence that the new contract will attracted the attention of a large part of investors and traders.

  • Gold Price Today in Dubai Rise DH 5 Per Gram after weak U.S. economic data

    Gold Price Today in Dubai Rise DH 5 Per Gram after weak U.S. economic data

    UAE Gold Prices rose this week 5 AD with the high price of global gold after data came in economic growth in the United States weaker than expected, which hurt the dollar, but traders said the failure of the metal to continue the gains indicates that some investors reaping profits after prices hit the highest level in two months in the previous session.

    In Dubai the city of gold, Gold prices in the UAE for Gram 24-carat DH 156 , gram 22 carat DH 1478 , Gram- 21 carat DH 140 and settled gram 18 carat DH 120 .

    And increased the attractiveness of the precious metal as a safe investment risk after data showed that the U.S. economy shrank in the first quarter at a pace much faster than previous estimates.

    Gold rose about four percent in the past four sessions to its highest level in two months on Tuesday at 1325.90 dollars an ounce. The price of gold because of fears of escalation of the Iraq conflict and because of the absence of an explicit commitment from the Federal Reserve (the U.S. central bank) to raise interest rates.

    Gold rose in the spot market 0.2 percent to 1319.85 cricket world cup 2015 an ounce at 1901 GMT, while futures rose gold in the United States hand over August to $ 1.30 to $ 1322.60 an ounce at the settlement.

    Silver rose 0.4 percent to 20.95 dollars an ounce.

    Platinum rose 0.2 percent to 1466.25 dollars an ounce. As palladium rose 0.3 percent to 829 dollars per ounce

  • Damas : Gold Buyers Switching from Bullion to Jewelry

    Damas : Gold Buyers Switching from Bullion to Jewelry

    Damas Gold and Jewellery group announced new growth in its total sales during the first five months of this year, up 16% compared with the corresponding period of last year.

    Group CEO «Damas», Anan Fakhr, said that «consumer trends in the purchase of gold changed during the recent period of investment in bullion, to the consumption pattern (buy jewelry), especially with the volatility present in the prices of bullion, boarding growing in real estate prices, which returned occupies the top of the safe investments

    On the sidelines of a press held by the company yesterday in Dubai, on the occasion of the opening of a new store in the area of ​​Palm Jumeirah, add that «the movement of gold sales as a good consumer of luxury and luxury, they have seen a significant decline during the period in 2009, and until 2011, due to the effects of the global financial crisis in the domestic market, prompting consumers to refrain from spending on consumer goods, while traffic increased investment in gold, especially bullion, but this began to change in early 2012, with the recovery real for the local market, and record economic growth a new and start the recovery of the sector Real Estate ».

    He pointed out that «during the third quarter of the year will see the entry second group factories of gold jewelry to the service in Dubai, while underway to double the production capacity of the current plant in Dubai, is expected by the end of 2015, to enter the third plant to service in the emirate, in line with Group’s expansion in the exhibited deployed globally ».

    He added that «expansions of the group include the opening of 28 new stores during the current year, about 50% of which are in the UAE, has been so far, including the opening of 12 branches, in addition to the three stores in the city of Jeddah, and two in Riyadh, Saudi Arabia».

    He stated that the «Group owns 302 shop and gallery around the world 0.161 of them in the UAE market, and the rest is distributed to the Gulf region, and some countries in the Middle East, and is currently being equipped for the presence in London and New York».

    He added that «the UAE market acquires shares ranged between 72 and 73% of total group sales», pointing out that «UAE nationals account for rates ranged between 55 and 56% of the sales of goods and luxury goods at shows and stores (Damas), while the remaining percentage is shared on the nationalities other

  • Gold price falls further; hovering near Rs 26,700 per 10 gm

    Gold price falls further; hovering near Rs 26,700 per 10 gm

    Gold prices declined further by Rs 122 to Rs 26,712 per 10 gm in futures trade Thursday as participants reduced their positions largely in tandem with a weak trend overseas where the metal dropped to 16-week low.

    At the Multi Commodity Exchange (MCX), gold for delivery in June eased by Rs 122, or 0.45 percent, to Rs 26,712 per 10 gm in business turnover of 175 lots.

    Likewise, the metal for August contract shed Rs 88, or 0.34 percent, to Rs 25,979 per 10 gm in 55 lots.

    Analysts said the trend was weak in overseas markets as US economic data backed the case for the Federal Reserve to keep on reducing monetary stimulus. It has dimmed the appeal of the bullion and weighed on gold prices at futures trade here.

    Globally, gold lost as much as 0.20 percent, to USD 1,255.76 an ounce, the lowest since February 6 in Singapore today.

    With agency inputs

  • Gold price hits 11-month low of Rs 27,500 on weak global cues

    Gold price hits 11-month low of Rs 27,500 on weak global cues

    New Delhi: Extending its downward journey for the fourth straight session, gold prices tumbled by Rs 200 to hit nearly 11-month low of Rs 27,500 per ten grams in the national capital Thursday amid a weak trend in global markets.

    Besides, subdued demand from jewellers and retailers and a weak trend in futures trade also weighed on gold prices.

    Silver also remained under pressure for the fifth straight day and fell by Rs 500 to Rs 40,500 per kg.

    “Weak global cues and falling demand from jewellers on hopes of further dip in prices are pulling down gold prices”, jewellers said.

    Sentiments remained bearish as gold fell to 16-week low in the overseas markets as positive US economic data backed the case for the Federal Reserve to keep on reducing monetary stimulus which has dimmed the metal’s appeal.

    Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.5 percent to USD 1,251.86 an ounce, the lowest since February 4 and silver by 0.9 percent to USD 18.85 an ounce, the lowest since May 1.

    Meanwhile, at the Multi Commodity Exchange (MCX), gold for delivery in June was down by 0.45 percent to Rs 26,712 per 10 grams.

    In Delhi, gold of 99.9 and 99.5 percent purity plunged by Rs 200 each to Rs 27,500 and Rs 27,300 per 10 grams, respectively, a level last seen on July 11 last year. It had lost Rs 620 in previous three days.

    Sovereign, however, held steady at Rs 24,600 per piece of eight grams in limited deals.

    In a similar fashion, silver ready moved down by Rs 500 to Rs 40,500 per kg and weekly-based delivery by Rs 360 to Rs 39,990 per kg. The white metal had lost Rs 700 in last four days.

    Silver coins also nosedived by Rs 2,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

    PTI

  • UAE gold sales growth of 16% the first quarter to 25.4 tons

    UAE gold sales growth of 16% the first quarter to 25.4 tons

    Gold sales volume grew in the UAE market by about 16% during the first quarter of this year to reach 25.4 tons, compared to 22 tons in the same period in 2013, an increase of 3.4 tons, according to the statistics of the World Gold Council.

    According to official statistics issued by the Board according to the “Union” that the UAE topped the countries of the Middle East in the demand for gold during the first quarter of 2014 in the quantities and value, despite the decline in prices of the yellow metal, which is reflected in the value of gold sales, and there were differences in quantities from the nearest state «Saudi Arabia» by about 7.6 tons.

    The value of gold sales in the country during the period from January to March of this year, 3.89 billion dirhams, compared with 4.23 billion dirhams, down 8% due to the decline in gold prices over the first three months of this year, and that continues even now .
    According to the World Gold Council forecast to reach the value of gold sales during the current year, in the light of the results of the first quarter, about 12.7 billion dirhams, compared to 12.4 billion dirhams in 2013, a growth of 2%, while the expectation of the Council reaching gold sales volume in the year current to 80.9 tons compared to 63.9 tons in 2013, a growth of 26%.

    Also recorded sales of jewelry in the busy markets of the state during the first quarter of this year, about 22.1 tons compared to 18.8 tons in the same quarter last year , a growth of 18% , while the value of sales in the period from January to March of this year 3 , 38 billion dirhams , compared with 3.62 billion dirhams during the same period last year, a decline of 7% .

    The statistics showed that the World Gold Council, demand for gold in order to invest in the first quarter of the current year amounted to 3.3 tons, compared to 3.2 tons, a growth of 5% , while sales fell in value to 504 million dirhams , compared with 574 million dirhams during the period of comparison.

    According to the World Gold Council data sales growth of the yellow metal in the Middle East during the first quarter of 2014 by 16 % , to reach 66.2 tons , compared to 57.1 tons in the same quarter of last year, while the value recorded a decrease of 8% the decline prices globally , a drop from 2.99 billion dollars to 2.75 billion dollars .

    The volume of sales of jewelry polished and processed in the region in the first quarter of this year, 54.6 tons compared to 48.3 tons in the corresponding period , a growth of 13 %, while the value fell between the periods of comparison by 10 % to 2.26 billion compared to $ 2.53 billion, while the total size of the demand for gold for investment in the region of 11.7 tons , compared with growth of 8.8 tons , 32% , and its value has grown by about 4% to 484 million dollars against 464 million dollars during the period of comparison .

  • Gold Prices May Decline to Rs. 24,000 by Diwali: Industry Body

    Gold Prices May Decline to Rs. 24,000 by Diwali: Industry Body

    Following the easing of 20:80 gold import norms by the Reserve Bank, India Bullion & Jewellers Association (IBJA) on Thursday said gold prices are likely to fall to Rs. 23,000-24,000 per 10 grams by Diwali as it also expects the customs duty reduction in the forthcoming budget.

    “RBI’s easing of 20:80 gold import norms is positive for the gems and jewellery industry. We expect this will be followed by reduction of the Customs duty to 4-5 per cent from the current 10 per cent in the forthcoming Budget, resulting in declining of gold prices and (price) is likely to be at Rs. 23,000-24,000 by Diwali,” IBJA president Mohit Khamboj told reporters in Mumbai.

    The yellow metal is likely to be on par with the global prices as the premiums will also go down due to the positive steps taken by the government, he said.

    “It will also reduce the gold inflow through the grey market.”

    The RBI on Wednesday eased gold import norms by allowing select trading houses, in addition to some banks, to procure the precious metal to boost exports

    In July last year, the apex bank had imposed severe restrictions on gold imports to check burgeoning current account deficit and depreciating rupee.

    Under the 20:80 scheme, an importer has to ensure that at least one-fifth, or 20 per cent, of every lot of imported gold is exclusively made available for the purpose of exports and the balance for domestic use.

    Meanwhile, gold prices in the spot market dropped by Rs. 800, or nearly 3 per cent, to Rs. 28,100 per 10 grams on Thursday – its lowest level since August

  • Dubai Gold Rate Today

    Dubai Gold Rate Today

    Dubai Gold prices rose today one AED per gram with the beginning of the improvement in the price of gold and the return of the demand for gold as a safe haven again

    In Dubai the city of gold, Gold prices in the UAE for Gram 24-carat DH 156 , gram 22 carat DH 148 , Gram- 21 carat DH 141 and settled gram 18 carat DH 121 .

    Gold prices globally strong gains at the start of trading this week , to reach the level of $ 1314 an ounce , the highest price since mid- April.

    « What we are seeing now from altitudes of gold , comes amid seize investors an opportunity illiquidity , as a result of holidays in both Japan and Britain , profit-taking short positions on gold , after that arrived last week to an important technical support levels » , said The Director of the company « ICM Capital » British , Shoaib Abedi
    « the escalation of tension between Russia and Ukraine , added further gains for gold , with recourse to investors , traditionally a safe haven , boosting profits on the strength of the yellow metal » He added

    Abdi confirmed that « Gold is currently undergoing a phase of technical trading , within a limited range , in the presence of conflicting effects on the orientation of gold over the long term , what keep it within the levels traded between an upper limit of $ 1331 , and 1277 dollars minimum trading » .

    He explained that « the markets consider the positive side of gold , to the state of tension between Russia and Ukraine , which makes the pro -altitude gold positions to buy, to escape towards safety , and the use of gold a safe haven , which supports the yellow metal , and paid to the rise in the current period » .

    « geopolitical tension may have important economic implications may pose more pressure , especially on the European economy , which makes gold desirable commodity among researchers about safety , and we see the markets react according to him any new developments on the Ukrainian scene » .He said

  • UAE Gold Rate Climb DH 2 Per gram In A Week

    UAE Gold Rate Climb DH 2 Per gram In A Week

    Gold Price In Dubai record limited altitudes ranging from $ 75 fils and 1 AED for gram compared to prices last weekend, according to list prices in the markets of Dubai and Sharjah.

    In Dubai the city of gold, Gold prices in the UAE for Gram 24-carat DH 155 , gram 22 carat DH 147 , Gram- 21 carat DH 140 and settled gram 18 carat DH 120 .

    Gold prices rose more than 1 percent on Friday registered the biggest gains of the day in two months after he helped the growing political tensions between Russia and the West over Ukraine and purchases to cover short positions on the precious metal recovery from a strong sales followed the jobs data in the United States .

    The price of gold jumped for immediate sale 1.3 percent, to 1298.30 dollars an ounce in late U.S. trading after it was recorded earlier level rise of more than U.S. $ 1304.90 .

    During the meeting, Gold fell to 1276.60 dollars , its lowest level in a week when the U.S. government said that the jobs data out of the agriculture sector show that the U.S. economy added 288 thousand jobs in April, a figure that exceeds the average forecast of $ 210 thousand and represents the highest increase in jobs since January the second in 2012 .

    And stepped up U.S. futures for June delivery went 18.80 to $ 1302.20 .

    And showed better performance than silver with gold rise 2.6 percent to 19.46 dollars an ounce .

    Platinum rose about 1 percent to 1432.25 dollars an ounce , while palladium fell 0.1 percent to 808.00 dollars an ounce

  • UAE Gold Rate Slides To 10-week low

    UAE Gold Rate Slides To 10-week low

    (DubaiGoldRate) Gold stabilized in Asian trade on Wednesday near its lowest level in more than two months after he led the rise of global stock markets to decline in the attractiveness of the yellow metal as a safe investment and weaken the appetite for funds investing in precious metals .

    In Dubai the city of gold, Gold prices in the UAE for Gram 24-carat DH 151 , gram 22 carat DH 144 , Gram- 21 carat DH 137 and settled gram 18 carat DH 116 .

    And settled the price of gold for immediate sale around 1283.50 dollars an ounce in early trading in Asia, after it was dropped on Tuesday to 1277.10 dollars , its lowest level since Feb. 11 .

    As futures settled U.S. gold around 1283.50 dollars an ounce .

    Officials said that the jewelry industry is expected to go down India’s imports of gold in April and May, half of levels in March with causing restrictions on the movement of cash during the general election in a negative impact on the purchasing power of consumers .

    The global stock markets rallied on Tuesday, supported by strong profits announced by U.S. companies and deals for mergers and acquisitions among European pharmaceutical companies in addition to upbeat data on consumer confidence in the euro zone .