Led demand for gold in Dubai to raise its price above London prices, including increases of about 6 to $ 9 per kilogram, according to Bloomberg. Gold prices have attracted loosing a lot of consumers who accept the purchase in Dubai.
This came after he hit gold prices recently shaken the strongest in years, having shaved to the highest level ever to 1924 dollars per ounce in September 2011 he found himself at the borders of 1333 dollars last week, which is equivalent to a decline by 30 percent from the peak .
He told Tariq pistil General Manager Kaluti for jewelry, that the demand for gold bullion rose significantly during the past few days, to take advantage of the prices of the yellow metal globally, estimated that the average day trades on gold bullion in Dubai with 5.2 tons are sold every day.
And pestle pointed out that there is a great demand for gold bullion from the Gulf and Arab markets and Asian wholesalers requests from these countries large amounts of gold ore on a daily basis, so we as a company have a daily orders exceeding 500 kg.
He pointed out that gold traders in Dubai are selling large quantities to these countries because of the high commission rate of up to $ 15 per kilogram compared to 3 or 4 dollars when selling quantity in the local market, and pointed out that the refineries and factories gold production can not keep up with the daily demand of Before the Gulf and Arab markets, Asian and Indian, stressing that there are requests exceed the daily production.
Gold price on Monday fell to its lowest level in 21 months and silver hit a 31-month low on heavy sell off by stockists, taking weak cues from overseas.
While gold dropped by Rs 330 to Rs 26,370 per 10 grams, matching its price on August 10, 2011, silver prices plunged by Rs 1,530 to Rs 42,170 per kg, a level last seen on November 26, 2010.
Selling pressure gathered momentum as precious metals in global markets extended their longest slump in four years as investment holdings contracted and stocks rallied and dollar surged against other currencies.
In global markets, which normally sets the price trend on the domestic front, silver tumbled 7 per cent to $20.69 an ounce, gold by 1.5 per cent to $1,338.85 an ounce.
Traders said a weak trend at futures trade as speculators offloaded their positions to shift their funds to rising equities, further fuelled the sentiment. Besides, fall in demand due to off marriage season and retail customers expecting more correction in the bullion prices was another dampening factor.
On the domestic front, gold of 99.9 and 99.5 per cent purity tumbled by Rs 330 each to Rs 26,370 and Rs 26,170 per 10 grams, respectively. Sovereigns, too, plunged by Rs 200 to Rs 23,500 per piece of eight grams.
Silver ready dropped by Rs 1,530 to Rs 42,170 per kg and weekly-based delivery by Rs 1,485 to Rs 41,170 per kg. Silver coins nosedived by Rs 3,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.
Gold futures in Mumbai are poised to the lowest level since August 2011, especially with the presence of current curve downs trend for the gold price and then say what was said Motilal Oswal trading analyst
Gold futures preparing to drop 8% to 24,000 rupees (438 U.S. $) per 10 grams in Multi Commodity Exchange of India Ltd in the next month, which would be the lowest price since August 4, 2011. Said Kishore Narne head of commodities and currencies at Mumbai-based brokerage
In a sign of the London gold prices fell alloy which worst since 1982 and has lost 18 percent as investors sold the metal in favor of riskier assets on speculation that the global economy is recovering. Futures lost 20 percent in Mumbai since reaching all-time highs of Rs 32 464 in November. Contract for June delivery fell 0.3 percent to 26047 rupees a day.
A falling channel is a continuation pattern where prices show bearish signals along a channel marked by two parallel lines. The falling channel continues until the prices move to break through the upper or lower end of the channel accompanied by high volume. In technical analysis, investors and analysts study charts of trading patterns and prices to predict changes.
Trying dealers and retailers as much as possible to attract Indians customers in Dubai today to submit offers, discounts, free gold coins because of celebration Indians celebrate Akshya Tritiya.
Pool today more days for the Hindus and the best day to buy gold and get wealth, especially gold and diamonds, where Hindus believe that in this day what to buy gold will double in the future because holy .
And traders have witnessed an increasing demand for gold as gold prices fell by almost 20% since last month. According to some estimates, are sold nearly 2 to 3 tons of gold every day during this holiday season, in Dubai alone!
Joy Alukkas is given, free gold coin with every evil is estimated at AED 4000 between day 12 to day 14 May. And not only this, but purchased diamond Cisatvid of the 50% discount and receive 2 grams of gold as well.
Similarly, the Sky in jewelry outlets sell discounts of up to 70% for those who bought the diamond, and a discount of 5% to 10% of sales over 10,000 and AED 25,000, plus free gold coins.
The jewelry store Nights introduced the work “gift with purchase” where if the client spent AED 3,500 will receive a free gift – a necklace oval diamonds.
Damas also offers to customers who spend AED 1,000 or more on diamond jewelry and AED 6,000 or more for gold, free gifts ranging from 22 carat gold coin to watch, jewelry box or frame with gold foil.
New Delhi: Both the precious metals, gold and silver extended losses for the second straight week in the bullion market on sustained selling by stockists on the back of sluggish demand at prevailing higher amid a weak global trend.
Marketmen said sustained selling by stockists on slackened demand at higher levels amid a weak global trend as a stronger dollar curbed demand for the metal as an alternative investment, mainly influenced the sentiment.
Investors shifting their funds from bullion to rising equity markets which also reduced the metal demand, they said.
In the national capital, gold of 99.9 and 99.5 percent purity commenced higher at Rs 27,870 and Rs 27,670 on some buying but fell to settle lower by Rs 50 each to Rs 27,700 and Rs 27,500 per 10 grams, respectively on reduced offtake.
Sovereigns lost Rs 100 at Rs 23,900 per piece of eight grams.
Silver ready moved between gain and losses on alternate bouts of buying or selling and ended lower by Rs 200 to Rs 45,800 per kg. However, silver weekly-based delivery found fag-end buying from speculators and rose by Rs 80 to Rs 45,240 per kg.
Silver coins held steady at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
New Delhi: Gold prices today down in India by Rs 125 to Rs 27,700 per ten grams Saturday in New Delhi on sustained selling by stockists amid a weak global trend.
Silver also declined by Rs 200 to Rs 45,800 per kg on reduced offtake by industrial units and coin makers.
The sentiment remained bearish on sustained selling by stockists on the back of sluggish demand amid a weak global trend as a stronger dollar curbed demand for the metal as an alternative investment.
Here are the closing rates of gold and silver in Delhi bullion market:
(Gold per 10 grams/ Silver per Kg)
Gold 24 carat (99.9): Rs 27,700; Change: – Rs 125
Gold 24 carat (99.5): Rs 27,500; Change: – Rs 125
Gold Sovereign (per piece of 8 grams): Rs 23,900; Change: – Rs 100
Dubai: The UAE’s version of the gold rush could have pumped in a staggering Dh10 billion plus through the wholesale and retail bullion and jewellery trade in April.
It was set off by a buying and selling frenzy in the 10 days from the afternoon of April 11, when gold prices took a dive, and saw volumes of gold touch 2-2.5 tonnes a day against the average of 1-1.5 tonnes a day in more sedate times.
Volumes have since settled down to normal levels in the first few days of May as gold prices traced higher.
Gold closed at $1,470.75 an ounce on Sunday. But the jewellery trade believes there is another spurt of buying at the retail level starting from last weekend and lasting all the way to May 13 — the traditional Indian gold buying period of Akshaya Trithiya — and a few days thereafter. Tourists to the UAE are also joining in.
“Even if funds or central banks were to dispose off their bullion assets, gold is one commodity where the lower prices go there is a corresponding surge in retail buying,” said Shamlal Ahmad, director of international operations at Malabar Gold. “Conservative estimates place the overall volumes, both retail and wholesale, in April here at more than 50 tonnes — there is no shrinking in the appetite for the metal.”
During the 10-day period of extreme volatility, there was a marked increase in the number of buyers who sought out gold coins and bars for their asset portfolios. Market estimates place this percentage as up to 30 per cent of the transactions that were done at local gold stores last month. This is against the average of 5-8 per cent otherwise.
Even on the institutional side, there has been support for the metal. “The regional gold market has seen strong surges of institutional buying for investment purpose during the last couple of weeks due to the price drop,” said Tarek Al Mdaka, managing director at Kaloti Jewellery Group. “There is still good demand, especially for smaller gold bars and we expect supplies to return to pre-crash levels by next week… if there are no unexpected price movements.”
Retailers confirm that concerns over supplies have eased up considerably and premiums for confirmed orders have softened. These premiums had touched $10 an ounce at the height of the demand cycle. For Akshaya Trithiya, jewellery chains are leaving out no strategy to get the customer to come in and seal a purchase. Campaigns include a price lock-in on the gold value for advance orders, 25-kilo raffles and waiver of making charges on gold coins. The latter gameplan targets shoppers who would prefer to make small-ticket purchases.
In less volatile times, the month of Akshaya Trithiya represents the second best volumes for the trade after the promotion-heavy phase during DSF. “The majority who buy gold and jewellery during Akshaya Tritiya do so for auspicious reasons and we are sure the price volatility will not affect demand during this period,” said John Paul Joy, executive director at Joyalukkas Group. “Yes, there will be pressure on margins, however I guess the volumes will help maintain — and maybe even better — the bottom-line.”
New Delhi: Gold prices on Saturday dropped by Rs 120 to trade at Rs 27,750 per 10 grams in the bullion market here due to subdued demand at prevailing higher levels.
However, silver held steady at Rs 46,000 per kg in restricted buying from industrial units and coin makers.
Traders said subdued demand at current higher levels kept gold prices under pressure.
Gold of 99.9 and 99.5 percent purity fell by Rs 120 each to Rs 27,750 and Rs 27,550 per ten grams respectively. It had gained Rs 255 yesterday. Sovereign followed suit and shed Rs 100 to Rs 24,000 per piece of eight gram.
On the other hand, silver ready held steady at Rs 46,000 per kg while weekly-based delivery rose by Rs 160 to Rs 45,160 per kg on speculative buying support.
Silver coins met with resistance at prevailing higher levels and dropped by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
NEW DELHI: Close both gold and silver on the decline in the bullion market during the past week due to declining demand by a large margin despite the stability of the global trend.
Traders said that investors have shifted their money out of the bullion market to higher stock markets, causing increased pressure on precious metals.
The local market continued to suffer from severe confusion and failed to recover, and the price of gold rose in overseas markets rose 1.8% to $ 1,489.20 an ounce and silver by 2.1% to $ 24.28 an ounce.
In the capital, the price of gold, which began the purity ratio of 99.9 to 99.5 at a higher price by Rs 28,200 and Rs 28,000 per 10 grams in the immediate purchase. Later, met with the selling price in the stores because of the decline in demand until it settled at 27,750 and Rs 27,550 per 10 grams, indicating a loss of Rs 350 for both of them about the level of last week.
The pound of gold declined by Rs 200 to Rs 24,000 per 8 grams.
On the other hand, silver lost Rs 900 to $ 46,000 per kilogram, while enabling the delivery of weekly closing up by 160 rupees for up to 45 160 rupees per kilogram supported by speculators.
And silver coins fell by Rs 2000 to up to Rs 76,000 for buying and Rs 76,000 in sales for every 100 pieces due to lack of demand.
