Gold price in the spot market rose is about 1 percent to its highest level in 11 months on Thursday, with the increase in the precious metal’s appeal as a hedge against inflation amid signs that the European Central Bank intends to keep interest rates at very low levels.
By the time of 1705 GMT, the price of gold $ 1791.99 an ounce, after hitting earlier in the session $ 1794.40, its highest level since mid-November 2011.
And U.S. futures rose gold for delivery in December 14.60 to $ 1794.40 an ounce.
The price of silver for immediate transactions, about 1 percent, to 34.96 dollars an ounce.
Platinum rose 1.8 percent to $ 1715.24 an ounce, extending a rally for the eighth straight session, supported by the report that South African police fired tear gas on striking miners near Rustenburg area where there are operations of Anglo American Platinum’s largest platinum producer in the world.
And palladium jumped more than 3 percent to $ 675.50 an ounce
Gold prices rose the beginning of the U.S. session with popular expectations in the markets that the European Central this month may resort to reduce its benchmark interest rate by 25 basis points to levels of 50%, and this is what will support expectations demand for the precious metal as a hedge.
Gold prices rose immediate as of at 12:53 GMT by 0.66% to record levels trading $ 1,782.36 per ounce and recorded highest at $ 1,785.76 and a low of $ 1,763.27 compared to the opening price at $ 1,770.66, silver prices currently trading around levels of 35.16 $ per ounce compared to the opening priceat $ 34.39 and recorded a low of $ 34.14, higher at $ 35.34.
Controlled calm on gold with continued anticipation in the financial markets as expected investors ECB, which is scheduled to announce its interest rate decision, which is expected to remain as it is and without change to remain at a level of 0.75% after the Bkhvdah in July last, But we should not ignore the analysts who expect to be cut by 25 basis points to contain the current economic conditions.
Gold prices fell the beginning of morning trading influenced by the rise in the U.S. dollar, with a tendency of investors to buy the low-yielding assets with flammable concerns about the European sovereign debt crisis and exacerbated in Spain.
Affected gold prices decline in European shares with the government’s expectations Spanish high proportion of debt next year to more than 90% of economic output national product, which will create more pressure on Madrid, which seeks to reduce public spending by the economic crisis experienced by the country.
Moody’s said today that the results of the test recapitalization of Spanish banks is positive for the creditworthiness of the banking sector, but in the end it may be “insufficient”, and this is what the agency said in a review of the Spanish credit that was published Monday.
Moody’s warned that questioning the solvency test of the participants in the market, and with the general feeling negative camp on the markets is likely to dispel the government’s efforts to restore full confidence in the solvency of Spanish banks.
Gold and jewelry experts expect in Saudi Arabia to record gold figures new global with the beginning of the fourth quarter of this year could exceed $ 1900 per ounce, and that, having achieved the highest price quarterly since the last two years of his political factors in the region, in addition to the purchasing power of the stock of a number of countries have recently.
Gold prices rose with the end of the sessions last week on its way to achieve the best quarterly performance in more than two years, with enhanced Spanish budget , which drew applause markets investors’ appetite for assets that are considered high risk, prompting the stock markets and the euro and commodities to rise.
According Kassem Yaf’i, invested in gold and jewelery industry in the Saudi market, in his interview with Asharq Al-Awsat, that gold has risen during the period is not far to about $ 1900 per ounce,But now when a closing at the end of the third quarter reached the highest quarterly rate, and is expected to climb the price to nearly 1850 dollars per ounce due to many factors, the most important countries worldwide trend to buy more stocks of gold.
He add “The example of this, Iran has bought large amounts of gold from the international market specifically Turkey , in what appears to be a reference to the growing political pressure them to reduce their exposure to the dollar, as well as to support the reserves instead of paper currency, and try to convert their savings into gold in anticipation of the economic conditionsof sanctions and the like ”
And around the local market in Saudi Arabia Yafei pointed out that it observed some time ago that the volume of sales fell by more than 50 per cent in terms of sales individuals and institutions, but will not affect the investor who reap profits through gold rises globally.
Investor expects that there will be gold price movements over the coming months, adding “it is expected to see a price opening tomorrow may outweigh the close of business on the first trading in the fourth quarter, is likely to start to go down in the first moments,This always reflected the rise in the post, and the price will be fluctuated between 1600 to 1850 dollars per ounce over the next three months except in the event of any external things occur to the stock market. ”
The spot price rose 0.2 per cent went to $ 1780.30 per ounce during the trading sessions last week in global markets,U.S gold contract rose . crude for December delivery (December) 2.50 dollars to 1783 dollars per ounce, as gold is on its way to a 11.4% rise in the third quarter in the best quarterly performance since the second quarter of 2010.
Not separating the precious metal only dollars for its highest level in six and a half months, which struck earlier this month, after the U.S. central bank launched a third round of monetary easing measures.
The other precious metals recorded positive quarterly results, and silver had her best performance, rising 25 per cent in the third quarter, and increased the spot price for silver, 0.3 per cent to 34.74 dollars an ounce.
Explained the Federal Customs Authority that preliminary statistical data during the month of February of this year showed that the gold came in the top of the list of goods that are imported $ 8.4 billion dirhams ($ 2.28 billion), followed by diamond $ 3.4 billion dirhams, then cars worth AED 2.9 billion, jewelry worth 2.3 billion dirhams
And occupied as well as top goods were exported to overseas in February 2012 $ 6.4 billion dirhams, followed by polymers of ethylene and copolymers of propylene in primary forms $ 1.7 billion dirhams, and jewelery and parts thereof valued at 234 million dirhams, and petroleum oils and other value of AED 231 million.
The Authority indicated that the diamond came at top goods that have been reexported in February 2012 worth 3.4 billion dirhams, then ornaments and jewelry and parts valued at 1.4 billion dirhams, and cars worth 1.2 billion dirhams, then telephones billion dirhams. The Commission stated that total value of trade markets and free zones in country during month amounted 1.2 billion dirhams.
This comes at a time which amounted to an average increase of imports during the month 8%, rising value country’s imports of nonoil 45.9 billion dirhams in February 2011 to 49.5 billion dirhams in February, an increase of 3.6 billion dirhams. While the value reexport 15 billion dirhams during the month.
Chinese Gold helped Egyptian citizen much and spread in Egypt prevalent severe, but recently appeared carat gold 12 and 14 in Egypt and became more prevalent and so making workshops Egyptian and some doubt that he went Chinese, but it went by 12 part or 14 part to 24 per part and the price of a gram 20 pounds Egyptian and this gold-making specifically for men Egyptian who clings to the customs and traditions network gold and spread carat gold 12 in popular areas and especially Embaba and Warraq and saw a blockbuster in recent months and specifically after the rise in the gold price.
And had confirmed Rafik Abbasi Chairman of the General Division of gold in a statement that carat gold 12 and 14 is the new way and innovative cheated trade and mostly that this gold went Egyptian and not Chinese has workshops Egyptian manufactured and even if Chinese is gone smuggler within the country way illegal and called on all Egyptian citizen encounters this type that has a benefit of stamp and balances for punishment of sell and confirmed that the proportion of gold in a live 12 and 14 is not bad and that is influenced by water and not weather factors and will not change color, but it enjoys solid also because the ratio of not a few, but gold is only one way to save the value and after the joy of the Egyptian citizen down the price of gold, and was considered the biggest designers gold for gold Hu gold plated has no value real gold, why spread to the middle class trying to stick social by buying large amounts of it in order to preserve appearances and social prestige, but the real blame lies on the gold shop owners who promote this gold to be real with the aim of a quick profit.
The government has a law against gold, as it imposes on citizens holding pure gold bars and coins and that was because of the loss reserves during the Indochina war. It announced that the old holdings in pure gold had to be converted into jewelry. The pure gold bars and coins to be treated only by licensed dealers.
Take cash only as a result of this legislation that impact negatively on the official gold market. In this way also for smuggling and the black market, and they are jewelers and gold traders.
In 1990, India was on the verge of default in foreign liabilities side as she caused a big problem in the foreign exchange problems. Then Control Act in 1992 and liberalized import of gold in India. taxes. Government provided in the foreign exchange problem by allowing free imports and tax gain. Expanded this step in the gold market showed informal trade and smuggling and the black market. Therefore India is one of the most sensitive to market price of gold in the world
The estimated reserves of gold in India to be in the range of 10,000 to 13,000 tons
. Indian consumption of gold 25% of world production of gold total.
India has a gold production is very limited from about 9 tons in the domestic production of gold is very limited
The gold when it comes to investing in second spot after bank deposits and savings and investment is the car .. India is the world’s largest consumer of gold jewelry and investment has allowed commercial banks to import gold from jewelers and exporters for sale or loan in 1997 by the Reserve Bank of India is involved in 13 banks in gold imports at the moment. As a result, and reduced the difference in the international and domestic prices of 57% during 1986 to 1991 to 8.5 percent in 2001. In society the trend to keep Indian gold .
One of the main centers prohibit the consumption of gold in the world
LONDON (exchange of information)
New York (home of futures trading)
Zurich (physical turntable)
Istanbul, Dubai, Singapore and Hong Kong (entrances to important consuming regions)
Tokyo
Gold is traded in Mumbai and Ahmedabad. Home from India and commodity exchanges, a commodities and derivatives exchange limited national, and Multi Commodity Exchange of India Ltd is also traded in the Multi Commodity Exchange of India Limited National.
Precious metal prices continued to rise sharply for a third week to exceed resistors technical analysis and touches the level of 1775 U.S. dollars, up $ 45 for the weekend and by 2.5 in the water and a total 6 in the water for the last two weeks of trading, and all these rises were unexpected in light of decisions of quantitative easing We expect further gains with the repercussions of this package third of operations quantitative easing of the federal U.S. (FED) and despite the fact that many ruled out the issuance of this decision within days the current, but the repercussions of aggravation latter case without further delay in the injection markets package to stimulate new assumed on the track all U.S. and European stock markets even Arab bourses green and expect more good omen in the coming days.
September could see further gains, as usual every year and all precious metals breathe a sigh of relief about the rising prices rally towards new highs gold is exceeded the narrow scope and break the $ 1,600 barrier and the $ 1,700 barrier and heading towards the $ 1,800 barrier and is the current cases of actual purchase of Before the biggest supporter investors about further hikes for fear of obsessed with inflation because many linking quantitative easing packages and rates of inflation and despite assurances U.S. Federal Chairman (Ben Bernanke) to monitor the rates of inflation and maintain low interest rates until 2015, but all of this does not preclude the direction of most of the liquidity quantitative easing to metal safe haven hedge against the repercussions of inflated prices and may agree or disagree with the rationale for quantitative easing at this time, but the phenomena present all positive and calls for cautious optimism to avoid cons previous stages and witness to this that rises euro and European currencies are not due to the weak dollar (euro equivalent 1.318 dollar) only and but as a result of factors other positive from the region European such approval the European Central (ECB) to continue to plan on buying bonds and upheld the German constitutional court to Angela Merkel and rescue fund EU with win Dutch pro-European plan in the last election and may be the current improvement in global markets and Walid concerted mass transit from the neck of aggravation.
gold will remain in the high and behind him the rest of the precious metals until the end of the year and the middle of next year because the Reform and Development Project requires months, not days, and when we see price stability and stop the rise realize that reports GNP, average income and economic activity are all positive and it seemed the world is moving towards recovery phase.
As for silver accompanied gold upward sharp and achieved ounce peak weekly Aljdidhand 34.80 dollars, up $ 1.24 from the start of trading and rose by 3.70 in the water and exceeded $ 35 is very close during the trading next week and silver received strong support from the industrial market next to the metal markets precious.
Platinum achieved $ 116 high only during the last week of the percentage rise 22 in the water during the last month where the level ounce in mid-August 1393 and $ closed Stock Exchange Nyumks on the price of 1712 dollars last Friday and expect spikes of Platinum in the coming days as the rest of the precious metals and the impact of repeated strikes by miners in South Africa, the largest source for the production of platinum in the world.
The precious metal palladium owner in gains and achieved a $ 36 increase from the beginning of the week and closed at the level of $ 695 per ounce.
Signed DGCX and Dalian Commodity Exchange (DCE) today a memorandum of understanding with the first MoU of its kind signed by the Chinese stock market with one of the Middle East stock exchanges.
The new partnership will enhance and support opportunities for global cooperation between DGCX and goods and the Dalian Commodity Exchange what will be beneficial to both parties.
The MoU aims to facilitate close cooperation between the two sides in areas such as product development and price risk management and market share resources.
The memorandum will support Middle East investors and producers of energy, petrochemicals and plastics, enabling them to take advantage of the huge consumer market enjoyed by China.
Said Gary Anderson, CEO of DGCX and goods that DCE of goods is one of the three largest stock exchanges for trading agricultural contracts futures in the world, stressing that the importance of this note stems from being a support the common interests of the two bourses and help develop opportunities our business and expand global presence in addition to helping our customers.
He added that through this cooperation both markets will be able to employ their knowledge and expertise in support of innovation and development efforts in the area of futures trading.
For his part, Liu Zheng Qiang Prime DCE for goods and CEO The DCE for goods showing great interest in building cooperative relationships with exchanges leading to support its global effectively comes our cooperation with the Dubai Gold and Commodities, which is one of the stock exchanges specialized in the field of derivatives trading in the Middle East due because of its great influence in regional financial markets as a memorandum of understanding this important development in terms of our business in the Middle East.
He pointed to growing investor interest in the development of petroleum products and related derivatives of crude oil in the Middle East, which is considered one of the most prominent producers of petroleum in the world while China is a major consumer and therefore it was only natural to build a partnership relationship between Borse Dubai Gold and Commodities Exchange and Dalian Commodity take advantage of this economic orientation is important.
The memorandum of understanding signed between Borse Dubai Gold and Commodities Exchange and Dalian Commodity latest in a growing number of deals between the United Arab Emirates and China in light of seeking both countries to strengthen financial cooperation and bilateral trade and investment between the two Over the past decade the volume of trade between the UAE and China by 35 percent annually, where it was estimated that the value of bilateral trade reached $ 35 billion in 2011.
For his part, Ahmed Bin Sulayem, Chairman of DGCX and goods that strength of the relationship of trade and investment that combines the UAE and China and the rest of Asia will play an important role in the expansion and future growth of the economy of the state and we are pleased to be a party contributor to the continued growth of this relationship investment in enhancing the status of the United Arab Emirates as a major trading hub in the region.
Abu Dhabi police arrested three Arab men trying to sell five gold coins worth nearly Dh2.5 million as part of efforts to combat trade in historical items.
A police undercover persuaded the three to sell him the coins, four of which are genuine, before other police men swooped and seized the three.
The coins are made of pure gold and date back to different Islamic ages, including the Ottoman and Fatimid periods – hundreds of years ago.
Police said those arrested were a 29-year-old clerk, and two van drivers aged 27 and 28 years, adding that they had received a tip off about the plan by the three that they intend to sell the coins.
“After handing the coins to our undercover, who paid them Dh2.5million, we raided the place and arrested the three,” the Arabic language daily Alittihad said, quoting Colonel Rashid bu Rushaid, Abu Dhabi CID chief.
Achieved the gold price rises, yesterday, ranging between 5.5 and 6.75 dirhams per gram in various carats, compared with the gold rate in UAE late last week, according to the stated price indices in Dubai and Sharjah markets until yesterday afternoon.
According to officials of shops trading gold in Dubai and Sharjah that large hikes in the price of gold contributed to the decline in sales at rates ranging between 30 and 60% in various outlets this week, as noted a significant increase in demand for sale jewelry used by consumers compared to last week in light of trend of consumers to take advantage of differences large increases in the price of gold.
And reached yesterday, gram 24 carat 204.75 dirhams, up 6.75 dirhams for the end of last week, while the price of a gram 22 carat to 192.5 dirhams, an increase of 6.25 dirhams, and reached gram 21 carat 183.25 dirhams, an increase of six dirhams, while the gram 18 carat 157 dirhams, an increase of 5.5 dirhams.
The director of the shop «Basalt» Jewellery, Ali Al Yafei, we «are currently witnessing a decline in sales by an estimated 60% compared to last week», pointing out that «in contrast witnessing outlets rose growing in popularity to sell jewelry used by consumers to take advantage of the significant increase in Gold prices.
He added that «the assignee is now buys ranging between three and four kilos of gold user per day with a high demand for sale, and the growth of an estimated 50% compared to the movement of Sale (user) last week», pointing out that «the factors that contribute to increase the sale of artifacts used number of asylum dealers to sell jewelry in preparation for the new school season.
For his part, drew official sales in the shop «Romaizan» Gold and Jewellery, Mohammed Alesayi, to «drop in sales grew by almost 30%, over the weekend, especially after large hikes in the price of gold, which accompanied the start of the school year which witnesses often slower in sales, pointing out that «there is a difference in turnout in Sharjah and Dubai to sell jewelry used during the current period.
In turn, the Director of Sales at the place of «Jewelry faith» to trade jewelry, Awad Al Jabri, that «sales saw a decrease of 50% with large increases experienced by gold prices finally, which exceeded six dirhams per gram», pointing out that «unit decline in sales vary between sales outlets, but the overall situation is witnessing sluggish sales compared to a growing demand for selling used jewelry from Arab and Asian consum
