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Category: Gold news

  • $ 35.8 billion trading «Dubai Gold and Commodities» in July

    $ 35.8 billion trading «Dubai Gold and Commodities» in July

    Dubai Gold and Commodities

    Dubai Gold and Commodities succeeded in the registration of a total of 965.6 thousand was held in July this year, totaling $ 35.8 billion, representing a trading volume record for the fifth consecutive month.

    And contributed to trading in July, which saw an increase of 9% on trading last June, in enhancing the volume of trading in the stock market since the beginning of the year to date to more than 4.8 million contract, an increase of 179% over the same period of the year, 2011, which witnessed a circulation of more from 1.7 million contracts.

    Continued to gold and rupee futures strong performance in the Dubai Gold and Commodities, achieving an annual growth rate of 211% in the volume of trading last July, as the volume of currency contracts in July last by 223% from last year to about 897.9 thousand contract, and the Indian Rupee futures in the Dubai Gold and Commodities are the mainstay of growth of currency once again, recording an annual increase by 263%, of which 892.3 thousand held during this month, and for contracts for other currencies, witnessed decades, the Australian dollar and Swiss franc futures grew by 49% and 24% respectively compared with last June.

    For its part, seen gold futures contracts in Dubai Gold and Commodities, high annual growth rate of 104%, bringing the number at the end of the month to 55.3 thousand a decade, as the number of gold futures contracts since the beginning of the year to date to 312.7 thousand a decade, an increase of 11% over the same period in 2011.

    The chief executive of the Dubai Gold and Commodities, Gary Anderson: «sought Dubai Gold and Commodities actively during the first half of 2012 to enhance liquidity and increase the size of the contracts the main, through changes to the contracts and encourage market makers to provide the best prices, and encouraged us to increase the volume of trading that we have achieved as a result of these initiatives, and keep searching for new products and services that will, in addition to our stand sophisticated new technology, to provide better support to the needs of hedge and investment to a wide range of market participants in the region ».

  • How to buy gold in Dubai

    How to buy gold in Dubai

    How to buy gold in Dubai

    Dubai has the reputation of being the City of Gold and rightly so. A trip to the Gold Souk will demonstrate this. If you have not been, it truly is a marvel to see hundreds of golds shops all together, selling this age old investment. And while, historically, gold has been an investment, the temptation for adornment remains. With the numerous styles on offer, it is very difficult to walk away from the UAE without getting your own piece of bling. We provide you the details, int the grapeshisha way, so that you are in the know when scoping out the gold stores.

    Choice – The UAE is a large importer of gold offering a variety of designs from Indian style, to Arabic and modern Italian and European pieces. Tax free – There is no VAT on the gold in the UAE, which makes prices particularly cheap. You might find that prices are up to 40% cheaper than those in the west.

    Shop around – There are an endless number of stores offering similar products. Once you have found the item you like, make sure you haggle down to get the best price, before comparing that same item with another shop. Feel free to walk away and come back for the best price you have haggled to – it is all part of the game.

    Weight and Workmanship – The price is based on the type of gold (24K, 22K etc.) and how much it weighs. The price per gramme is usually displayed at each store. Many of the stores will have a price of gold listed in the store. If not, make sure you ask specifically for what is the price of gold on the day. The price of gold is variable depending on the day. There will then be a charge for workmanship depending on length of time taken, how intricate the design is and whether a craftsman or machine was used. With a little bit of mental arithmetic therefore, you can quite easily work out what percentage charge is being charged for the workmanship. And usually, this will revolve around a fixed amount for the workmanship around the gold that doesn’t change. But in your negotiations you will never know how much that is! But if maths makes you uncomfortable, ask for the calculator.

    Safe and secure – There is significant monitoring of the stores so that customers can be sure that the shops are providing a good product that is real gold.

    Colours – Designs are constantly changing and white gold is becoming more and more prevalent in the souks these days, with chromium designs also being offered.

    Trade in – Many tourists have their old gold on the shelf and come to trade in for cash or as payment towards a new design. It is certainly possible to sell gold in Dubai Not all stores buy gold, but many do, and some will accept an exchange. Bear in mind, though that some are particularly picky about certain factors: whether the gold has a hallmark; whether there is a certificate; or whether you have a receipt. (There are a number of measures taking place to prevent illegal trading of gold)

    New designs – if you want to get the newest pieces, then base your trip around the shopping festivals. Many bring out their new ranges to coincide with DSF and DSS when much business takes place.

    Custom made – if you want your own piece designed, that can also be done, depending on the time frame. It is best to get in touch beforehand or as soon as you get into town so that your piece is perfect. Having pictures of what you want is also a big help.

    Copies – Duplicate designs exist all over and you could get your Bulgari gold set for a snip in comparison the legitimate price, not that we condone this flagrant infringement of copyright! Talking of copies you will hear the calls of “copy watch, copy handbag” being pitched at you, to lure you to rooms filled with fake Louis Vitton, Gucci and other big names.

    What is available – everything is available from chains to sets, diamond rings to bangles, watches to cufflinks to money holders. If you want it, it will be here.

    Shop times – The shops at the souks operate on a split shift basis, so there is basically a break for the afternoon between 2 and 5. Either get there early or aim for the evening until about 1030pm. You can buy gold at Dubai Airport but we think you get a better choice, better price and better experience at the Gold Souk in Dubai

    Cash is king – You can bargain down to the last Dirham if you pay in cash. While credit cards are accepted, your Dollar or Dirham can make a big difference if you are planning a big purchase.

    Location – The gold souk in Dubai is based in Deira. Any taxi should be able to take you there if you are visiting. You will find some of the branded stores across Dubai and the UAE, offering the same price as their store in the Souk. If you are based in Abu Dhabi, there is another such souk at the Madinat Zayed Shopping Centre which contains a fair few gold shops to give you significant choice. There are also a few shops on Hamdan Street which gain much attention.

    Who to buy from – There are so many stores available, but we have checked out a few that stand out and would be a good place to starts with. Damas is the big player offering the most up to date designs. Marhaba also provides a good option for European styled jewellery. Joylukkas is a big seller of Indian designs and has a number of stores in the UAE. Other stores worth a check are Barakat and Yasin jewellery. Remember, everyone has a different taste – be sure to check out a number of stores and then buy from where you feel comfortable. But most of all, enjoy yourself

  • Dubai:third-largest diamond markets of the world .. Gold trade rises by 35 percent in 2011

    Dubai:third-largest diamond markets of the world .. Gold trade rises by 35 percent in 2011

    Gold trade rises by 35 percent in 2011

    Continued to trade in goods in Dubai to achieve strong growth, led by the trade of precious metals and precious stones, and strengthened the Dubai Diamond Exchange, the city’s status as one of the major markets of the diamond trade in the world, with trade volume in the year 2011 about 255 million carats, and a total value exceeding $ 39 billion , an increase of 11.5 percent from the year 2010.

    He said the Dubai Multi Commodities, yesterday, «has achieved gold trade set new records, which rose 35 percent to reach $ 56 billion in 2011, reflecting a rise in gold prices and the volume of trade, which amounted to 1200 tons, a rate of 1.571 dollars per ounce , and represents an increase of 6.3 percent for 2010 ».

    The statement added, «As for the tea, it has stored the facilities of the Dubai Tea Trading about 3.2 million kilograms of tea during the first half of 2012, The volume of tea, which benefited from value-added services offered by the center (of blending tea and packed in bags, etc. etc.) about 2.1 million kg during that period ».

    Saw the Dubai Gold and Commodities rise in trading volumes during the first half of this year increased by 172 percent, to $ 3.84 million contract, driven by the large rise in the demand for futures contracts for gold

    And the Indian rupee.

    On the other hand, record the Dubai Multi Commodities, set a new record in the number of new companies in the first half of this year, which rose by 60 percent over the same period last year. The center had counted some 975 new companies, surpassing the number of registered members at the Center 4600 company.

    Center is expected to continue to register new companies on the same pace, surpassing the total number of new members of the Centre during the current year counterpart of the year 2011, which was then a member company of 1357.

    On the other hand, applies to work on in full swing in the free zone of Jumeirah Lakes Towers, which provides a blend distinctive of residential and commercial units in 61 towers completed, and the number of residents and workers in which 50 thousand people, The area includes more than 120 stores different, and is expected to completed construction work on five other towers by the end of the year.

    Said Ahmed bin Sulayem, Executive Chairman of the Dubai Multi Commodities, yesterday, «Center succeeded in attracting more than 4600 companies from all over the world. He joined the region during the six months of the year an unprecedented number of member companies, in numbers to 975 companies ».

    Bin Sulayem said, «we are working to improve the movement of trade in Dubai, through providing opportunities for companies to enter new markets, especially in light of the business focus shifted from west to east, from north to south».

  • What Is Spot Market For Gold

    What Is Spot Market For Gold

    spot market for gold
    spot market for gold

    Is the way followed by senior institutions and buyers where to buy gold from the major banks, and one of the largest centers of major global market in the gold trade is London and is the transactions will be settled at about $ 18 billion daily transactions are settled through paper transfers.

     

    And London is not considered is the only major market, but there are markets for major such as India, Singapore and the Middle East, China and the United States, Italy and Turkey. This is the gold bullion market and precious chips and lucrative trade and secured.

     

    Gold trade of the largest global trade prevalent and most profitable, this trade from ancient times to I in our time increased deployment marked increase and become many denominations and Markets in all states.

  • Gold sales in UAE grow 5% to 3.8 billion dirhams in the first quarter

    Gold sales in UAE grow 5% to 3.8 billion dirhams in the first quarter

    Gold sales in UAE grow 5% to 3.8 billion dirhams in the first quarter

    Gold sales in UAE grow by 5% during the first quarter of 2012, rising to 3.87 billion dirhams, compared with 3.69 billion dirhams in the same period of 2011, according to the World Gold Council statistics.

    The record growth in gold demand for investment in the domestic market by 33% to 588.8 million dirhams in the first quarter of this year, compared to AED 441.6 million in the same period of 2011, while sales recorded on jewelry “gold jewelry” 3.87 billion dirhams, between January and March 2012, compared to 3.69 billion dirhams in the same period of last year, an increase of 1%.

    It showed Statistics World Gold Council, the demand for gold sales in terms of weight, “quantities” witnessed a decline in various global markets, including the UAE market and sales fell 14%, to fall to 19.4 tons in the quarter of this year, compared to 22.5 tons in 2011, down 3.1 tons.

    The gold sales in 2011 grew 24% in terms of value to about 12.8 billion dirhams, compared with 10.3 billion in 2010, an increase of about 2.5 billion dirhams.

    The Council that the demand amounts to invest in the yellow metal grew by 9% to a record 3 tons in the first quarter of 2012, compared with 2.7 tons in the same quarter of 2011, up 300 kg, while the demand for sales jewelry and gold wrought fell by 17 %, the amount drops to 16.4 tons in the period from January to March 2012, compared to 19.8 tonnes in the same period last year.

    The report predicted that in light of the results of the first quarter, the demand for gold during 2012 will record a growth rate of 2% in terms of value, while 19% will be reduced quantities.

    In Saudi Arabia, grew value demand for gold sales by 13% during the first quarter of 2012, rising to $ 823 million, compared with $ 731 million in the same quarter of 2011, and record investment in the yellow metal in the Kingdom increased 52%, to reach $ 250 million, compared with 165 million, while the value of the demand for gold jewelery 1% to $ 823 million, compared with 731 million in the same quarter of 2011.

    In terms of quantities, Saudi Arabia, has declined during the first quarter increased by 32% to 11.1 tons, compared to 16.4 tonnes, due to the decline in demand for jewelry manufacturers, by 17%, falling to 10.5 tons, compared to 12.7 tons, But that investment in gold rose 24% to up to 4.6 tonnes in the first quarter of this year, compared with 3.7 tons in the same quarter of 2011.

    In the rest of the Gulf states recorded sales value grew by 7% in the period from January to March 2012, to reach $ 285 million, compared with $ 367 million in the same period of 2011, and record investment in gold grew 38%, achieving $ 47 million versus $ 34 million, While demand grew jewelery sales in terms of value 2% to $ 238 million versus $ 233 million during the same period of comparison.

    In terms of quantities fell in the first quarter by about 13% in the rest of the Gulf states, to fall to 5.2 tons, compared to 6 tons, in the same quarter of 2011, while investment in experienced growth of 13% gold for up to 900 Clio grams, compared to 800 kilometers grams, and the corresponding decline in demand for jewelry quantities manufactured “jewelry” in the Gulf countries other than the UAE and Saudi Arabia 16%, falling to 4.4 tons, compared to 5.2 tons.

    The report pointed out that the global demand for gold grew by 16% in the first quarter of this year, up to $ 7 billion, while the decline in terms of quantities of 5%.

  • Jewelry sales expected to grow in Abu Dhabi 30% during the second quarter

    Jewelry sales expected to grow in Abu Dhabi 30% during the second quarter

    Rising sales of jewelry and watches in Abu Dhabi
    Rising sales of jewelry and watches in Abu Dhabi

    Rising sales of jewelry and watches in Abu Dhabi at a rate ranging between 20 to 30% in the second quarter of this year, compared to the first quarter, according to the expectations of traders attributed to the approaching summer season and weddings.

    Among those on the sidelines of their participation in the International Exhibition of jewelery and watches, which was launched at the Abu Dhabi National Exhibition “ADNEC” the day before yesterday that the options customers have become now moving to buy smaller quantities of jewelry, for attention to quality and value such as diamonds and precious stones, expecting sales growth jewelry this year, compared to last year amid stable gold prices.

    The traders in the exhibition displays a variety of configurations of diamonds and colored stones, watches start from 3 thousand dirhams and up to tens of millions of dirhams.

    For his part, predicted Abdel Wahed Marzouki owner of “Jewelry Mandoos” to rise sales in the second quarter of this year, and so before the summer season by between 25 and 30%, pointing out that the organization of the exhibition before the season weddings, which begins in July will contribute to meaningful sales during the exhibition.

    And the expectation of rising sales this year, compared to last year in gold prices remained stable and people are coping with the new prices, noting that the formations are displayed new and diverse private weddings season of crews Diamond ranging between 500 thousand to 700 thousand dirhams.

    He added that the families in the UAE and the Gulf began heading to buy diamonds after the rise in gold prices, where I said the quantity that they buy in the past, for their attention to quality, adding that they are buying more valuable formations jewelery studded with diamonds

    For his part, Sultan Nasser al-Shuaibi owner “Jewelry Sultan”, the movement began purchasing rise gradually in Abu Dhabi since last February, which will culminate this month, sales are expected to rise by 25% in the period before the onset of the summer season because of occasions weddings.

    And that the formations are displayed many and varied on the occasion of the wedding are kits start at 80 thousand dirhams and up to more than 500 thousand dirhams.

    He pointed out that the rise in gold prices to record highs last year led to a decline in sales, while the decline in gold prices since the beginning of the year and contributed to the return of stability to the gold market activity and jewelry, and expected higher sales this year compared to last year.

  • Abu Dhabi Duty Free sales grow 32% to 200 million dirhams

    Abu Dhabi Duty Free sales grow 32% to 200 million dirhams

    Duty Free
    Duty Free

    Sales amounted to Abu Dhabi Duty Free during the first quarter of this year, about 200 million dirhams, an increase of 32.2% compared with the same period of last year, according to Mohammed Abdullah Alblkwy commercial CEO of Abu Dhabi Airports Company.

    He said The growth in sales of free-market coincided with the high number of passengers traveling through Abu Dhabi International Airport by 21% during the first quarter of this year.

    And added that the rate of growth in sales included all retail sectors in Abu Dhabi Duty Free, like gold, electronics, food products, sweets and luxury brands.

    And the expectation of rising Abu Dhabi Duty Free sales to 780 million dirhams at the end of this year, jump to one billion dirhams by the end of next year.

    He guessed high duty free sales for Abu Dhabi International Airport by 2017 to more than 2.5 billion dirhams in conjunction with the opening of the new terminal, which includes a free market area of 28.8 thousand square meters, compared with 5,800 square meters in the first and third buildings. he reported that 29% of passengers traveling through Abu Dhabi International Airport bought on the open market for the airport during the first quarter of this year, of the total number of passengers totaling 3.4 million passengers.

    With regard to the products and shops in the free market, he said that Abu Dhabi International Airport is the first airport in the region of 25 “boutique” luxury addition to that displays more than 120 new products before coming to the markets, and expected the number of “boutique” in the new building, which will be opened in 2017.

    He stressed that the free market area of the new building currently under design, stressing that it will be a catalyst for buying and unite ideal shopping environment with vast areas that will be provided.

    The number of stores that are currently in the free market in Abu Dhabi Airport 60 stores.

    Alblkwy pointed out that Abu Dhabi Airports Company focused on finding a distinctive shopping experience for travelers and five-star service to them, he said, adding that the company’s goal to make travelers feel they are in a shopping center, not at the airport with the variety of products to suit all segments.

    With regard to staffing and training in the free market, said there 500 employees currently on the market free of 40 nationalities and speak 60 languages, stressing that these employees are subject to continuous training, where they are dealing with different segments prefer buying high-speed products high prices makes it imperative that the employee familiar products and is well trained. And emphasized Alblkwy continuing events, events and competitions in the free market, especially during occasions and that the National Day and Ramadan and Eid al-Adha, birthdays and other occasions.

    With regard to the prices of products in a free market, the البلوكي indicated that the prices of products less free-market rate ranging between 10 to 20% of the market, and varies depending on the product.

  • Forecasting For Gold To Exceed $ 2000 during 2012

    Forecasting For Gold To Exceed $ 2000 during 2012

    Forecasting For Gold To Exceed $ 2000 during 2012

    Expect gold prices to continue to rise for up to $ 2000 (7.43 thousand dirhams) per ounce this year, according to Jeffrey Rhodes, global head of precious metals and CEO of Intel Commodity.

    Said Jeffrey Rhodes, during a discussion held in Dubai yesterday, gold prices will drop shortly after rising.

    He said that gold could play a big role for investors this year, but at the same time decrease appetite will play India to import this role in weakening the metal trade in Dubai.

    Participated Rhodes, who engaged in the trading of precious metals in the world since 1978, in a panel discussion yesterday about the future of the U.S. dollar, and the BRIC countries (Brazil, Russia, India and China), and goods, through its participation in the 51st session of the Conference of the global financial markets in Dubai.

    Rhodes believes that the factors that took the precious metals sector, in terms of the strength of his performance in the last ten years, and the period of weakness through which at the present time, will contribute to put the best opportunities for investors.

    The Rhodes “expectations Dubai’s gold trade, which is considered as a proxy for the Middle East, linked largely the future of the actual demand for gold in India, especially after the recent decisions of the Indian government to lift tariffs on imports metals, is expected to drop import of gold in India has clearly 2011, which will affect the gold trade in Dubai

    In his analysis of the prospects for investing in precious metals this year, said Rhodes The gold rose representing 5.43% since the end of 2011 to reach the current price which is about $ 1,650 an ounce, but nevertheless remain level lower than reached by the end of February, which the boat’s 1790 dollars per ounce.

    He said, “I am cautiously optimistic about the year 2012, and I see that the fall in rates of precious metals buying opportunity. In a world free of profitability, money managers need to invest their assets in the sectors of assets that guarantee capital, and moreover they also need to indicate the strong performance when they explaining their investment strategies to customers “.

    “The gold is one of the most prominent elements in the global markets, rose by 480% during the past ten years, to achieve the annual increase in prices in all these years by annual returns of up to 20% per year.”

    “In a time claiming some that gold is simply currency speculation to the U.S. dollar, the fact is that gold has proved its place among the many currencies, and during the period from 2001 to 2011 the price of gold rose 273% in the euro, and 280% in yen, and 436 % in the Indian rupee. ”

    “It was more striking gold with high rates in 2011 by almost 600% compared to 2001 and an annual growth rate reached 23% per year over the past ten years. And increased both platinum and Palladium with an annual growth rate reached 14% and 10% respectively over the same period. ”

    He went on “We expect a rise in gold prices in 2012 up to 1975 dollars per ounce. I think that gold can contribute to raise many with coverage ceiling of $ 2,000 per ounce, . We expect to reach the lowest price for gold of about 1465 dollars in up the annual rate for 2012 of about 1727 dollars. ”

    And silver, said Rudo The highest price expected for silver this year is estimated at $ 50.25, the lowest price $ 22.25 and a rate of $ 36.25.

    While expected to reach platinum to 1940 as the highest price, lowest price estimated 1305 dollars at a rate of 1735 dollars per year. Palladium is expected to reach its highest price to $ 920 and the lowest price for about $ 565, and a rate of 765 dollars.

  • India gold demand to hit 1200 tons by 2020

    India gold demand to hit 1200 tons by 2020

    India gold demand to hit 1200 tons by 2020

    Despite a 20 percent drop in gold imports in the third quarter, India’s gold demand will continue to climb and by 2020 it might reach 1200 tons, Analysts said.

    They said Indian demand for gold will be driven by savings and real income levels, not by price .

    Gold prices in India went up 18.35 per cent against an international price increase of 8.24 per cent during the September quarter.

    As a result, in value terms, the overall demand went up 5.6 per cent to Rs 51,028.3 crore as against Rs 48,354.48 crore in the same quarter last year.

    World Gold Council on Thursday said India’s imports fell 20 percent in the July to September period to just 200 tonnes but should pick up to beat last year’s 281 tonnes in the fourth quarter, as buyers invest against the ravages of near double-digit inflation.

    In 2010, India’s total annual consumer demand reached 963.1 tonnes.

  • India gold gains as demand returns

    India gold gains as demand returns

    India gold gains as demand returns

    Gold prices in India, world’s largest consumer, climbed after stockists and jewellery shops began stockpiling for the upcoming marriage season.

    Gold prices went up by nearly 32% as opposed to just 11% in the global markets as a debilitating Indian rupee helped push the prices higher, particularly in the last couple of months of the year.

    Gold per ten grams on the MCX.country’s leading commodity exchannge, rose as high as Rs 27,900 while silver per kig hit Rs 51,600.

    Analysts also attributed firm global trends, aided by geo-political tensions in West Asia after Iran tested long range missiles and enhanced nuke ambitions, for the gains in yellow metal.

    A depreciating local currency, rupee, continued to keep prices steady in the local market, analysts added.

    In Asian trade, gold prices climbed as high as $1588 an ounce.

    In December, gold demand took a hit as buying declined during year-end holidays and the month is considered inauspicious for purchases, dealers said.

    Gold imports by India, the world’s top consumer, plunged 56% to 125 tonnes in the fourth quarter, cutting full-year imports by 8.4% as record high prices and high interest rates curbed demand.