Category: Gold Prices

Gold prices fell on Friday after the US Senate approved a budget plan that paves the way for tax cuts, driving stocks, the dollar and bond yields higher.

The Republican-controlled Senate voted in favor of a late-night budget of 51 to 49, adding up to $ 1.5 trillion to the federal budget deficit over the next 10 years to fund proposed tax cuts.

As a result, investors, betting on faster economic growth, are cutting back on riskier assets as bondholders trimmed their positions on concerns that inflation and federal borrowing could rise.

A higher yield on bonds would increase the pressure on non-yielding gold, while the dollar’s appreciation would increase the price of the yellow metal for holders of other currencies.

Spot gold fell 0.77 percent to $ 1279.44 an ounce by 1841 GMT. The metal has been around 1.9 percent lower since the start of the week.

The yellow metal in the US futures contract for December delivery fell $ 9.50, or 0.7 percent, to $ 1280.50 an ounce. The weekly decline was 1.8 percent.

Among other precious metals, silver fell 1 percent to $ 17.02 an ounce, hitting a weekly loss of 2 percent.

Platinum fell 0.3 percent to $ 918.50 an ounce, while palladium rose 1.5 percent to $ 972.80 an ounce. The metals are down on a weekly basis

Gold gave up initial gains that brought him earlier Tuesday near its highest level in 15 months, with the transformation of the dollar to rise and a signal from the US central bank official to the possible outcomes two increases in interest rates in 2016.

The record price of gold for immediate sale 1286.41 dollars per ounce at the end of trading in the US market was down 0.37 percent, after falling from its highest level in 1302 of $ hearing.

In Monday’s session the precious metal hit its highest level since January 2015 when it stood at US $ 1303.60 an ounce. Fell US contracts in gold for June delivery was 0.3 per cent to settle at US $ 1295.80 an ounce.

Gold and subjected to pressure from the rise of the dollar against a basket of major currencies for the first time in seven sessions in a sudden shift from its lowest level in more than 15 months.

Gold recorded gains rate of 21 percent since the beginning of the year, helped by expectations that the US central bank projected a slower pace of interest-rate rises.

The yellow metal is sensitive to increases in interest rates that raise the cost of maintaining an investment tool rates do not generate a return while supporting the dollar.

Gold prices Keep near its highest level in three weeks on Monday, supported by safe-haven demand after the damage to the global stock of Fed decision (Fed) to keep interest rates unchanged.

And settled Spot gold at $ 1138.90 an ounce (an ounce) by the time 0640 GMT, after three percent record gains over the previous three sessions. The weak trading volume in hours of work in Asia because of the three-day holiday in Japan.

The metal rose to $ 1141.50 in the previous session, its highest level since the second of September.

Tracked Asian stocks followed Wall Street down after it raised the Federal Reserve’s decision to keep interest rates at record lows fresh concerns about global growth, especially in China.

For other precious metals silver fell 0.13 percent to $ 15.14 an ounce, while platinum rose 0.2 percent to $ 980.45.

Palladium rose 0.16 percent to $ 603.97 an ounce.

Expect officials in the shops for the jewelry trade and goldsmiths in the Bahraini gold markets, gold sales experiencing a slight growth over the coming weeks by between 10 and 20% compared to the previous weeks, supported by increasing demand for purchase during the Eid al-Adha and purchase gifts to be presented to pilgrims.

Prices rose gram 21 carat gold since the beginning of this week to 11,700 dinars.

The coming period will witness a decline in gold prices by between 3 to 5%, confirming that the gold Bahrain still tops the most gold jewelry demand from consumers.

For his part, one of the local gold shop owners expect, to see the local markets, a rise in gold sales during the Eid al-Adha period until the return of the pilgrims of Hajj by 15 to 20%, a reference to the low gold price globally, as well as the desire of customers in the acquisition Jewelry and Costume Visitors to the House of God to be presented to them as gifts.

Gold markets see a good turnout compared to previous months despite the volatility of voter turnout, especially in the period of preparations for the return to school, stressing that the declines in gold prices encouraged many customers to purchase.

Expected to see the price of gold over the next few days a decline in gold prices by between 5% to 7 accompanied by the movement of a good turnout, noting in this regard that in the case of consumers to buy gold  always prefer the acquisition of Bahrain gold.

Buy gold operations at this time were limited largely to buy engagement crews and bracelets, to buy diamonds and colored stones are expensive, and that the price back down after your purchase.

He explained that in the case of re-selling them lose half the financial value, with chains and rings and throat came in second place, pointing out that the difference in prices of the caliber to time, in addition to diverse configurations provide an opportunity for customers to choose what suits their tastes and budgets.

He stressed that the Bahrain gold still tops the most common form of gold demand because the purity of proportion and reached the high levels of the highest quality from the Gulf states.

Specialist report revealed that the price of gold rose by 3% in global stock markets last week to touch the level of 1138 US dollars per ounce.

The report issued by the Kuwait alloy company to trade precious metals and noted on Sunday that the main reason for this rise marked in yellow metal prices is the growing fears of investors about the global economy after the US central bank’s decision to keep interest rate at a record low, prompting the price of gold to rise by 32 dollars per ounce.

He pointed out that the precious metals were the biggest beneficiary last week due to the weakness of the US dollar’s exchange rate against world currencies and the flight of liquidity to the gold and silver markets in spite of assurances head of the US central bank Janet Ill and justified not move interest rates to the need of the global economy for more positive and confirmed indications that inflation rates It is still far from expectations.

The report predicted that the price of the yellow metal will continue to rise in the coming weeks to mid-October, a month ahead of schedule to meet the US central bank members to discuss a new rate hike.

It is clear that the World Gold Council stresses the need to be investors look to invest in gold deeper and larger than linked to the decisions of the US central bank, stressing that the yellow metal will continue to play the role of safe haven for money in light of the unstable political and economic conditions around the world.

The report pointed out that silver prices have risen to a level of 1 t of $ 15 per ounce and benefited are the other of the flight of liquidity to the precious metals markets expected to continue to climb and resistance to profit-taking if settled above $ 15 per ounce during the current week.

He pointed out that the rest of the precious metals also rose as metal platinum ended trading last week at $ 983 per ounce and palladium at $ 611 per ounce.

With regard to the Kuwaiti market, the report pointed out that it rebounded to reach the value of one gram of gold rose 11 dinars while buying gold jewelery requests with a significant increase in gold sales of 21 carat and 22 carat

Jumped on the gold price with the opening of the weekly meetings to break the psychological barrier at $ 1165 and comes into contact with the price of $ 1169.50 per ounce in the afternoon and before the open US market and coincides with the absence of supporting data to the dollar, which makes US dollar index falling daily by well exceed 1.49% of investors escape stock exchanges and markets global money makes gold a safe haven in light of the Chinese market and falling oil prices hunters who negatively affect the rest of the global markets.

The experts Vkano may Oharo during the day that gold is stable and will preserve the gains of the targets and trying to break the $ 1170 to pave the way to the level of the important resistance at $ 1178 and then might target of $ 1188 to near the psychological barrier $ 1,200, according to expert forecasts and the important support that awaits Gold will be at levels close to US $ 1150.

An increasing shift towards negative market gold and other metals and other markets over the past month.

Several factors in the collective abandonment of the yellow metal which do not receive any signals about inflation with rising bond yields, and the deterioration of the emerging market currencies, and the disappearance of demand for a safe haven, and the escalation of the dollar, and the growing expectations of an early rise in interest rates in the United States have helped.

According to a report presented «Saxo Bank», the picture has become clearer with the futures market, where hedge funds are increasingly declined during the past few months, and as a result we have seen a net position of futures contracts for gold and went options in the negative direction for the first time since the start of data collection in 2006 .

This change multiple shorts, which currently stands at record level of 12.1 million ounces was not affected. While reducing this deal alone could lead to an increase of $ 50 after closing the sale, and this alone is not enough to change this trend.

The report said that stocks in ETFs backed by gold production down to 63.6 tons in July.

The last drop of this magnitude has been recorded in the second quarter of 2013 in the event of a significant deterioration in the price.

That was clear in part after gold fell to below $ 1132 an ounce, where that exceeded this level has increased the risk of greater losses, something that has become very clear during the «significant decline» July 20, which went down the price to its lowest level in 5 years.

It expected the report for the third quarter that the first interest rate rise in the United States represents an opportunity to buy, where would remove some of the uncertainty that has accumulated over the past two years.

However, the continuous decline (less than the level of $ 1090 an ounce) would decline in expectations about the end of the year, which currently stands at $ 1275 an ounce.

The report emphasized that at the moment sellers in the short term remains dissatisfied with the level of $ 1105 an ounce, and the only support may come from the fact that many people do not accept it.

This can lead to a quick bout of closing short positions on the impact of a variety of facts or arguments or stimuli.