Gold rose to the highest price to near turnpike $ 1,600 per ounce again, up 1 percent on Tuesday after comments by a European Central Bank that inflationary pressures in the euro zone than recede considered an indication of the continued monetary easing.
And pour soft monetary policy in favor of gold as low interest rates encourage investors to put money in assets such as precious metal.
At 1213 GMT, the spot price of gold and one percent to $ 1596.1 an ounce after it broke through strong technical resistance at 1590 dollars after seven sessions of the move in a narrow range. Traders said the next upside target level is psychologically important $ 1600.
Gold fell about 3 percent on Wednesday, its lowest level since July after noted the minutes of the latest meeting of the Federal Reserve to the U.S. central bank may need to slow down or halt its asset purchase program sooner than expected.
And gold on Wednesday losses, which amounted to 2.7 percent is the biggest drop of the precious metal in a single day since 29 February 2012 when he scored a net loss of 5 percent as investors questioned the Federal Reserve’s commitment to its policy of facilitating cash.
The gold was also under great pressure before the publication of the minutes of the meeting of the Central U.S. with the spread of rumors about having a large fund invests in commodities to liquidate its holdings, which drew wide sales of industrial goods in crude oil Mekdtha and copper.
The intraday price fell Spot gold 2.8 percent to $ 1558.24 an ounce, its lowest level since July 12, 2012 before recovering slightly to $ 1562.34 in late trading in New York.
And U.S. futures fell for gold for April delivery to a record $ 26.20 settled at 1578.0 dollars per ounce.
Among other precious metals silver price fell for immediate sale 3.9 percent, to 28.28 dollars an ounce, while platinum fell 2.7 percent to $ 1641.49 an ounce and palladium fell 4 percent, to $ 730.72 an ounce
Indicates an art form very negative on the charts of gold fell more probably looming as the most stable future vision for the global economy and fading concerns about inflation reduced the investment boom of the metal.
Approached Spot gold dealings on Tuesday to form a “Death Cross” Death Cross, when driven down the average in 50 days without move 200-day average.
And fell on Tuesday, gold rose 0.3% to a level of 1,604 dollars an ounce. The average move in 50 days, the level of 1,665 dollars, up 10 cents from the average driven in 200 days.
Last time where this art form, “Death Cross” was on 12 April 2012, and gold prices fell after the $ 150, or almost 10%, in the next 25 days.
Gold fell, which is used by investors to hedge against inflation and as a safe haven from economic uncertainty, by 3.5% last week in the biggest weekly decline since May 2012.
Since October, the precious metal was falling steadily as investors are flocking to U.S. stocks signals about recovery in the U.S. housing market and the most optimistic vision of the future of the global economy. The benchmark Standard & Poor’s to the highest level in 5 years on Tuesday.
But some investors remain worried about the slow recovery of the U.S. labor market, despite the ongoing economic stimulus from the Federal Reserve.
Said Adam Sarhan, director Executive Srhan Capital, “the risk of inflation is no longer worried investor, while deflation is the greatest motivation to concern investors and central banks, and therefore hurt gold.”
Sarhan said that the repeated failure of gold to penetrate the average 50 days and moved its downward trend over many months also confirmed negative view of the metal.
Perhaps the news that institutions and prominent investors from including Olaenz and Pimco, George Soros and Julian Robertson reduced their share of the largest gold fund trader in the stock market in the world, “Drives DVD R” Gold Trust, during the fourth quarter of 2012 won morale.
And also the need for gold to hedge against currency, largely endorsed by prominent hedge fund managers as John Paulson, receded drastically as it seems unlikely, at least now a messy breakup of the euro zone, according to what the analysts said.
Bankers said on Friday that U.S. sanctions tight stifles trade gold for gas between Turkey and Iran and also prevent the Bank created the state-owned Turkish settlement payments other countries to Tehran for oil purchases.
U.S. officials sought to stop the Turkish gold exports – which are used as payment directly to Iran in exchange for imports of natural gas – so as not to be a financial lifeline to Tehran, which overshadowed Western sanctions for the global banking system because of its nuclear program.
Turkey – the largest buyer of natural gas from Iran – Tehran to pay the price of imports Turkish lira because sanctions prevent them from payment in dollars or euros.
The Iranians then use the lira, which were placed in bank accounts created to buy gold in Turkey and then transferred delegates alloy millions of dollars in suitcases to Dubai where it can be sold for hard currency or shipped to Iran.
The Bank of creation is also part of the settlement payments India for Iranian oil.
Bankers said that the sanctions imposed by the United States law last summer and has begun to implement the sixth of February, closing on sales of precious metals to Iran and prevent the creation of a settlement bank oil payments sent by other countries to Tehran.
The banker said a senior Turkish Reuters “can not create bank to accept payments other than payments Turkish purchases of oil and gas may not be for Iran to buy with this money except food and medicines and industrial products.”
“The gas swap gold is very difficult after the second round of sanctions. Iranians can withdraw money and buy what they want. They have to prove what they are buying … so definitely fall gold exports.”
He hinted Turkish Economy Minister Zafar Caglayan last week to the decline of this trade when he said that, despite the fact that Turkey will not bow to U.S. pressure to stop gold exports to Iran, but it is expected a decline in Iranian demand for the precious metal.
A Western diplomat said “You can say that the United States achieved their goal … If Turkey wants to continue to import energy from Iran, there is no way but to barter goods not covered by sanctions
DubaiGoldRate– Officials gold shops jewelry in gold markets of Dubai , said gold sales rose hovered rate between 20 and 30% this week, due to the demand of dealers to buy gifts on the occasion «Valentine’s Day», also declines in the prices of gold worth $ 3.5 dirhams per gram contributed to the brisk sales to residents and tourist groups.
Globally, a report showed «orientations gold demand for the fourth quarter of the year 2012», which was introduced by the Foundation «Reuters», that global demand for gold in the last quarter of the year 2012 achieved million 195 thousand and 900 tons, registering an increase of 4% over the same period of year 2011.
UAE Gold Prices yesterday, a decline ranged between 3.5 and 3.75 dirhams per gram of various calibres, compared to the end of last week, according to price signals declared until yesterday afternoon, in Dubai and Sharjah.
The price of a gram of gold 24-carat 197 dirhams, a decrease of 3.75 dirhams for the end of the previous week, while the price of a gram of gold 22 carats to 185.25 dirhams drop of 3.5 dirhams.
The price of a gram gold 21 carat 176.25 dirhams, a decrease of 3.5 dirhams, at a time of record of gram 18-carat 151 dirhams a decline of 3.5 dirhams.
The director of the company «Dhecan for jewelry and trade works», Jay Dhecan, that «outlets of the company witnessed a growth in sales during the current week rates stood 30%, compared to last week, because Iqbal dealers to buy jewelry of all kinds, gifts occasion (Valentine’s Day ), pointing to the «gold price declines differently since the beginning of the week, until yesterday ranged between 3.5 and 3.75 dirhams per gram of various calibres, prompting traders to buy gold gifts.
In turn, agreed official sales in the shop «Jewelry days», Jalish Sakr, with his Dhecan in that «Valentine’s Day» raise rates demand for sales, especially on gifts gold colored, or which forms the hearts, both for necklaces or rings » . He stressed that «sales rose at a rate of 20%, supported by a decline prices compared during last week.
He pointed out that «the most sales in outlets focused on the works of Ayari 18 and 21 carats, as most works that are formulated and Trsaaha in various forms, such as hearts, colored in red, or to innovative forms.
In the same vein, said Director replace «Lausanne Gold and Jewellery», Fadi Pedro, that «(Valentine’s Day), and lower prices, shares in the increased sales rates reached 25% during the past week, with increased demand from tourists and residents, especially from Arab nationalities and European. He pointed out that «although sales have seen a rebound, most of the sales were concentrated in small jewelry gifts, especially manufactured and studded with colored forms.
Gold globally
Globally, the volume of global demand for gold during the year 2012 to 236.4 billion dollars, its highest value ever, while the value of global gold demand in the fourth quarter of last year to 66.2 billion dollars, an increase of 6% on the an annual basis, its highest value at all compared to the previous recent sessions, according to a report by gold demand trends for the last quarter of year 2012, which was introduced by the Foundation «Thomson Reuters GFMS.
The report showed that global demand for gold in the last quarter of the year 2012 achieved million 195 thousand and 900 tons, registering an increase 4% for the same period in 2011, with record average price of gold in the last quarter of the year 2012 record levels, reaching 1721.8 dollars per ounce, registering an increase of 1% for the standard price rate in the third quarter of year 2011.
The average price for gold 1669 dollars per ounce during the year 2012, an increase of 6% compared to an average price in 2011, when he scored 1571.5 dollars per ounce.
India and China
The report pointed out that, while the demand for gold in India throughout 2012 decreased by 12% for the year 2011, but the market has seen a strong recovery in the last quarter, reaching a volume of demand 261.9 tons, an increase of 41% compared to the period same quarter last year.
The volume of demand for gold and the highest levels of investment over the past six sessions financial, as the volume of demand for gold jewelry by 35% from previous years, to reach 153.0 tonnes. The strong demand for the retail sector to higher purchase for investment purposes to 108.9 tons. The report also pointed out that the demand for gold in China has seen stable on an annual basis, influenced by the economic slowdown, adding that in the last quarter, the volume of demand for gold rose 1% from the third quarter to score 202.5 tons, the total volume of demand for gold jewelry 137 tons, registering an increase of 2% compared to the fourth quarter of year 2011. While the total size of the demand for investment 65.5 tons, registering an increase of 2% compared to 2011.
Central banks
A report «orientations gold demand for the fourth quarter of the year 2012» high rate of buying gold with central banks throughout the year 2012 by 17% compared 2011, registered record levels since 1964, with a total demand 534.6 tons . He added that the volume of central bank purchases record 145 tonnes in the fourth quarter, registered an increase of 29% compared to the same period in 2011, making central banks topping the main purchasing power of gold over eight consecutive financial cycles. The recorded investment in global ETFs remarkable increase of 51% for the year 2011, while the volume of demand for gold in the fourth quarter 16% to 88.1 tonnes, compared to the standard rates achieved in the third quarter of 2012.
Gold markets
The executive director of the investment in the World Gold Council, Marcus pod, that «China and India to Atzalan largest gold markets in the world, despite the economic challenges, in India is still demand for buying gold is strong, despite the measures imposed to reduce the demand, which underscores the the role of gold in Indian society », adding that« the financial system in India is still primitive, but gold plays an active role. He mentioned that despite the expected economic slowdown in China, the size of the investment demand rose by 24% in the last quarter of 2012, compared to the previous quarter, while its gold consumption stable at 137 tonnes. He stressed that «the central banks have seen a transition from being a power of sale of gold purchasing power in recent years, as a record size of the informal sector procurement in all parts of the world the highest levels over nearly half a century. He pointed out that «despite the turmoil economic climate during the current year, and regional challenges that have affected India and China, the size of annual demand for gold record in largest markets worldwide increase 30% from the rate over the past decade».
DubaiGoldPrices : Officials Gold trader in Dubai, said that Gold sales had declined over the past week, rates ranged between 10 and 20%, due to lower demand for purchase, after the events of Dubai Shopping Festival, which concluded its activities on the third of February.
Gold prices rose limited, the day before yesterday, ranged between 25 and 50 fils per gram of various calibres, as compared to the previous week, according to indicators published rates in the markets of Dubai and Sharjah.
The price of a gram of gold 24-carat, 200.75 dirhams, an increase of 50 fils, for the end of the previous week, while the price of a gram 22-carat 188.75 dirhams, an increase of 50 fils.
The price of a gram carat gold 21 carat 179.5 dirhams, up 50 fils, in record time gram 18-carat 154.50 dirhams, an increase of 25 fils.
The official said sales in the shop «Rmaizan Gold and Jewellery», Mohammed Alesayi, said that «sales jewelry saw a decline rates reached 20% during the past week», reference decline to falling sales of tourists, and sufficiency majority dealers from buying, after bought their requirements gifts of gold jewelry during the Dubai Shopping Festival.
Alesayi pointed out attractions that was provided by the festival, by giving buyers a voucher to withdraw gold gifts on a daily and weekly, for each purchase worth up to AED 1000.
In turn, said Director replace «Jewelry Dhecan», Jay Hecan, that «outlets experienced slower sales during the past week, due to lack of rates sales tourists that were made during visits intense regiments of tourist centers and commercial markets through events Dubai Shopping Festival, in addition to the decline turnout of residents in the state, to buy jewelry.
He stressed that «sales fell at a rate of 10% during the past week, although the movement of relative stability in the prices of gold. In the same vein, as director of shop «Baghdad gold jewelry», pioneers Zia Saudi decline of demand for sales gold over the past week, by 10%, in line with his opposite numbers in the sales of foreign tourists during the Dubai Shopping Festival has seen remarkable growth, but declined thereafter.
And expected to continue to decline in varying proportions limited through Feb., considering elevations Ltd. in gold prices over the past week, is influential in the markets.
He stressed that «prices experiencing relatively stable, with limited variation rates during the past three weeks.
Traded 1.1 million contracts in the Dubai Gold and Commodities in January
Increased trading volumes monthly in DGCX and goods, to one million and 108 thousand 614 contracts during January 2013, an annual increase 133%, achieving the highest level ever with the arrival of the value marginally during this month to 43.55 billion dollars.
According to the exchange in a statement issued yesterday, as recorded the highest average value of daily contracts ever by 2.07 billion dollars a day in January 2013, noting that the currency futures contracts, formed the main engine of growth, after hitting million 39 thousand and 602 held, representing an increase of 135% compared with January 2012.
According to the statement, maintained contracts «Indian rupee futures on a strong performance for the year 2012, as witnessed huge trading registered 982 thousand and 358 contract worth 36.14 billion dollars, the highest monthly volume ever. And recorded decades «Indian Rupee futures largest number of daily transactions also rose 48 thousand and 901 contract until the date 17 January.
In regard to the precious metals sector, has seen strong growth during January boosted gold futures, which recorded a significant increase of 89% compared with January 2012, a total of 57 thousand and 788 contracts.
The chief executive of DGCX and commodities, Gary Anderson, said that «strong growth and sustainable witnessed Borse Dubai Gold and Commodities evidence on its ability to provide market participants with tools investment and hedge innovative, and trading environment and clearing encouraging and very safe».
He added that «products bourse received increasing demand by a wide range of individual and institutional traders on the regional and international levels with the entry in 2013».
Gold unchanged amid concern over the political situation in Europe
Were little changed on gold futures contracts during European morning trade on Tuesday, as concerns over the political troubles in Europe to be placed once again on the agenda ..
On the Comex division of the New York Mercantile Exchange, traded Gold futures for April delivery for trading at 674.65 0.1 d was little changed gold futures during the European morning trade Tuesday, as concerns over the political troubles in Europe pushed its way back to the agenda – I
On the Comex division of the New York Mercantile Exchange, traded gold futures for April delivery at 674.65, $ 1 per ounce during European morning trade, shedding 0.1% on the day.
Prices traded in a tight range between 671.25, $ 1 per ounce, the lowest price for the day the highest price for the session 677.55, $ 1 per ounce.
The gold price traded as 653.35, $ 1 per ounce, the lowest price since January 28, and the near-term resistance at 684.35, 1, dollars per ounce, the highest price since Jan. 30.
Political uncertainty in Spain and Italy worries about the debt crisis in the region, and higher borrowing costs led to weak investor confidence in the single currency.
Spanish Prime Minister Mariano Rajoy lawsuit to stop the corruption allegations against him and senior officials in the ruling party popular while growing uncertainty on the outcome of the upcoming elections in Italy after opinion polls confirmed the investigation of former Prime Minister Silvio Berlusconi gains ..
Investors were also cautious ahead of the outcome of the meeting policy of the European Central Bank on Thursday.
The yield on Spanish bonds with ten years – to 5.46% on Tuesday morning, while the yield on Italian bonds rose 4.50%.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, rose 0.1% to trade at 79.68.
The strength of the U.S. dollar usually affect the gold, because it alleviates the metal’s appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.
Investors were also cautious ahead of the outcome of the meeting policy of the European Central Bank on Thursday.
Elsewhere in the Comex, silver fell for March delivery rose 0.1% to trade at 31.69 dollars per ounce while copper fell for March delivery rose 0.05% to trade at 3.767 dollars per ounce during European morning trade, shedding 0.1% on the day.
Gold prices UAE rose nearly two dirhams in a week, according to gold prices in Dubai gold market in Dubai and Zayed City Market for gold in Abu Dhabi.
Gold trader said : gold price hikes did not affect the sales and demand for gold as gold sales rose in Dubai gold market nearly 10% this week because of the Dubai Shopping Festival, which is witnessing demand from tour groups
In gold market in Dubai today the price of gram 24K 202 dirhams, while the price of a gram 22K to 190 dirhams and the price of gram 21K 180 AED scored gram 18K 154.25 dirhams and the price of one kilo gold in Dubai to 201,980 dirhams.
Traders said the recent increases in the price of gold was not impressive, both on the rates of demand for jewelery sales or bullion and gold coins, especially on the part of tourist groups and the current rise in gold prices come under regular rates in global gold prices.
On the other hand began Department of Economic Development, in Dubai, the implementation plan for the deployment of a smart monitors for gold prices in markets key for gold in the emirate, and some major business centers infested stores gold include gold markets in Deira, Bur Dubai, and Dubai Festival Mall, and Gold Souk in Dubai Mall , and a number of shopping malls including Al Ghurair
The department said those screens is one of the tools that can provide protection for the consumer, through which it can know the price grams gold per standards which are sold in the market
.
This comes during the Dubai Shopping Festival 2013 and witnessed by the money in the UAE capital.
– Gold prices tends to end the year on a gain of 6 percent
– WGC expected upward trend in 2013 with demand from China and India.
Gold prices fell on Friday after it was around the corner from the weekly recording the first increase since November after being baptized traders to push the market lower with waiting a result of last-minute talks on the U.S. budget.
It is due to meet U.S. President Barack Obama with senior lawmakers Democrats and Republicans in the 2000 GMT with the approaching deadline end of the year to avoid the “abyss of financial” of force automatic increases in taxes and spending cuts totaling $ 600 billion at the beginning of the new year.
The record price of gold for immediate sale in late trading on the New York $ 1654.50 an ounce, down from $ 1663.29 at the close in the previous session.
And U.S. futures fell for gold for February delivery 7.80 dollars, or 0.5 percent, to a record settlement at $ 1655.90 an ounce.
The precious metal tends to end the year on a gain of 6 percent, extending a rise for the second year in a row, but remains below the record level of 1920 dollars per ounce set in September 2011.
World Gold Council said he expected the upward trend continues for the thirteenth year in 2013, boosted by growing demand for the yellow metal from China and India.
Among other precious metals decline in the price of silver for immediate sale, about 0.5 percent, to 30.02 dollars an ounce and platinum fell 1.9 percent to $ 1518.75 an ounce and palladium fell 1.8 percent to $ 694.67 an ounce.
