Category: Gold Prices

Gold recorded its highest prices since May

Gold prices rose and silver to their highest level in more than three months yesterday after months of minor moves after revived the minutes of the latest meeting of the Federal Reserve Board (the U.S. central bank) hopes to launch more bond purchases soon.

It is expected that the economic stimulus raises expectations for inflation, which will benefit gold, which is considered a hedge against rising prices, while enhanced prospects for economic recovery sentiment in the various sectors of the assets which involve higher risks.

The minutes of the meeting showed the U.S. central that it is likely to launch a new round of monetary stimulus “very soon” unless the economy improved significantly. Said Chen Min, an analyst at Janroy futures in China “tone of the Fed in the minutes of the meeting completely different from what it was in previous statements and helped gold to break the previous range and move to a higher price range before the peak consumption season.”

Spot gold rose 0.7% to $ 1665.9 an ounce, its highest level since the first of May, before falling back slightly to $ 1662.84. Futures rose U.S. gold for December delivery was 1.5% to $ 1665.70 an ounce.

And silver rose instant more than 2% to $ 30.51, its highest level since early May. And instant platinum rose to about 1558 dollars per ounce, its highest level since the third of May, down the difference between the price of gold and platinum to near $ 100, which is less difference in more than three months. Palladium scored in the spot market the highest level in two months at 637 dollars per ounce.

SINGAPORE (Reuters)

August 24, 2012
Gold prices in India hit record high, buyers refrain

India’s benchmark gold futures rose 1.26 percent on Thursday to hit a new peak, driving away physical traders seeking to stock the yellow metal in the middle of the festive season.

The key gold for October delivery on the Multi Commodity Exchange (MCX) hit its peak at 30,699 rupees per 10 grams, before trading 1.09 percent higher at 30,646 rupees, backed by overseas leads, though a stronger rupee kept the upside limited.

Global gold rose to their highest levels in more than three months on Thursday, shaking off months of lethargy after minutes from the latest U.S. Federal Reserve meeting fuelled hopes for the swift launch of more bond buying.

The rupee, which rose to an over one-week high on Thursday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

“Buying is nil and there will be more of scrap,” said Ketan Shroff, director with Pushpak Bullion in Mumbai.

Festival season is underway in India, the world’s biggest consumer, and will continue till November. Weddings also take place during this period. Gold sales are expected to fall 40 percent during this period to 200 tonnes.

Gold imports have already halved so far this year and a likely drought could further dent rural demand. Rural areas, which depend on monsoon rains for yields and income, contribute to about 60 percent of the country’s demand.

In the spot market, HDFC Bank quoted 30,825 rupees per 10 grams, up about 300 rupees from previous close.

Silver also surged more than 2.5 percent to hit its highest level in four months, following the yellow metal.

The most-traded silver contract for September delivery was 2.53 percent higher at 56,710 rupees per kg, after hitting a high of 56,856 rupees, a level last seen on April 19.

August 23, 2012
Gold jumps 1% to the highest level since June 6

Gold prices jumped one percent on Tuesday to 1635.55 dollars an ounce, the highest level since the sixth of June, where the payment of a decline in the dollar and the rise in equity markets gold prices to breach the resistance at around 1630 dollars, which encouraged buying.

The gold prices rose on Monday after the dollar lows in almost two weeks against the euro and stock markets rose, while platinum settled near its highest level in two months with the worsening turmoil in the mine in South Africa.

The platinum precious metals up more in the past seven sessions, rising more than $ 100 per ounce on a weekly basis on Tuesday after police shot dead 34 people after the outbreak of violence between rival trade unions in a mine operated by Lonmin to South Africa.

At 1235 GMT, the spot price of gold 0.9 percent to 1634.55 dollars an ounce. While the price in the futures contracts of U.S. December delivery

And settled the spot price of platinum after touching on Monday its highest level in two months at 1492.99 dollars an ounce to trade at 1486 dollars per ounce. Thanks to the rise in the recently it has become better platinum precious metals performance in terms of increased price 6.6 percent since the end of December.

And palladium fell 0.1 percent to 603 dollars an ounce after scoring on Tuesday its highest level since late June, when 608.50 dollars.

The price of silver up 0.6 percent to 28.93 dollars an ounce.

source:reuters

August 21, 2012
6.91 billion dirhams gold sales in UAE during the first half

The value of gold sales in UAE during the first half of the year grew by about 2%, rising to 6.91 billion dirhams, compared with 6.77 billion dirhams in the same period of 2011, according to the World Gold Council statistics.

According to the Council, that the growth came despite the fall in the market in gold sales in terms of value and volume during the second quarter of this year, but the growth in the first quarter helped push growth in the value of sales.

And between the Council that the local market recorded a growth in demand for gold for investment amounted to 4.7% to 890 million dirhams during the first half of this year, compared with 850 million dirhams in the same period of 2011, while sales recorded on the jewelry, “gold jewelry” 5.92 billion dirhams, between January and June 2012, compared to 5.91 billion dirhams in the same period last year, an increase of 0.17%.

The statistics show the 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 11% down to 35.4 tons during the first half of this year compared to 39.8 tons in the year 2011, a decrease of 4.4 tons.
The gold sales last year grew 24% in terms of value to about 12.8 billion dirhams, compared with 10.3 billion in the previous year, an increase of about 2.5 billion dirhams.

Statistics showed that the demand for investment amounts in the yellow metal has grown by about 0.1% to a record 5.1 tons during the first half of 2012, compared with 5 tons, in the same period of 2011, up 100 kilograms, while the decline in demand for jewelery and gold sales Forged by 12.9%, to fall to 30.3 tons quantity in the period from January to June 2012, compared to 34.8 tonnes in the same period of last year

The report said that gold sales in the UAE market during the second quarter of 2012 declined to 16 tonnes compared to 17.3 tonnes in the same quarter of 2011, down 8%, and recorded sales of jewelry, including 13.9 tons, compared to 15 tons, down 7% during the period the same from 2011, while sales dropped gold for investment through instruments and equities to 2.1 tonnes, compared to 2.3 tonnes in the second quarter of 2011, down 9%.

The report said the decline was also extended to sales in terms of value to fall in the second quarter of 2012 to 828 million dollars, compared to 838 million dollars in the same quarter of 2011, included a drop of gold sales polished to 719 million dollars, compared to 726 million dollars at a rate of 1%, In the investment sector was down 2% to drop down to 109 million dollars, compared to 111 million dollars.

source: alittihad news

August 21, 2012
India’s gold prices hit record high by 30,699 rupees

Traders said gold prices in India hit a lifetime high on Thursday, in line with global trends, stockists and investors to buy the metal up.

Gold prices hit India’s domestic 30,699 rupees per 10 grams in the local market after the international gold prices touched their highest level in three months since April amid continued concerns over the euro zone and before an important meeting of central banks.

Said Anand James from Geojit BNP Paribas Financial Services “International and domestic factors are both at play,” .

“There preemptive buying by stockists to anticipate seasonal purchases in the coming months, and a bit of investment-led buying,” he said.

Investors tend to resort to the precious metal as a safe haven during uncertainty, while buying stockists expected family during marriage and the festive season , which runs from September to December.

Traders said the retail gold purchases currently remains low, with consumers delay buying in the hope that the correction in prices soon.

Harish Kewalramani,director of Bombay Bullion said that there is no buyer now as high gold price and demand for gold is very week at the moment.

The World Gold Council said ,global demand for gold fell to its lowest level in two years in the second quarter ended June, due to less buying in main markets in china and India , despite high demand from central banks.

China and India, which is battling both high rates of inflation, accounting for approximately half of the demand for gold in the world combined, and India are expected to exceed China as a leader in the market by the end of the year

August 20, 2012
Hartmann Tresore opens new stores in Dubai gold and diamonds park

Hartmann Tresore Middle East LLC has become a presence now in Dubai gold and diamonds park. Hartmann shop newly opened offers a range of products tanks with German quality.

Product range includes Hartmann Tresor Middle East LLC safes tested and validated of all kinds, Kalkhoznat resistance to theft, fire and compartments to store documents and keep the data safe and safes to the wall and furniture, and safes for jewelry and safe deposit boxes and doors provide protection and rooms full protection. All safes tested by European standards.
Among other things, specialize solutions PSCs hotels. The scope of our products for this area:

Room safes, reliable and easy to operate, small refrigerators and energy-saving anti-noise, systems deposit boxes. Safes deposit areas in the back-office departments of human resources and accounting.

Luxury safes manufactured on demand

Landmark in the Retail Division in the compound of gold and diamonds,

Are safes production line, “Hartmann” private and we are building a fully depending on the design ideas and desires of customers in terms of measurement and color safe and lining inner section.

Whether Khazna black-gloss and high inner lining of the skin white, or pearl white enamel safe with ebony dark glass shelves and lacy Baltchrim. Treasury or pearl pink lining oak dyed – almost everything is possible – from more tanks to non-traditional elegance.

Fists and hinges and hinge covers can be made of gold or platinum demand.
Lining manufactured on demand, for example, rolling and shelves made of precious wood Kalpleut or walnut or maple light. Can be covered rolling velvet black and proving rings or chains. As can be integrated keys to fill the hours for mechanical watches.

The interior lighting lamp directed by draw attention to valuables.

The quality of German

The office is located president Al Hartmann Tresor in Germany. Tresor company Hartmann AG major supplier of safes for all uses and offices spread across Europe. The company was founded in Dubai two years ago and sells products Hartmann exclusively in the Middle East.

Renner says Kaltenbach, general manager at Hartmann Trerzo Middle East:

“In our new, we can offer Khoznatena to a wider audience and offer them specialist advice and comprehensive”

“We are confident that our product range constitute a good addition to a very complex gold and diamonds”

August 16, 2012