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  • Gold heading for longest wave of weekly losses since 1999, and eyes on US data

    Gold heading for longest wave of weekly losses since 1999, and eyes on US data

    Gold held near its lowest level in five and a half years on Friday and is heading to incur losses for the seventh consecutive week in the longest losing streak of its kind since 1999, ahead of US data may determine the timing of raising interest rates in the United States.

    If a strong US jobs data came they would strengthen speculation that the Federal Reserve raises (US central bank) interest rates next month, which comes down with gold which does not generate interest to new levels likely.

    The price of gold in the spot transactions 0.3 percent to $ 1092.10 an ounce (an ounce) by 0647 GMT. The yellow metal is trading below $ 1100 an ounce since coming off the level of support for this in a wave landing on July 20 that landed him in 1077 to $ 24 of the same month, its lowest level since February February 2010.

    The precious metal fell slightly since the beginning of the week and Similar losing for the seventh consecutive week wave weekly losses incurred in May and June, in June 1999.
    The price of gold in US futures contracts December delivery 0.1 percent to $ 1091.60 an ounce.

    Among other precious metals silver and rose one percent to $ 14.72 an ounce.

    Platinum and palladium remained near their lowest levels in several years. Platinum little to settle at $ 951 an ounce and is heading down to the fifth consecutive week, while palladium rose 0.6 percent to $ 598.50 an ounce, but is heading to decline for the second week was little changed.

  • 83% Up Of Gold And Jewelry Sales in Dubai

    83% Up Of Gold And Jewelry Sales in Dubai

    Jewelry sales accounted for in the first three months of 2015 about 83% of consumer gold demand in the UAE, with 17% remaining is alloy gold coins, and that of the total of 19.8 tons. The decline in the UAE average, amounting to 7% in the amount of gold required by the consumer during the year, so the first quarter of 2015.

    It is important to note a very important recent development in India is likely to be more impact on the demand for the UAE’s exports of gold, a gold convertibility into cash which encourages individuals to deposit gold they have in banks to get the benefits of the program in order to reduce the large and India’s imports of the yellow metal bill and which it is expected to affect the low gold prices worldwide.

    And influenced by gold in Dubai and the UAE trends of global gold market and the levels of consumers in different regions of the world demand, it has been the global gold market has achieved during the past three months the situation of parity between supply and demand fell slightly by 1% on an annual basis to reach 1,079 tons during the first quarter of 2015.

    Despite the difference in demand trends by region, but the general pattern was reflected on world prices for the alloy where the global economic slowdown and weak oil prices and the decline in inflation and the high value of the dollar, the decline in gold prices contributed.

    A recent Chamber of Commerce and Industry, Dubai analysis on the global gold market trends that gold demand comes from consumers and central banks and other institutions, and manufacturers of electronic devices and destinations manufacturing of medical and dental equipment.

    Prices

    Gold prices remained other precious metals such as silver and tend to the downward trend since 2011 due to repeated concerns about the global economic recovery and cheap energy costs and the consequent decline of inflation levels. The gold ingot is currently trading at levels slightly less than US $ 1,200 an ounce, which means actually decreased by 31% from its price four years ago.

    Although demand balanced, the yellow metal 6.8% of its value over the past twelve months. This was due mainly to the rise in the dollar. Gold as is the case closely or negative correlation with the dollar value of goods traded internationally. The general rule says that when the dollar strengthened against a basket of currencies, the commodity prices usually go down. Also it played other directions, less important, according to the region, a role in the pressure on gold prices. In China, for example, it absorbed the rising stock market and strong most of the money that would have been allocated for gold and thus eased pressure on the alloy of gold prices.

    Dominance

    China, India and form alone, half of the consumer on the world’s gold demand (56%) where Asthlkta together 482 tons during the first quarter 2015. The Middle East is the third largest consumer share of 10% of total consumer demand, after 83.6 tons consumption during the same period. Europe and the Americas come after that quotas of 9% and 5% of the total after 73.5 tons and 44.2 tons respectively consumption. Share the remaining 20%, or the equivalent of 174 tons in markets smaller spread in the rest of the world entered.

    Constraint

    By the end of 2014 and in order to prevent distortions of trade and the fight against the smuggling of gold, the Indian government eased restrictions imposed a year earlier on imports in order to reduce India’s imports bill. In spite of this, the Government relies on the new project, which the transfer of 22 tons of gold in the state saved into cash in order to supply the domestic market and reduce the need for imports.

    Despite the acceleration of demand in India and Europe, the slowdown in consumer demand for gold in China, the Middle East and the Americas have invalidated that growth. While strong stock market and weak GDP growth expectations in China were behind the small decline in demand, cheap oil prices was the reason in the case of the Middle East. Demand in Germany and Switzerland grew by 18% and 11%, respectively, contributed to the annual growth of consumer demand for the European continent, where it reached 12%.

    Odds

    It expected that the prospects for higher gold price remain weak in the short term as there is global economic growth still lacks a driving force. In the absence of global inflation, which is the first mover of the high price of gold, analysts expect that the constant demand in all major global markets with the exception of Europe, which continued to own more gold to take advantage of relatively low prices as their economies enjoy some growth, the long-awaited remains.

    Deceleration

    With the exception of Saudi Arabia, the demand in all the major consuming countries in the region went slowdown. Consumption in Iran is most affected by a decline in oil prices, falling consumer demand Iranian annual rate of 41%. Egypt has seen a similar situation and that the decline in demand by 32%.

  • Fell gold prices lifted gold sales in India

    Fell gold prices lifted gold sales in India

    Gold rate India fell to its lowest level in more than five years has increased the panic selling and rising domestic demand, as is the case in India, the second-largest gold consumer in the world after China.

    Impairment of raising a lot of gold shops in the country, which has seen consumers rush to buy gold at current prices and sales of a store owner says: “Since the decline in oil prices, increased our number of about 20 and 25 percent due to lower prices.

    The opportunity to lower prices Seize a lot of Indians to write other chapters in the story of their passion for gold glitter and say one of the customers, “dropped the price of gold, and for this I think it is the right time to buy gold has meant to the shop to buy as an investment for future.” The interest of the investors in gold fell with the strengthening of the dollar value of the week past after we confirmed the head of the US Federal Reserve Janet Yellen reiterated expectations that the bank on his way to raise interest rates this year.

    Metal lost about 50 percent of the gains it had made almost 16 years, and particularly since 1999, after the recent retreats, which arrived from which to $ 1073.24 an ounce.

    Although the price of the precious metal swing yesterday among the lowest levels of 1090 dollars per ounce to $ 1100 per ounce, the price FPS own follow-up, but it is a candidate for the fall to test lower levels before returning to the rise again, according to technical analysis.

    And on the reasons for the loss of the precious metal to these gains, gold is facing a decline on reliable as a hedge during the current period in the presence of alternative investment opportunities

    Among the other causes of low global inflation in general, leading to a decline in commodity prices, and the growing desire of the risk of many investors, and the movements of hedge funds, and the movements of speculation on gold prices, as the demand for the usual purchase from stores that sell gold with little effect size.
    He pointed out that the price of gold when it reaches the levels will be less attractive to buy, so it is expected that a large conservative intervention in this direction may contribute to raise the price of an ounce and return it to rise again.

    Gold

    The decision to raise the interest rate is expected to be in the month of September means that the price of gold may be the time had arrived to levels between 1050 to $ 1100 per ounce, adding that the decision to impose interest rate will return price to the pre-thousand dollars an ounce levels, and when break a thousand dollars an ounce level, this needs to be supported by at least weekly closing below this level.

    Attention is now turning to the substance of the decision to raise the interest rate and whether it may be lifted under the control of the evaluation will be lifted or followed by frequent hikes interest rate on the dollar, considering the substance of the decision one of the most important influences that will cast the gold.

    Gold received a heavy blow from the Chinese markets: Gold engine is President nations reserves and reserves of hedge funds, but a wave of selling occurred harmed its price of gold and formed a pressure on the precious metal to fall sharply until it reached to $ 1073 per ounce levels.

    The return of the price of gold can be considered as a corrective, the fact that it is to be expected. But the question here Is influences that put pressure on the price of gold is over, and the answer is that the effects are still present and is expected that the price of gold back to test the lows reached by, and fall more to levels of up successively to $ 1074 per ounce levels and to $ 1043 per ounce and access to $ 1006 an ounce, according to technical analysis.

    Predicted that a thousand dollars remaining levels per ounce barrier impregnable at least during the current year which then leads to the occurrence of repercussions leading the price to higher levels of up to $ 1,200 per ounce and then stalling at those levels again, that any data relating to the US  will have a direct reaction to the price gold.

  • Today Gold Rate At Its Lowest Price Since Five Years

    Today Gold Rate At Its Lowest Price Since Five Years

    Gold price fell in early trading this week below $ 1100 an ounce for the first time since March 2010, as analysts began to raise terror among investors “safe haven” Ptoukahm decline to more lowest levels.

    And it resulted in speculation in the Shanghai Gold Exchange to the sudden decline of the yellow metal by 4% before recovering some of its losses in European trading.

    According to some traders in Shanghai has been on sale about 5 tons of gold in two minutes compared to only 25 tons were traded on the stock exchange last week.

    GOLD price of an ounce in the Asian stock market to $ 1086 in early trading before recoup some of the losses during the course of the day.

    Analysts said that the recent movement and a clear were not caused by the fundamentals of gold, because the dollar did not move at the time. The performance was disappointing yellow metal which dropped by 6.4% since the beginning of this year may push bulls gold to retreat, where he announced a lot of them for a neutral stance on gold at the moment, and in particular that he has broken some very important psychological barriers, as expected, some analysts The yellow metal continues to decline below $ 1100, pointing out features in a bearish path-oriented chart of gold, which prompted technical analyst Daryl Guppy to anticipate the arrival of gold to the historical level of support at $ 980 an ounce.

    Analysts were unanimous that the approach of the first to raise interest rates from the US Federal Reserve and what it means that the likelihood of the strength of the US dollar will form a lot of pressure on the yellow metal worker.

    And it showed that there was a consensus among all analysts that the gold rally will not come back soon, especially with the lack of support for this precious metal. In addition to all the above factors there are developments in China, both in terms of central bank buying of gold or in terms of the demand for jewelry, all of which are not considered to be sufficient to maintain the high price of gold.

    The gold has faced strong down another after China put an end to years of speculation about the official holdings of gold on Friday, revealing a leap of 60% in its reserves since 2009 as China’s central bank it said that its gold reserves amounted to 1,658 tons (53.31 million oz) in the end of June.
    In April 2009, the reserves were 1,054 tons. According to analysts, this rise in inventories was less than expected.

  • Gold settles near its lowest price in eight months with a focus on expectations of higher interest rates

    Gold settles near its lowest price in eight months with a focus on expectations of higher interest rates

    Gold futures fell near its lowest price in eight months on Thursday, amid waning concerns over Greece’s debt crisis and amid growing signs that a rate hike in the United States will close by later this year, affecting the price of gold.

    On the Comex division of the New York Mercantile Exchange, August delivery gold fell / August by 1.20 cents, or the equivalent of 0.1%, to trade at $ 1.146.20 an ounce during European morning trade.

    A day earlier, gold fell to $ 1.141.90 per ounce, a level not seen since November 7, before closing at $ 1.147.40 per ounce, down by 6.10 cents, or the equivalent of 0.53%. Gold is likely to find support at $ 1.130.40 per ounce, the lowest price since November 7 and resistance at $ 1.155.80 per ounce the highest price since July 15.

    Also in the Comex, silver September delivery fell 1.6 cents, or the equivalent of 0.11%, to trade at $ 15.03 per ounce. On Wednesday, silver fell 26.7 cents, or the equivalent of 1.74%, to close at $ 15.04 per ounce.

    Greek parliament approved the harsh austerity measures demanded by creditors in the country after two hours ahead of schedule through early Thursday morning local time, paving the way for the start of negotiations about a third rescue package.

    And has the approval of the reform plan was adopted by a vote of 229 in parliament of the total 300 votes, despite the opposition of the deal by dozens of hard-liners in the ruling party and the opposition Syriza for the transaction, which raised doubts about the future government of Prime Minister Alexis Tsipras.

    Before the Greek elections on Wednesday night, the French National Assembly voted overwhelmingly in favor of starting negotiations for a third rescue deal. He is scheduled to vote in the German Bundestag on the deal on Friday.

    At the same time, officials in Brussels are continuing efforts to assemble short-term financing package amounting to 7 billion euros to keep Greece intact until it is putting the final touches on a new rescue plan.

    During the later of the day and will also euro zone ministers set to hold talks on the latest developments in Greece.

    It was expected to hold the European Central Bank, the monthly policy meeting in Frankfurt today to increase aid in emergency liquidity to Greek banks, where it was expected to be the first step to allow them to re-open after the banks were closed for nearly three weeks.

    At the same time, demand for the dollar supported continued statements that the President of the Federal Reserve Janet Yellen, who said on Wednesday that the central bank was on track to raise interest rates before the end of the year if the economy continues to evolve as Mtouka.ujaet her remarks in testimony before the Financial Services Committee Parliament. He is scheduled to address the unrelenting Banking Committee in the Senate on Thursday morning.

    Rose and the US dollar index, which tracks the performance of the greenback against a basket of six major currencies, near its highest level in six weeks at 97.45.

  • Gold down from the highest level in three months due to profit-taking and dollar gains

    Gold down from the highest level in three months due to profit-taking and dollar gains

    SINGAPORE (Reuters) – Gold came down on Tuesday after a rally over the five days due to profit-taking, while the dollar made some gains.

    Investors and Greece’s debt crisis continues to determine the trend in the market is also awaiting the minutes of the last meeting of the Federal Reserve (Fed).

    The price of gold fell 0.4 percent in spot transactions to $ 1220.93 an ounce (an ounce) by 0640 GMT, down from the highest level in three months struck in the previous session at $ 1232.20 an ounce.

    The yellow metal has made gains over the five sessions to Monday indicated that the latest US jobs data and retail sales and consumer confidence to the weak economy and fueled speculation that the Fed will not raise interest rates soon.

    She said a trader in Singapore “There is profit-taking after it failed (gold) in cohesion at $ 1230 and with the dollar’s gains in foreign markets.”

    The dollar rose one percent against a basket of currencies on Monday, thanks to higher revenues of US Treasury bonds and the weakness of the euro.

    For other metals silver fell about one percent to $ 17.5 per ounce.

    Platinum also fell 0.6 percent to $ 1162.99 and palladium as well as 0.25 percent to $ 784

  • India’s imports of gold to rise to $ 34 billion during 2014-2015

    India’s imports of gold to rise to $ 34 billion during 2014-2015

    Said the Ministry of Commerce of India, on Monday, it said that gold imports rose 19.5 percent to 34.32 billion dollars, during the fiscal year 2014-2015.

    She explained, “the ministry”, in a statement, that the rise in imports of the yellow metal due to the decline in prices, and the easing of restrictions imposed by the Reserve Bank.

    The gold imports stood at $ 28.7 billion, during the fiscal year 2013-2014.

    And in a different manner, he said “the ministry,” The increase in gold imports led to a rise in the country’s trade deficit amounted to $ 137 billion in 2014 to 2015, and then rise in the current deficit of the country.

    And doubled gold imports almost through March to 4.98 billion dollars, which pushed the trade deficit to its highest level in four months to 11.79 billion dollars in March, according to data from the Ministry of Commerce.

    India is the largest importer of gold, which serves primarily the global demand for the jewelry industry.

    The bank has kept the reserve and the government to register a comfortable current account deficit of the country, but the high gold imports may raise new concerns.

    The Indian government has maintained the survival of the deficit in the current account at 1.7% in the first nine months of the fiscal year 2014-2015.

    According to data from the Reserve Bank, the current account of the country’s $ 31.1 billion deficit, in the period from April to December of the last fiscal year, including 2.3% of GDP.

  • Gold steady around $ 1,200 with the continuation of the dollar’s decline

    Gold steady around $ 1,200 with the continuation of the dollar’s decline

    Gold price stabilized around $ 1,200 an ounce on Thursday, trims losses as the US dollar continued to decline while the increased pressure on the precious metal with the continued weak demand in the spot market and the uncertainty surrounding the potential to increase US interest rates.

    And went down in the spot gold trading 0.05 percent to $ 1200.66 an ounce ounce at 1826 GMT, after jumping 0.7 percent on Wednesday.

    And dropped the price of gold futures for June delivery settled at the COMEX exchange of $ 3.30 to $ 1998 an ounce.

    The price of silver rose in online transactions 0.06 percent to $ 16.30 an ounce and platinum rose 0.1 percent to $ 1158.49 an ounce, while palladium rose 1.4 per cent to $ 728.25 an ounce.
    The dollar index fell, which usually supports gold when prices decline for a third straight day against a basket of currencies.

    The data showed that the number of Americans filing new claims for unemployment benefits rose unexpectedly last week, but the underlying trend is still reveals the strength of the labor market

  • Gold Rises Despite A Disappointing Report

    Gold Rises Despite A Disappointing Report

    Gold prices rebounded from earlier losses Uprising traded slightly higher during trading on Wednesday, after the Reserve Bank shrank index of manufacturing conditions in New York unexpectedly in April / May, adding to concerns about the strength of the economy.

    On the Comex division of the New York Mercantile Exchange, gold fell June delivery, the lowest price in the session of $ 1,188.50 per ounce before trading at 1,193.50 during morning trading in the United States, up by 1.10 cents, or equivalent to 0.09%.

    On the previous day, gold prices surged to US $ 1,183.50 per ounce, a level not seen since the gold April 1 before ending the session at $ 1,192.60 per ounce, down by 6.70, or the equivalent of 0.56%.

    And was likely to find support gold at $ 1,180.50 per ounce, the lowest price since April 1 and resistance at $ 1,209.30 per ounce the highest price since April 13.

    In a report, Federal Reserve Bank of New York said that the general index of business conditions fell to -1.2 this month from the reading of 6.9 in March Analysts had expected the index to 7.0 recorded in April / Braille.

    And raised the disappointing data of new concerns about the strength of the economy, sparking speculation that the Federal Reserve may delay interest rates for a long time until late 2015, instead of a stress in the middle of the year.

    The dollar index, which measures the strength of the dollar against a basket of six major currencies, was up 0.3% to trade at 99.30 after the release of the data, its highest price during the day by 99.58.

    In another place in the Comex, silver May delivery fell 0.8 cents, or equivalent to 0.05%, to trade at $ 16.15 an ounce, while declining {8831 | Copper}} May delivery increased by 1.5 cents, or equivalent to 0.56%, currently trading at $ 2,685 a pound.

    During earlier, official data that China’s economy grew by 7.0% in the first quarter showed, in line with expectations and down from growth of 7.3% in the previous quarter. This was the slowest pace of growth since the global financial crisis in 2008.

    A separate report showed that industrial production rose at an annual rate of 5.6% in the March / March, below expectations for an increase of 6.9%, after a gain of 6.8% in the preceding month.
    Came retail sales and industrial production reports both below expectations, pointing out that China needs to further move to prevent the continued slowdown in the economy.

    Asian nation is the largest consumer of copper in the world, formed almost 40% of global consumption.

  • Gold Rebound From Lowest Price after the issuance of US retail sales data

    Gold Rebound From Lowest Price after the issuance of US retail sales data

    Gold prices fell to record the lowest price during the trading day Allathae, after data showed that retail sales in the United States rose less than expected last month.

    On the Comex division of the New York Mercantile Exchange, gold fell in June, the lowest delivered price of $ 1,183.70 per ounce during the day, the lowest price for gold since April 1, before trading at $ 1,190.30 per ounce during trading morning US time shed 9.00, or the equivalent of 0.75%.

    On the previous day, gold fell 5.30 cents, or equivalent to 0.44%, to close at $ 1,199.30 an ounce, and was likely to find support gold at $ 1,180.50 per ounce, the lowest price since April 1 and resistance at 1,224.50 the highest price per ounce of $ April 6 since.

    The US Commerce Department said that retail sales rose 0.9% last month, dashing hopes for associating expected to rise 1.0%. Retail sales fell by 0.5% in February, that figure was revised from a previous decline by 0.6%.

    In a separate report, the Commerce Department said that producer prices rose 0.2% last month, in line with expectations and after falling 0.5% in February

    The on-year producer price index fell by 0.8% in the month of March / March, agreeing to expectations after a decline of 0.6% in the preceding month.

    The dollar index, which measures the strength of the dollar against a basket of six major currencies, was up 0.25% to trade at 99.49 early on Tuesday.

    In another place in the Comex, silver May / May delivery fell 19.1 or equivalent and 1.17%, to trade at $ 1616.10 an ounce, while copper meet May delivery fell 3.4 cents, or equivalent to 1.26%, to trade at 2, US $ 685 per pound.

    Copper traders are awaiting the release of gross domestic product data for the first quarter of China on Wednesday.

    It is expected to show that the second largest economy in the world increased by 7.0%, and the decline of 7.3% in the previous quarter. Beijing has set a target for the growth of “7.0%” in 2015 after the economy grew by 7.4% in 2014, the slowest pace in 24 years.

    Asian nation is the largest consumer of copper in the world, formed almost 40% of global consumption last year.