Tag: Abu Dhabi Gold

Increase of more than 25% of gold sales in Abu Dhabi

Increased gold sales in Abu Dhabi rates ranged between 25% and 50% in the past two months, traders attributed the increase in sales due to the drop in the yellow metal prices during the month of June to 1230 dollars per ounce, compared to $ 1,800 before that.

Focused sales largely on metal alloys, and saw the past few days, a rise in the price of ounce of 1230 dollars to 1350 dollars, and then to 1380 dollars the day before yesterday, but this slight increase did not limit the turnout unprecedented consumers to buy gold in Abu Dhabi.

Stressed traders and consumers that the majority of buyers of gold during the past two months, I do not prefer to sell what they bought after the resumption of prices to rise again during the past few days, stressing that they are waiting for the biggest rise in prices to maximize profits, especially in light of the continued weakness of the dollar.

The consumers that the drop in gold prices still exists, though abated during the past few days, and resumed their rise, pointing out that demand is increasing for several reasons, the most important of low prices, as well as the beauty and splendor of gold wrought, especially from Bahrain, Saudi Arabia, Qatar and the United Arab Emirates.

Gold market of luxury markets, which depend on the seasons significantly in sales operations, such as Eid seasons and Mother’s Day and the month of Ramadan and the beginning of the year and weddings periods within and outside the country, especially in India and Pakistan. Said gold trader in Abu Dhabi

The unprecedented increase in gold sales during the past two months, especially since last June, due to the reason for the President, a decline in prices of the yellow metal levels historical, from $ 1,800 per ounce, to 1230 dollars, explaining that this significant decline and the sudden push to the emergence of a new category,They are small investors who preferred to turn what saved of funds “banknote” to gold, and in particular, buy gold bullion, which has created a significant shortfall in the supply of bullion, this decline also prompted many consumers to buy gold wrought for their family members., he add

Prices fell 21 carat gold to AED 142.5 and 24 to AED161 in Abu Dhabi, the price ideal for a very, drives many consumers and small investors to continue to buy in order to compactness, especially since all the projections indicate that the gold is back prices to rise further, due to the weak dollar, as well as that the world does not wake up after the fallout from the global financial crisis.

In the view of Salem that the proportion of gold sales increased during the past three months rates ranging between 40% and 50%, explaining that traders have made good profits, as well as consumers during this period, and certainly, every investor or consumer bought gold or alloy during the past two months, preferably offline do not sell now, because the increase in prices during the past few days, a slight and limited, and is still the dominant feature of the gold market in Abu Dhabi is the buying and recovery.

August 28, 2013
High gold sales in Abu Dhabi with the decline in gold prices

UAE capital Abu Dhabi gold sales increased dramatically during the last period where many traders said that the month of Ramadan saw a significant increase in gold sales compared to previous years, especially with the decline in gold prices competitive and quality of the works displayed.

On a tour for “dubaigoldprices.com” in Zayed City Market for gold in Abu Dhabi said Abdullah one gold dealers in Rmaizan gold shop that sales of current gold since last April, which fell faithful gold prices significantly led to increased turnout arrivals to the purchase and acquisition of gold, gold sales are still much larger than the daily expectations and that we have not seen during the past two years.

Another dealer said in Damas Gold Store that the force of the daily supply of jewelry has become a regular basis and encouraged gold prices during the last period to increase sales, and he does not pieces of gold bullion now .. all carried out.!

Abu Dhabi gold rate today fro 24K record AED 162, 22K record AED 152 and for 21K record AED 145 .

August 14, 2013
Abu Dhabi Gold Jewellers reported up to a 30 % rise in Gold sales

Rising gold sales in Abu Dhabi with a decline in global gold prices and the recovery of the gold market with more customers .

Abu Dhabi Gold Jewellers traders have reported up to a 30 per cent rise in sales activity helped by growing consumer confidence as the emirate’s economic recovery gains further strength. “The start of Ramadan has been good so far,” said Riyad Musbah, the general manager at Riyad Jewellery in Abu Dhabi’s Madinat Zayed Gold Centre.

Gold prices are relatively lower and people are more comfortable with buying.” Mr Musbah said jewellers were anticipating the days leading up to Eid would prove whether that trend continued. “It’s usually five days before the holiday that most of the activity happens.”

The nosedive in the gold market has improved the fortunes of jewellers countrywide, who were struggling to sell gold bullion to customers after it peaked to US$1,789.73 an ounce last year.

Gold Bullion has lost 20 per cent of its value since the start of the year, with spot prices trading at $1,313.75 an ounce yesterday.

But traders are worried the yellow metal’s attractiveness may not stay for much longer after India introduced new regulations that curbed imports and drove prices higher.

“India is the key player in this,” said Mohamed Shakarchi, the founder and managing director of Emirates Gold Refinery in Dubai.

“Every year they have $60 billion to $70bn incoming and now, the balance of their payments, they are importing more than they are exporting. So their reserves are coming down very rapidly.”

The country introduced new regulations in a bid to stifle gold buying. It doubled its import tax to 8 per cent from 4 per cent at the start of the year.

The regulations also require that a fifth of bullion imports be used for export. The new rules have spurred a halt in imports since July 22, Bachhraj Bamalwa, the director of the trade body All India Gems and Jewellery Trade Federation, told Reuters.

“Following the Indian central bank’s introduction of further measures to curb gold imports, physical premiums have risen sharply in India,” said a research note from Commerz bank.

Gold rate rose 7.3 per cent from July 1 to July 31, which is its biggest monthly gain since January last year.

Hopes of further fiscal and monetary easing has helped keep prices steady. Commodities traders are looking for cues from the US Federal Reserve on when it plans to halt its fiscal policy, known as quantitative easing.

“We see some speculative buying on gold and silver,” a Hong Kong-based precious metals trader told Reuters. “Stops were triggered once gold hit $1,330. There is also month-end buying from funds as they window dress their portfolios.”

August 4, 2013
Lower Gold Prices Increase Gold Sales in Abu Dhabi By rise 15%

Gold sales in Abu Dhabi increase and since the beginning of the year, helped by lower prices an average of 5% depending on the carts, according to jewelers.

The jewelers ‘Union’ that their sales improved rates ranging between 15 and 30%.

Abdel Wahid Marzouki group owner “jewelry Mandoos” said sales rose more than 15% since the beginning of 2013.

“The gold prices are for the first time a decline in this form for a period of weeks ago continues to 3 years”, after that the price of an ounce of “condoms” to about $ 1900 in the global markets in the spring of 2011.

Gold moves in 1560 and 1585 range dollars since the beginning of March.

Marzouqi explained that gold prices began to retreat since last February, of $ 1,650 per ounce to 1580 dollars, a decrease of 4.2%. “It has become the price of gold – relatively – reasonable now.”

For his part, said Arif Hloh Director replace “Rmaizan Jewelry” The gold prices have fallen since the beginning of last month at rates ranging between 7% and 10% according to caliber, a difference of 12 dirhams per gram on average. This led to increased demand for jewelery, which raise Hloh shop sales by about 30%.

Jewelers complain since 3 years weak demand for buying gold because of the high prices to record levels.

And gold prices rose during the past five years by about 60%, but declined during the past six months by about 9%.

The Hloh The price of gold of 21 carat ranged between 175 and 185 dirhams before February, and dropped to about 164 dirhams now, while gold falling from 18 carat from the scope of 155 and AED 165 to 140 dirhams, while down 24 carat of more than 200 AED, for up to 186 dirhams. Forecasts indicate that gold prices will continue to decline in the coming period.

Marzouki said “prices will fall more in the coming months .. ounce is expected to retreat to the level of 1550 dollars.”

Marzouki due this fall to improve indicators of the global economy and restore investor confidence in capital markets and real estate, after it was their position focus on gold, which is considered a safe haven for investment.

The beauty of imagination agreed sales manager Prince Jewellery Store, with its predecessors, pointing out that the increased demand for various types of jewelry, especially alloys, as well as more expensive gifts.

Imagination said sales rose about 30% during the past two months.

He pointed out that sales were limited by the low prices on small pieces and precious, but purchasing options become wider because of the low prices. The situation is no different for sales staff in Jewelry Samer Abdul bridges, which emphasized improved sales, and focus more on demand and alloys pounds.

But Abdel Monem Sayed, sales employee in Jewelry island, a deadly improvement in sales since gold prices began to retreat out at the end of 2012.

And said, “We want prices to continue to fall, it is in the interests of our trade, and reflects positively on the consumer.”

March 13, 2013