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Tag: Dubai Gold

  • Dubai gold sales surge, helped along by India

    Dubai gold sales surge, helped along by India

    Dubai gold sales surge, helped along by India

    It is not just India that is witnessing a gold rush. Gold bullion trade is hitting astronomical levels in another gold center in the East, Dubai, which has seen demand for the precious metal surge since the price collapse in April.

    Dubai is referred to as the city of gold. With the recent gold price dip and the massive rush in demand, it appears to be living up to the name.

    Even as the Dubai Gold and Commodities Exchange notched up a significant growth milestone in April, with cumulative trading volumes since inception crossing $1 trillion in value, there is just no stopping the mad rush for the yellow metal. Gold demand in Dubai was reportedly running at 10 times the normal levels in April.

    Demand in May has apparently not sloughed off and is far outstripping supply. Record buying levels in Dubai are emptying the nation’s gold souks, with retailers paying record premiums to restock.

    Local bank Emirates NBD put out a report this month, in which it advised investors that participants of the physical industry in Dubai have bought an additional 50 tonnes of gold since the price crash in April.

    Expat Indians are reportedly rushing to buy 22 carat gold from Dubai’s numerous jewellery stores in addition to the city’s iconic gold souks, where there are more than 250 gold shops in one area. In the latest quarter, World Gold Council data showed the UAE saw gold demand rise by 12% as compared with the same period of 2012, with growth in the UAE largely representing purchases of 22 carat gold among expat Indian consumers.

    The sharp drop in gold prices is driving Indian consumers to Dubai in droves, with a majority of shoppers queuing up in front of jewellery stores in the Meena Bazaar and the gold souk area in Dubai. A sizeable segment of the shoppers are from Kerala in South India.

    At Kanz Jewels in Dubai, which is a retailer with six stores, with its flagship store dating back to the 1940s when traders from India pitched their stalls, there is a sea of Indians busy shopping. The shop is crammed with buyers crowding around the glittering gold jewels on display.

    A recent group of 21 doctors and chemists from Chennai in South India, visited the store in Dubai specifically to buy the metal. The urgency: gold in Dubai is much purer and shiny yellow than jewellery bought in Chennai.

    And with many gold souks in Dubai catering to the styles and designs prevalent in South India, which leans towards heavy, elaborate ruby-encrusted neck-pieces and thick waist bands with dangling bells, these Indians prefer to buy their gold from Dubai and capitalise on gold’s shiny new price.

    A similar situation is witnessed across many of Dubai’s bullion stores. In the middle of the day and unlike many of the city’s malls which are relatively empty at that time, the gold souk is teeming with tourists and residents.

    Unlike the Chinese driven Singapore, the market in Dubai is dominated by Indians. Sanjeev Jain, president of the Jain Social Group, which is a conglomerate of gold and diamond traders, says that many Dubai merchants have reported that their sales have shot up by 400% after the recent price plunge.

    “Although Arabic is the official language in Dubai, Persian, Urdu, Hindi, Telugu, Bengali and Tamil are also prevalent all across. Barring Persian, all the rest are Indian languages, which gives an idea of the country’s vast number of India tourists,” said Kapilesh Mayya Moplah, bullion trader in Mumbai who owns three stores in Dubai.

    He pointed out that “the souk’s main thoroughfare, Sikkat Al Khail street, has an estimated 25 tonnes of gold on display at any given point of time. How can any Indian passing by not be tempted to venture in after some window shopping?”

    The return of the retail buyer over the last two months has shown the depth and strength of the gold market in Dubai. Though gold coins and bars are also flying off the shelves, the bulk of purchases have been jewellery, especially since prices have fallen to record lows

    On May 31, the per gram retail price for 24 carat gold in Dubai was at $44.89. In India, coincidentally it was the same at $44.89 per gram.

    The sharp drop in gold price has coincided with the marriage season in Kerala that starts from mid-June. That, retailers say, is one of the significant contributing factors driving up demand from expat Indians. Large quantities of gold from the United Arab Emirates has always flown into Kerala. Though it has only 3% of the population, Kerala consumes over 20% of India’s gold.

    RECORD AT EXCHANGE

    The Dubai Gold and Commodities Exchange too reflected the massive jump in demand. Since its launch in 2005, the Exchange has traded 24.5 million contracts, valued at $1.025 trillion

    According to a media statement issued by the Exchange, the major milestone achieved in its eighth year since inception, was on the back of a substantial year on year volume growth of 139% in April. Volumes in April totalled 1,336,942 contracts, valued at $48.73 billion.

    According to the Exchange, currency volumes in April was led by one of the exchange’s flagship contracts, the Indian rupee futures. With a year on year increase of 145%, Indian rupee futures registered a total monthly volume of 1,223,960 contracts.

    Meanwhile, the exchange’s recently launched Mini Indian Rupee futures, traded 44,161 contracts in its first full month of trading. The mini contract, which is one tenth the size of the main Indian Rupee Futures contract, provides a cost-effective hedging and arbitraging tool for retail remitters and investors. It is the first of its kind to be introduced in the region and outside of India.

  • Gold Prices In Dubai Per 10 gm Down 70 AED

    Gold Prices In Dubai Per 10 gm Down 70 AED

    Gold Prices In Dubai Per 10 gm Down 70 AED
    Dubai Gold Rate – Gold price in Dubai witness decrese in gold price this week as gloabal gold price down .

    Today Gold Prices In Dubai Per 10 gm record 1610 AED down from 1680 AED last week

    22K today in Dubai 152.12 AED and 18 K in Dubai 123.90 AED

    Officials outlets for Jewelry and Craft gold in Dubai and Sharjah confirmed that rises price reflected negatively on sales, especially on the bullion and gold coins, arguing that the continued increase in prices for a period of three weeks, the overall increases of nine dirhams, contributed to the decline in sales at rates ranging between ‬ 10 and ‬20%.

  • Sales not affected wholly by the increased gold rate in Dubai

    Sales not affected wholly by the increased gold rate in Dubai

    Sales not affected wholly by the increased gold rate in Dubai
    Dubai Gold rate

    Are you aware of the gold rate in Dubai? Gold is an asset as well as an ornament, which is crucial to many occasions including wedding according to many traditional aspects. However, gold markets are seen to show increasing rates, which questions the sales. For the importance, gold has in our lives and the value of gold more than money, there is no much difference in the selling numbers and the customers.

    There is a major group of people across the world, which wouldn’t compromise their special days without gold. They would want this precious metal to shine in the functions with all possible glory. Many traditional ornaments come modernized on the market and these days, it has covered major ratio of the market. People are falling off for such kind of gold ornaments, which are hugely sold in almost all developing and developed countries.

    Stealing hearts with tradition

    • You see many modern designs based on the traditional ones in the market.
    • These are in great demand too. The making charges and stuffs are often neglected by the gold ornament lovers.
    • Gifting a gold ornament or buying one for you is supposed to bring you the richness and it is indeed a treasure.
    • The old generation considers this as a prosperous event and they believe this enriches you days ahead. Wedding rings and chains are made of gold for its long lasting and comforting characteristics. They remain with you forever.
    • Gold is a base for many precious stones like diamond as well. It is a bit costly, but s depended upon worldwide for the various uses and ornament designs.

    Value of gold ornaments

    Despite of the gold rate in Dubai, the sales are hitting high limits. How this is made possible? This would enigma going in your mind. As per tradition, a girl on her wedding day wears a set of ornaments made of gold, in different regions. Dubai has people from various parts of the globe including Indians, who are much concerned about such practices. This is the reason for hiking sale of gold every year. More than money, the culture and this as a comforting asset hold up in this situation.

    Ornaments for men

    A few years back men were not so much interested in wearing gold ornaments. Now there are chains, rings and bracelets that come in vibrant patterns to satisfy the male customers too. For a marriage function too, these classes of ornaments find great sales. As of now, every gender and age group is gifted with modern gold ornaments for regular as well as occasional uses desirably. From an infant to an old aged man, gold as an ornament is usually worn. There is hardly anybody, who doesn’t even wear a gold ring.

    An awesome investment option

    Save gold for the future too, it is great for a backup for a sudden financial crisis encountered too. Gold is an asset, investment as well as an ornament for you.

  • Gold futures rise due to the actual demand in Dubai

    Gold futures rise due to the actual demand in Dubai

    Gold futures rise due to the actual demand in Dubai

    Pay large turnout on the actual purchase of gold in Dubai futures prices for the precious metal to climb registered its highest weekly gain since 2011.

    Prices have jumped gold futures for June delivery half percent to $ 1.469 an ounce yesterday on the New York Mercantile Exchange, reaching its weekly gains to 5.3 percent.

    The head of currency trading and minerals in the company «MKX» Bernard Sen in Geneva, that the strong demand for gold in Dubai and China was behind the rise in prices.

  • Gold falls for 2nd week but manages to hold above 30K

    Gold falls for 2nd week but manages to hold above 30K

    Gold falls for 2nd week but manages to hold above 30K

    Both the precious metals, gold and silver prices slid for the second straight week in the bullion market on sustained selling by stockists on sluggish demand.

    However, fag-end strong recovery on low level buying influenced by firming global trend, minimised the losses.

    Traders said sustained selling by stockists due to subdued demand mainly helped both gold and silver prices to surrender further ground.

    Selling by stockists came in at a time when the market was passing through an off marriage season and the government hiked tariff value on gold import, dampening the sentiment, they said.

    A fag-end sharp upsurge of Rs 470 per ten gram on firming global trend mainly pushed up the prices to wipe off most of the losses. The gold rebounded from 10-month low in New York as lower US job data, boosted prospects that Federal Reserve might take more steps to spur growth.

    In the national capital, gold of 99.9 and 99.5 percent purity commenced higher at Rs 30,200 and Rs 30,000 per ten grams but soon met with heavy sell-off triggered by a weak global trend and tumbled to touch a ten month low of Rs 29,500 and Rs 29,300 per ten grams.

    On last trading session, it staged a strong recovery on the back of firm global cues and ended at Rs 30,030 and Rs 29,830 per ten grams respectively, still showing a modest fall of Rs 40 each from the previous week’s close. Sovereign lost Rs 150 at Rs 25,100 per piece of eight gram.

    In line with a general weak trend, silver ready dropped by Rs 1100 to Rs 52,400 per kg and weekly-based delivery by Rs 1360 to Rs 51,540 per kg during this week.

    Silver coins also fell by Rs 1000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

  • 20% of the world’s gold supply flowing through Dubai

    20% of the world’s gold supply flowing through Dubai

    20% of the world's gold supply flowing through Dubai

    Regulates «DMCC», the second edition of «Dubai conference for Precious Metals» on the sixth and seventh of April, in the «Tower Diamond» free zone for «Jumeirah Lakes Towers», which hosts more than ‬ 600 company specializing in the supply chain of precious metals .

    According to a statement issued yesterday that ‬ 20% of the supply of global gold flowing through Dubai currently, expected to attract a conference titled «improve the supply network precious metals World», figures representative of major international companies operating in the sector of India, China, Europe, and the United Nations, the Gulf Cooperation Council (GCC).

    The conference will include a special session chaired by analyst specialist in the field of precious metals, Andy Smith, to talk about gold and large Altdkhmat.

    The chief executive said the first center of DMCC, Ahmed Bin Sulayem, said that «similar initiatives of the Dubai Conference on Precious Metals, promote the growth of this sector and establish Dubai as one of the most precious metals trading centers in the world.

    He added that «Dubai is known as the city of gold, and are currently the most prominent centers of the gold trade, given its holdings of infrastructure services and products meet the requirements of the various stages of the supply chain, as it flows through the emirate more than ‬ 20% of the supply of gold globally, which serves as a a clear testimony to the efforts and leadership of vision to establish Dubai international gateway for trade in goods.

    For his part, Chief Operating Officer at the Dubai Multi Commodities, Gautam Sahital, said that «the center work over the past ‬ 10 years to strengthen the financial infrastructure and material in order to enable traders in the industry from around the world to trade with confidence».

  • Valentine’s Day raises gold sales in Dubai

    Valentine’s Day raises gold sales in Dubai

    Valentine's Day raises gold sales in Dubai
    Valentine’s Day raises gold sales in Dubai

    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».

  • UAE Gold Prices Rise 2 Dirahms A Week

    UAE Gold Prices Rise 2 Dirahms A Week

    UAE Gold Prices Rise 2 Dirhams A Week

    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.

  • Decline In the UAE Gold Prices Increases Sales

    Decline In the UAE Gold Prices Increases Sales

    Decline In the UAE Gold Prices Increases Sales

    – Decline In Gold Prices UAE In Two Weeks

    – Christmas Contributes To Increase Gold sales IN Dubai gold market

    – Increased Sales Of luxury Watches, jewelry And Diamonds In Dubai

    UAE Gold prices today show decline in price gram gold ranged between ‬ 75 fils and AED per gram in various carats for the second consecutive week compared with last week to be total decrease in gold price in the UAE five dirhams within two weeks, according to gold prices in DGCX gold market in Dubai.

    Trader in Dubai gold market said the gold market saw a recovery and boom in gold sales during the last period with the approach of Christmas, where gold sales jumped by between 20% to 30%, especially with the decline in global gold prices.

    Gold prices in Dubai fell hit four dirhams during the last week when the price of grams gold 24 carat 198 dirhams, while the gram 22 carat AED 185, and reached gram 21 carat carat 177 dirhams and the price of grams gold 18 carat 151 dirhams .

    Gold dealers in Dubai pointed that there are a significant increase in turnout dealers to buy gifts we of gold jewelery on the occasion of the celebration of birthdays, which reflected the increased sales of luxury watches, jewelery and diamonds, in addition to gold especially 21 carat and 18 carat.

    Contribute to tourist groups in increased sales of the gold market in Dubai significantly, with high gold sales in the UAE during periods of increased tourist groups with low gold prices of local and global.

  • UAE Gold Drops 4 Dirhams Per Gram In Gold Market

    UAE Gold Drops 4 Dirhams Per Gram In Gold Market

    UAE Gold Rate Drops 4 Dirhams Per Gram In Gold Market
    UAE Gold Rate Drops 4 Dirhams Per Gram In Gold Market

    UAE Gold prices fell, between 3.25 and four dirhams per gram of various carats, compared to prices last weekend, according to list prices in the markets of Dubai and Sharjah until yesterday afternoon.

    The indicators decline in gold prices this week, a return to market declines witnessed the beginning of December, which averaged three dirhams, after he recorded prices during the past week high reached about 1.75 dirhams per gram.

    And reflected declines in the prices of gold positively on jewelery sales in retail outlets this week in varying proportions, supported by «Christmas», and the enthusiasm of consumers to buy gifts, according to officials in the gold artifacts shops in Dubai and Sharjah.

    The price of a gram carat gold (24) carats, ‬ 199.25 dirhams, down four dirhams by the end of last week, while the price of one gram of caliber (22) carats to 187.5 dirhams, down 3.75 dirhams.

    The price of a gram caliber (21) carats AED 178.25, a decline of 3.5 dirhams, scoring rounds gram (18) carats ‬ 152.75 dirhams, drop of 3.25 dirhams.

    The official said sales in the shop «Jewelry Daizin that», Asim Ali, said that «declines gold prices this week contributed to the sales promotion rates varying in the market, especially with the presence of Iqbal to buy now to buy gifts jewelry special occasion (Holiday Birth)», expected «show sales growth rates, more and more influential in the market during the next week before the end of New Year’s Day, up to their maximum level.

    In turn, director pointed replace «Ahmed Ali Jewellery», Mahmoud Ali Caso, that «despite the decline in prices a great extent during the current week, a large number of dealers still awaiting further declines in the price of gold, according to the expectations of global reports final, what the impact of the failure to achieve high growth rates in sales.

    He added that «most traders rely on to achieve greater growth in sales during the next week with the approach of (Christmas), and the enthusiasm of the public to buy gifts.

    The Bank «Saxo» specialist in trading and investment multi-asset via the Internet, said in an issued annual component of ‬ 10 forecasts for the year ‬ 2013, that the strength of the recovery of the U.S. economy in ‬ 2013 surprised the market, especially financial investors in gold, pointing out that the scene variable for the U.S. economy, and the lack of recovery in physical demand for the precious metal in China and India, which are facing difficult circumstances because of weak growth, high unemployment rates which, cycle Stimulate President to sell gold.

    And gold is expected to fall to $ 1,200 an ounce, before central banks, especially in emerging economies to seize the opportunity, take advantage of low prices and buy gold.

    Globally, gold fell yesterday, and remained close to its lowest level in four months, while heading for the biggest weekly loss incurred since June 2012, with the reluctance of investors due to the drop in the euro and the U.S. stalled talks aimed to avoid a financial crisis.

    Gold fell in the spot market to $ 1.38 $ ‬ 1645.76 an ounce after recording the lowest price in four months at $ ‬ 1635.09 in the previous session.

    Gold climbed in U.S. contracts for February delivery to $ ‬ 1646.90 dollars an ounce after falling yesterday to about 1636 dollars.