– 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.
Gold futures rose before Birth holiday during European trading hours on Monday, as investors awaited negotiations between U.S. lawmakers to avoid “financial crisis looming.
Of trade is expected to remain quiet with the end of the year with the end of the year due to the holidays with less activity in many countries. The size becomes choppy trading, which led to rapid changes in metals prices in recent weeks.
On the Comex division of the New York Mercantile Exchange, the futures trading of gold for February delivery traded at $ 1 664.95 a troy ounce during European morning trade, gaining 0.3% on the day.
Prices traded in a tight range between 652.75, $ 1 per ounce, the lowest price for the day and the highest price for the session at 666.45, $ 1 per ounce.
Gold prices fell to 636.45, $ 1 an ounce on Friday, the lowest price since August 22, amid a round of technical selling specified in a price break after less than 200 days, triggering sell orders amid signs new bearish chart.
Gold prices were likely to find support at 636.45, $ 1 per ounce, Friday’s low and resistance at 1, 672.75 dollars per ounce higher price on Thursday.
Market sentiment remained under pressure as investors continued to monitor developments surrounding the financial crisis in the United States, which up to one billion $ 600 billion of tax increases and spending cuts automatic due to come into force on January 1.
Adjourned meetings of the U.S. House of Representatives because of the Christmas holiday, fueling speculation that policy makers would not be Eetmknu solve the crisis in a timely manner, without an agreement, the United States can be traced to the recession and the withdrawal of a large portion of the world down with it.
And raising fears Italian Prime Minister Mario Monti his resignation after only 13 months of receipt of the office, paving the way for national elections highly uncertain in February.
Gave a weak dollar support for gold in the United States. The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, rose 0.15% to trade at 79.52.
Dollar weakness usually benefit from gold, because it enhances the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.
Elsewhere in the Comex silver for March delivery rose 0.45% to trade at 30.33 dollars per ounce while copper fell for March delivery rose 0.1% decline to trade at $ 3.564 a pound
U.S. dollar, and all the gold and silver, sharp declines during the past two days, hackers levels Not been touched for several months, in conjunction with the prevalence hopes breakthroughs on “the abyss of financial” in the United States, which is open appetite of investors to enter the market of high-risk such as stocks and bonds, and out of the markets “safe havens”.
The dollar fell U.S. to its lowest level against the euro since May / May last, bringing the euro exchange rate level of 1.32, a price that has not witnessed the market since seven months, closer to the euro so to finish 2012 on a high total against the dollar stood at 1.3%.
The Gold scored its lowest level since August / August during trading Thursday to fall to below the level of 1645 dollars per ounce, while silver recorded on Thursday, the lowest level in four months at 29.9 dollars per ounce.
Due many analysts this wave of landing to the high risk appetite when investors after positive data numerous issued by the U.S. economy, both with regard to rate of growth that exceeded the 3%, or about progress in the talks between Republicans and Democrats in order to spare the United States decline to “financial abyss” with the beginning of the year 2013.
But the weakening of the U.S. dollar is particularly affected in addition to these reasons, the decision of the U.S. Federal pumping more liquidity into the markets in the context of a new wave of “quantitative easing” is supposed to include pumping more than U.S. $ 45 billion,according to what he said analyst specializing in currency Yasser Rawashdeh for “alarabiya Net”.
Rawashdeh added that the U.S. dollar broke through important resistance points contributed to the further decline, was the most important level of 1.137, indicating that the positive news on the “financial abyss”, and stocks rise, dollar weakened because investors as risk appetite increased dramatically.
Rawashdeh believes that a further decline in the U.S. dollar is still possible.
As for the decline of gold Rawashdeh said, It is due to the “change centers for investment portfolios, as well as the liquidity usually fall at the end of each year of the markets in general.”
Rawashdeh expected to return gold to rise with the beginning of next year, where the return of liquidity to the markets, including commodity markets, particularly gold, which represents a safe haven for investors.
Increased turnout from private investors in Switzerland, Austria and Germany to buy gold bars in the size of a credit card easily broken into pieces each piece weighs one gram and used as a substitute for cash in times of emergency.
Now smelter Falcamba Swiss – a unit of American Mining giant Newmont wants to put alloys new “Combi-bar” in the U.S. markets and build a sales network in India’s largest gold market in the world where it is used precious metal substitute for money long ago.
Over the past ten years, investors poured money fearful of inflation that undermines the value of the financial turmoil in possession of liquidity to buy gold. And prices rose nearly 500 percent since 2001, compared with a 12 percent increase in the MSCI M. S. CNN. Any Global Equity.
The value of sales currencies and gold bullion nearly $ 77 billion in 2011 compared with only $ 3.5 billion in 2002, according to World Gold Council data.
Said Michael Mizarryk CEO a Falcamba Smelter “the rich are buying bullion or have a traditional gold deposits. Owners wealth least buy up to one hundred grams.” “But for many investment product is no longer sincere enough. They want to be able to dispose of the precious metal.”
He that Alcolmba feature bar which will be called “chocolate cake” because of the ease broken down by hand into small pieces each gram piece is that it can be easily transported and cost less than buying 50 pieces weighing grams.
“The product can also be used in payment instead of cash.”
And adopt Valcombe network sales in India and plans to launch Alcolmba bar in the U.S. market next year. In Japan, you want to focus on the Combi bar of platinum and palladium.
In other areas comes a huge demand from Germany, which still fears of high inflation, such as that experienced after the First World War when the value of money collapsed and was buying a loaf of bread needs to fill a wheelbarrow of paper money.
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.
Dubai Gold Rate Declines Up To 3.5 Dirhams Per Gram
UAE Gold prices fell ranges between 2.75 and 3.5 dirhams per gram in various gold carts, compared to UAE gold prices last weekend, according gold rates in Dubai gold prices and Sharjah gold markets until yesterday .
Officials gold shop trader in Dubai and Sharjah that the declines in prices over the week is more influential in the Gold market compared to rates decline during the past week, which did not exceed one dirham per gram, that the decline in prices to support sales growth rates is limited.
The price of a gram gold 24k 202.25 AED, a decrease of 3.5 dirhams by the end of last week, while the price of one gram 22k to 190 dirhams, a decline of 3.5 dirhams.
The price of a gram 21k 180 dirhams, a decrease of 3.25 dirhams, while the price of a gram 18k 155 dirhams, a decrease of 2.75 dirhams.
The director of the shop «Basalt Jewellery», Ali Al Yafei, said that «decline in prices during the current week to support sales activity for our rates is limited, and reached 10%», adding that «decline in prices was a contributing factor in motivating consumers, especially Arabs and citizens who preparing for the establishment of their joys during this period of the year, to buy jewelry, but did not succeed in achieving the required activity in sales, due to continuing fears some dealers of price instability as a result of volatility’s rapid gold Finally, reaching high levels since the middle of this year ».
For his part, Director of Sales at the place of «Jewelry teller», Abdullah Mohammed Ali, he «despite the decline in sales rates relatively large during the current week, but sales grew at rates is limited, so with anticipation Most dealers further declines could nearly the same price limits during the first half of the year.
He added that «most traders rely on season celebrations (Christmas) and New Year’s Day, which is expected to raise the sales starting from mid-month to finish well proportioned», adding that «most transactions this week focused on works of the caliber 21 carats, from by Arab traders in particular.
In turn, according to official sales in the shop «Jewelry Design The», Asim Ali, that «decline in prices this week was of positive signs that have contributed to moving the sales, albeit at rates limited, but is not a powerful engine to stimulate sales a great extent, with continuation of the fact that gold prices in the already high rates do not encourage customers to buy it, pointing out that «New Year celebrations through the end of this month is expected to contribute to make good gains in sales of local gold markets.
Officials companies in the manufacturing sector and the gold trade said that , the improvement witnessed in different economic sectors in the domestic market since the beginning of the year, especially in the sectors of hospitality, retail, was a key factor in raising the sales of consumer demand (gold) during the first nine months of this year, against a decline in demand for investment (bullion and gold coins), compared to the same period of year 2011.
They confirmed that the fluctuation of gold prices, and achieved great heights in prices compared to last year, as a result of political changes in the world, was one of the factors contributing to the devaluation of gold sales in the UAE since the beginning of this year until last September, rose 7%, according to a recent report World Gold Council.
Report data for «World Gold Council» declined value of gold sales in the UAE by 7% to about 10.2 billion dirhams at the end of last September, compared 11 billion dirhams during the same period in 2011, as recorded local market decline in demand for gold (for investment) in the third quarter of this year by 29.5%, after falling to 112 million ( 411 million dirhams), compared 159 million ( 583 million dirhams) for the quarter itself from year 2011, while the consumer demand for jewelry around 315 million dollars (1.15 billion dirhams), compared to 449 million (AED 1.64 billion for the same quarter of last year.
dominated demand for gold jewelery in the UAE to 75.8% of the total demand for gold during the third quarter of this year, estimated at 8.7 tons, compared with 73.8% during the same quarter of 2011 ».
Director-General said in the company «Dahab» for manufacturing and trading gold, Suhaib Sheikh, said that «the high demand for gold against a decline in buying gold for investment in the state, was the result of a logical improvement remarkable achievements of different economic sectors in the country, especially in the hospitality and tourism sectors , and the recovery of the movement of tourist groups to the State during the last season of Eid al-Adha.
Pointed out that «it is possible that the value of gold sales fell, but the rates of demand for gold jewelry, The small or light, rose.
In turn, the Director-General said in the company «Rosy Blue to trade and supply of gold, Aaron Bahtnjar, that« the demand for gold for investment sales, including bullion and gold coins, witnessed a noticeable decline, which was confirmed by the report of the World Gold Council.
The Bahtnjar attributed the decline in demand for bullion, compared with an increase demand for gold jewelry to two factors improved financial access for some individuals as a result of the recovery of certain economic sectors, and increased sales of gold tourists.
He added that «the supply and sales of gold to the company in the domestic market, witnessed growth during the months 10 first of the year, reached 30%, compared to the period of time the same year 2011, which accompanied the results revealed by the global report on the status of the sector in local market.
Furthermore, the President stated in the company «Salem Shuaibi» Jewellery, Salem Shuaibi, that «sales jewelry has grown since the beginning of this year, backed by increased demand from tour groups, and procurement processes, even small amounts of residents», pointing out that «high volatility in prices during the current year has not been reflected positively on the purchase of gold bullion.
Gold rate in Dubai change by hourly depending on Dubai Gold & Commodities Exchange ,Dubai gold shop often fixed gold rate twice daily if there is no much change for gold rate , It’s no secret that the gold rate in Dubaiis high and going still higher. Investors often come to Dubai to buy gold at a very low price which importing a lot of gold from India. Along the Mall called Dubai Gold Souk .
There are many merchants selling a full range of objects of gold and jewelry. Competitive here gold shops and a certain amount of bargaining is part of the sales process.
This is the country that are interested in buying gold can get the best deal. Can either gold from the country can be purchased in person at Dubai Gold Souk, or purchased from a broker. Gold can also be located at the airport. But to say that the views of customer service at the airport is not good. There is not likely traders and bargaining. It is recommended that you purchase in the Dubai Gold Souk.
Factors such as supply and demand, political crisis, economic crises and the impact of speculative artificial Dubai gold rate. The fact that this country does not impose import tax on gold is, perhaps, is the most important factor.
Gold is still readily available,to reach a decision if you are going to provide some or just allow the opportunity to pass is a question that touches on the financial emergency.
Gold prices steadied near 1710 dollars an ounce on Monday as supported concerns about the prospects for global growth demand for the precious metal as a store of value, but losses of financial markets generally limited gains.
Analysts said the resilience of gold above $ 1,700 an ounce, who has repeatedly touched last week reassured buyers who feared a larger correction after the metal fell to its lowest level in more than six weeks at $ 1698.39 on 24 October.
But the metal struggled to get momentum on Monday with falling share prices and global commodities as cast weak corporate results a shadow on the outlook for growth as investors prepare for the repercussions of a strong U.S. Hurricane.
The spot price fell to 0.1 percent went to $ 1709.30 an ounce by the time of 1157 GMT, while the fall in the price of gold in U.S. contracts for December delivery $ 1.90 to $ 1709.90 an ounce.
The price of silver dipped Spot 0.8 percent to 31.75 dollars an ounce, while platinum fell 2.1 percent to $ 1537.75 and palladium rose 1.4 percent to $ 590.47 an ounce.
Gold rose on Monday, after the data raised the U.S. economy metal price in the previous session, but gains may be limited by the rise in the U.S. dollar, and continued worries about Greece’s debt problems and the possibility of providing assistance to Spain.
Gold received slight support, on Friday, after data showed improvement in U.S. economic growth in the third quarter of this year, where a late surge offset consumer spending after the first decline of investments in more than a year.
The price of gold rose 4.24 dollars an ounce to 1715 dollars, remains much lower than the highest level in 11 months when exceeding 1795 dollars per ounce in early October, the highest level ever 1920 dollars struck in September last year.
And increased U.S. gold contracts for December delivery $ 3.80 an ounce to $ 1715.70.
The price of silver rose in online transactions six cents to 32.05 dollars per ounce.
Platinum fell 17 dollars to 1553 dollars per ounce, while palladium lost half a dollar at $ 598.50 an ounce.
