Tag: Gold price In UAE

Dubai Gold Rate Declines Up To 3.5 Dirhams Per Gram

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.

December 7, 2012
Decline in the value of gold sales in the UAE during the 9 months by 7%

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.

November 27, 2012
Gold Price In UAE Down 4 AED IN Week

Achieved a new gold price declines, yesterday, ranging between 1.75 and 2.25 dirhams per gram in various calibres priced compared to the end of last week, according to the declared prices in the markets of Dubai and Sharjah until yesterday afternoon.

The new dips, which contributed to the sales promotion, according to dealers in Dubai and Sharjah, as a continuation of a limited slip achieved gold prices last week reached AED 1.75, bringing the total declines during the two to four dirhams per gram.

The price of a gram (24) carats, yesterday 0.209 dirhams, down 2.25 dirhams for the end of last week, while the price of a gram (22) carats to 196.75 dirhams, down Darhamin, and the price of gram (21) carat 187 dirhams, down Darhamin, while the gram (18) carats 160.25 dirhams, down 1.75 dirhams.

The director of the shop «Jewelry Vienna», Issam Haddad, said that «this week saw the return of sales activity significantly», and went on: «increased sales 20% compared to last week, due to several factors, most notably declines new this week, along with the growing the sale to tourists, with the recovery movement tourist groups from various countries, including visitors and participants in the exhibition (GITEX), who took refuge in some of them to buy gifts gold to their loved ones in their countries », adding that« the approaching Eid al-Adha contributed to stimulate sales with the start members to buy gifts during the current week.

For his part, the Director replace «jewel Baghdad» to trade jewelry, ruled Lord, that «undo the additional achieved gold prices during the second week in a row restored activity to markets at rates significantly compared to last week, even though they did not report activity rates itself in August past, pointing out that «if prices continued at levels comparable to current levels or less, it is expected to achieve good sale rates such as Eid al-Adha.

October 19, 2012
Gold at forefront of imported goods in UAE

Gold at forefront of imported goods in UAE

Explained the Federal Customs Authority that preliminary statistical data during the month of February of this year showed that the gold came in the top of the list of goods that are imported $ 8.4 billion dirhams ($ 2.28 billion), followed by diamond $ 3.4 billion dirhams, then cars worth AED 2.9 billion, jewelry worth 2.3 billion dirhams

And occupied as well as top goods were exported to overseas in February 2012 $ 6.4 billion dirhams, followed by polymers of ethylene and copolymers of propylene in primary forms $ 1.7 billion dirhams, and jewelery and parts thereof valued at 234 million dirhams, and petroleum oils and other value of AED 231 million.

The Authority indicated that the diamond came at top goods that have been reexported in February 2012 worth 3.4 billion dirhams, then ornaments and jewelry and parts valued at 1.4 billion dirhams, and cars worth 1.2 billion dirhams, then telephones billion dirhams. The Commission stated that total value of trade markets and free zones in country during month amounted 1.2 billion dirhams.

This comes at a time which amounted to an average increase of imports during the month 8%, rising value country’s imports of nonoil 45.9 billion dirhams in February 2011 to 49.5 billion dirhams in February, an increase of 3.6 billion dirhams. While the value reexport 15 billion dirhams during the month.

September 24, 2012