LONDON (Reuters) – Gold fell to its lowest level in four weeks on Thursday, with the growing hopes for the possibility of avoiding a U.S. strike on Syria and the uncertainty about when will the Federal Reserve (Fed) to reduce monetary stimulus.
Continued diplomatic efforts to put the Syrian chemical weapons under international control which snuff glitter gold as a safe haven.
Gold fell earlier in the day Thursday to its lowest level since August 15 to $ 1338.29 an ounce and settled at 1342.56 by 0958 GMT, down about 1.8 percent. The price is in the process of recording the biggest weekly loss since the end of June.
The U.S. gold futures fell delivery December 21.40 to $ 1342.40 an ounce.
The spot price fell to Silver 2.2 percent to $ 23.63 an ounce. And silver fell nearly five percent this week.
Platinum fell 0.3 percent to $ 1460.88 and palladium fell 0.3 percent to $ 692.22 an ounce
Gold prices fell to their lowest level in three weeks during the Asian trading on Wednesday, before recovering by purchases from bargain hunters, but the precious metal loses its appeal as a safe investment amid hopes the possibility of avoiding a U.S. military strike to Syria.
Syria has accepted a Russian proposal to give up its chemical weapons, but U.S. President Barack Obama said, “It is too early to say that the initiative will succeed,” and pledged to keep the military forces are ready to strike if diplomacy fails.
The exposed gold – which lost more than 18 percent of its value since the beginning of the year – also under pressure from expectations that the U.S. central bank decides to reduce its monetary stimulus program, after a meeting of the Open Market Committee Federal Reserve Board 17 and September 18.
The price of gold fell for immediate sale to $ 1356.85 an ounce, its lowest level since August 22, before recovering to $ 1363.96 by 0455 GMT.
The U.S. futures settled for gold at $ 1364.10 an ounce.
Dubai Gold – Expectations continually rise in gold prices due to increased demand for jewelry in China and India, which helped to avoid the decline in current assets in index funds backed by gold.
According to Bloomberg, citing Jeffrey Rhodes, Managing Director of Financial Institutions at Kaluti Jierule the Dubai-based that prices will go up to 1,550 dollars an ounce by the end of this year, pointing to the absence of signs of a slowdown in demand from India and China, which constitute what 60% of the volume of global consumption of the metal.
The rise of prices reduce the size of the first metal loss inflict prices since 13 years after some investors lost confidence in the metal as a store of value with Rod expectations of recovery in the U.S. economy.
The metal had regained 17% of its value since reaching the price level of $ 1,180.50 an ounce on June 28 last year, the lowest level in 34 months, with the support of the rise of demand for the metal from India, China and Turkey.
And contribute to the recovery of demand for the metal in the spot markets in overcoming the negative consequences of the wave of selling exposed gold ETF backed by investors including billionaire John Paulson.
The company said that demand for the metal in the spot markets will escalate by Western investors, although the improvement in global economies, the continued decline in real interest rates to below zero means that gold prices will continue to be expected to increase.
Showed the weekly report issued by the company «Active Trades», the British company specialized in providing services for currency trading and minerals, the high price of ounce of gold during the week elapsed to fetch up at the end of Friday’s session to 1376 dollars per ounce (31.1 grams approx), up 3.6% Over the past week.
The report noted that these gains come in the return of a positive outlook for gold again and increased purchases kind of gold by investors found the opportunity convenient to buy after declines powerful witnessed by the yellow metal since the beginning of the year, in addition to the decline in the dollar strong during the week elapsed. In this context, said the director of the Middle East in the «active Trades», George Petrona, said that «that seen in the gold market from the heights in the current period is a natural reaction to a range of factors, the most important fall in the price the U.S. dollar and the increasing demand for purchases kind of gold after dips strong witnessed during the last period.
He added: «decline was about levels of 1180 dollars per ounce, which witnessed gold two months ago, a catalyst for many investors in the market and believe in gold as a safe haven, especially after a long period of high prices for gold, which has led to an increase in purchases kind of gold during the past two months , which is reflected in the report of the World Gold Council last week. The Petrona that «Gold fell to its lowest level in four years, two months ago, returning to levels considered acceptable by those who wish to acquire gold in kind, especially alloy jewelry, which led him to rise again during the last period», and went on: « the inverse relationship between the price of gold and the U.S. dollar also played an important role in the declines witnessed by the dollar last week, as well as the issuance of the report of the World Gold Council, which showed the increasing demand for gold to its highest level since 2008.
He stressed that «view the current gold turned toward the positive again, especially with being able to skip the levels of important resistance is 1338 dollars and 1347 dollars per ounce, pushing gold to gain torque strong climb, and what makes the next target for gold at the level of psychological resistance at $ 1,400 an ounce , and the most important resistance level in the current period at 1427 dollars per ounce.
But Petrona pointed out that: «these gains remain backlash in the current period to the low price of gold, while we may see a decline in the strength of the rise in the coming period as we approach the resistance levels mentioned, which puts us in front of a chance of profit-taking for purchases speculate on short and long.
Gold Price In Dubai today start with decline as market show down in gold prices in UAE by 7 AED last week .
22 carat gold price per gram in dubai reach to 178 AED and 24 carat gold price per gram in dubai record 189 AED , 21 carat gold price per gram in dubai down to 168 AED .
Gold unchanged amid concern over the political situation in Europe
Were little changed on gold futures contracts during European morning trade on Tuesday, as concerns over the political troubles in Europe to be placed once again on the agenda ..
On the Comex division of the New York Mercantile Exchange, traded Gold futures for April delivery for trading at 674.65 0.1 d was little changed gold futures during the European morning trade Tuesday, as concerns over the political troubles in Europe pushed its way back to the agenda – I
On the Comex division of the New York Mercantile Exchange, traded gold futures for April delivery at 674.65, $ 1 per ounce during European morning trade, shedding 0.1% on the day.
Prices traded in a tight range between 671.25, $ 1 per ounce, the lowest price for the day the highest price for the session 677.55, $ 1 per ounce.
The gold price traded as 653.35, $ 1 per ounce, the lowest price since January 28, and the near-term resistance at 684.35, 1, dollars per ounce, the highest price since Jan. 30.
Political uncertainty in Spain and Italy worries about the debt crisis in the region, and higher borrowing costs led to weak investor confidence in the single currency.
Spanish Prime Minister Mariano Rajoy lawsuit to stop the corruption allegations against him and senior officials in the ruling party popular while growing uncertainty on the outcome of the upcoming elections in Italy after opinion polls confirmed the investigation of former Prime Minister Silvio Berlusconi gains ..
Investors were also cautious ahead of the outcome of the meeting policy of the European Central Bank on Thursday.
The yield on Spanish bonds with ten years – to 5.46% on Tuesday morning, while the yield on Italian bonds rose 4.50%.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, rose 0.1% to trade at 79.68.
The strength of the U.S. dollar usually affect the gold, because it alleviates the metal’s appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.
Investors were also cautious ahead of the outcome of the meeting policy of the European Central Bank on Thursday.
Elsewhere in the Comex, silver fell for March delivery rose 0.1% to trade at 31.69 dollars per ounce while copper fell for March delivery rose 0.05% to trade at 3.767 dollars per ounce during European morning trade, shedding 0.1% on the day.
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.
Continued gold prices decline for the second week in a row, and gram lose more than 11 dirhams in two weeks, has encouraged consumers to return to the purchase, and raising the sales including ranges between 20 and 30%, according to officials in the shops for jewelery and gold jewelery in Dubai and Sharjah. The price of a gram of gold bullets different, a decline ranged between 4.5 and 5.5%, yesterday afternoon, compared with the rate prices a week ago, according to the stated price indices in Dubai and Sharjah.
And detailed, the price of 24-carat yesterday 185.25 dirhams, down 5.5 dirhams prices last weekend, while the total gram 22 carat 174 dirhams drop of 5.25 dirhams. And the price of one gram of 21 carat carats to 165.50 dirhams, down five dirhams, while the total gram 18 carat AED 141.75, a decline of 4.5 dirhams.
The director of the shop «jewel Baghdad» to trade jewelry, hekmat ward, that «low gold prices at rates that exceeded 11 dirhams in two weeks to support the return of consumer markets, as were keen to take advantage of the decline in prices, which is the largest in nearly three months, leading to increased sales, especially this week, rising by about 30% compared to last week.
Concurred in opinion official sales in the shop «Alujain Jewellery», Ahmad Ebadi, who stressed that «the continuation of gold prices in decline tempt a large number of consumers buying to take advantage of those declines, boosting sales, which rose at rates ranging between 20 and 30% compared to last week.
He pointed out that «continue to decline such large values will contribute to compensate merchants for prior periods was devoid of strong events, where prices rose sales Vtbatot, more focused sales and then to sell gold Mchgullachm dealers used.
Gold rate in UAE rises yesterday, including ranged between 4.75 and 6.25 dirhams for shots gold different, according to list prices in Dubai and Sharjah, compared to prices during the past week, investigators first weekly gain during the month, which saw declines varied since start compared to last month.
The price of a gram (24) carats, yesterday 0.212 dirhams, up $ 6.25 dirhams for prices last week, while the total gram (22) carat 199.5 dirhams, up about six dirhams, and scored Gram (21) carats amount of 189.75 dirhams, an increase of 5.75 dirhams, while gram (18) carat 162.5 dirhams, up 4.75 dirhams compared with the end of last week.
Said salesman in gold trade that rises in the price of gold locally gradually began two days ago until it reached its current borders, which exceed six dirhams per gram compared to the end last week», adding that «Gold prices seen this week the return of the high prices in the markets affected by the global turmoil and political events in each of the Arab region, Iran and Greece.
