Gold Rate UAE Today


Gold prices hit yesterday a rise ranging between three and worth 4.25 dirhams per gram of different calibres, compared to prices last weekend, according to published rates in Dubai and Sharjah.

According to officials shops to sell gold jewelry in the two emirates, that the new price rises increased from sluggish sales suffered by finally market, pointing out that the start of the summer holiday season early, with the approach of the month of Ramadan, which is likely to witness limited sales, and the decline of tourists sales, of the factors that affected negative movement in sales.

Globally, the World Gold Council report on the «gold demand trends», which the movement of buying and selling the yellow metal is made detection, during the first quarter of 2015, total gold sales of jewelry and bullion and gold coins in the UAE amounted to 19.8 tons, compared to B21.2 We tonnes during the corresponding period last year, down by 7%.

And the separation of the report, which was released yesterday, that the total goldsmiths and jewelery sales in the UAE market, during the first quarter of 2015, amounted to 16.5 tons, down by 8% compared to the first quarter of 2014, which reached sales of 18 tons, while the total bullion and currency sales totaled 3.3 tons, a growth of 2% compared to sales of the first quarter of 2014, which amounted to 3.2 tons.

Global demand

And showed the Board’s report stable in global demand rate, it reached the world’s total demand, in the first quarter of 2015, to 1079 tonnes, with little, compared to the corresponding 2014 period changes, what is a clear indication of the stability of the fundamental factors in the market, according to the report.

He added that the situation varied from one market to another, at a time when consumer countries in the Middle export sales market with 54% of China and India from the world’s total consumer demand during the first quarter.

The report pointed out that the global demand for gold jewelery, is still the most important in the world’s total demand component, a total of 601 tons, down 3% compared with the total global gold demand volume in the first quarter of last year which stood at 620 tons.

As Southeast Asia markets saw a good move included Malaysia, Indonesia, South Korea, Thailand and Vietnam. And increased demand for gold jewelery rate in India 22% to 151 tons, while the US market witnessed a stable growth rate of 4%, compared to 10% contraction in the demand for gold jewelery rate in all of Turkey, Russia, the Middle East and China to 213 tons.

Investment demand

The report showed that investment demand is one of the market to other global gold major engines, with a rise of 4% in the first quarter of 2015, up to 279 tonnes compared with 268 tonnes in 2014.

Net inflows into gold traded on the Stock Exchange 26 tonnes funds, to score the first positive change since the last quarter of 2012, with Western investors return to the gold.

And offers investment in bullion and gold coins under pressure in promising markets for investment in stocks, especially the markets of India and China, as well as fluctuations in exchange rates in Turkey and Japan, but offset by strong demand for investment in retail under the euro umbrella, a rise of 16%, to 61 tons, especially in Germany and Switzerland.

Central Banks

The report revealed that the central banks maintained their purchasing power, with total purchases of gold reached 119 tons, the size of the purchase is similar for the first quarter of 2014, making central banks net buyers of gold for the quarter 17 respectively, as part of the ongoing policy of diversifying away from the dollar coin .

In value terms, gold demand in the first quarter of 2015 dropped to $ 42 billion, at a rate of 7%, compared with the first quarter of last year, as the average price of gold to $ 1218.5 per ounce

You must be logged into post a comment.