Wednesday, April 24, 2013

Live Gold Price Dubai | Gold Rate Dubai Today | Gold Price in Dirham


Monday, April 22, 2013

Gold Plunges Most in 33 Years in Record-High Trading - Bloomberg

Gold plunged the most in 33 years amid record-high trading as an unexpected slowdown in China’s economic expansion sparked a commodity selloff from investors concerned that more cash will be needed to cover positions.
Gold for immediate delivery dropped as much as 3.9 percent to $1,425.75 an ounce and was at $1,455.78 at 2:35 p.m. in Singapore. Photographer: Simon Dawson/Bloomberg
April 15 (Bloomberg) -- David Wilson of Citigroup Global Markets discusses the selloff in Gold and looks at what's driving the market lower. He speaks on Bloomberg Television's "The Pulse."
April 12 (Bloomberg) -- Marc Faber, publisher of the Gloom, Boom & Doom report, talks about trading in gold markets. Gold tumbled to the lowest price since 2011, slumping into a bear market. Faber speaks with Trish Regan and Adam Johnson on Bloomberg Television's "Street Smart." Bloomberg's Norman Pearlstine also speaks. (Source: Bloomberg)
April 15 (Bloomberg) -- Tom Fitzpatrick, chief technical analyst at Citigroup, talks about the outlook for gold. He talks with Tom Keene and Sara Eisen on Bloomberg Television's "Surveillance." Nathan Sheets, global head of international economics at Citigroup Inc., also speaks. (Source: Bloomberg)
April 15 (Bloomberg) -- Bloomberg's Alix Steel examines the recent drop in the gold market and looks at past bear markets for a clue as to how long and how deep gold's slide may be and what may be fueling the selloff. She speaks on Bloomberg Television's In The Loop."
A gold bar bearing a character reading "gold" is displayed at Gold Expo held in J. Front Retailing Co.'s Matsuzakaya department store in Tokyo. Photographer: Yuriko Nakao/Bloomberg
China’s economy in the first quarter grew less than forecast by economists, government data showed today. The minimum amount of cash for borrowing from brokers to trade gold futures on the Comex may increase after prices plummeted 13 percent, or more than $200 an ounce, in two sessions. Silver, platinum and palladium slumped, and a gauge of 24 commodities fell to the lowest since July.
On April 12, gold slumped into a bear market on concern that Cyprus may sell bullion holdings to cover a bailout, and theFederal Reserve signaled that that U.S. monetary stimulus may be scaled back this year. Holdings in the SPDR Gold Trust (GLD), the biggest exchange-traded product backed by the metal, have tumbled to the lowest in almost three years, and hedge funds have cut bets on higher prices by 72 percent since mid-October.
“Gold took a beating today because of margin calls” expected on the Comex, Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said in a telephone interview. “The Chinese number was the final nail on the head with people exiting from all commodities, including gold.”
Gold futures for June delivery slumped 9.3 percent to close at $1,361.10 at 1:51 p.m. on the Comex in New York, the biggest drop for a most-active contract since March 17, 1980. After the settlement, the price touched $1,348.50, the lowest since Feb. 7, 2011. Estimated trading on all contracts was 684,502 contracts at 4:10 p.m., topping the previous record of 486,315 contracts on Nov 28.

Silver Slump

This year, silver has tumbled 23 percent, and gold has slumped 19 percent, the most among the 24 raw materials in the Standard & Poor’s GSCI Spot Index.
Following a 12-year rally, the turn in the gold cycle is quickening and investors should sell, Goldman Sachs Group Inc. said April 10. U.S. equities climbed to a record last week, and some Fed policy makers favor pulling back this year on $85 billion in monthly debt purchases.
Gold slid 4.1 percent on April 12, taking losses to more than 20 percent since the record close in August 2011 and meeting the common definition of a bear market.

China GDP

China’s gross domestic product rose 7.7 percent in the first quarter from a year earlier, the National Bureau of Statistics said today. That compares with the 8 percent median forecast in a Bloomberg News survey of 41 analysts and 7.9 percent in the fourth quarter. India is the biggest gold buyer.
“We could see a severe correction in gold, even spilling over into silver and the platinum metals group,” Peter Sorrentino, who helps manage about $14.7 billion of assets at Huntington Asset Advisors in Cincinnati, said in an e-mail. “I reduced our holding some weeks back, and regret now not selling more.”
Prices may drop to $1,310 by June, Sterling Smith, a Chicago-based commodity futures specialist at Citigroup Global Markets Inc., said today in a telephone interview.

Gold Technical Analysis - 19 April 2013


After intermittent session the pair of gold / U.S. dollar closed today at a higher price, where low prices continued to attract Asian buyers.
In addition to the increased demand for physical gold, the coverage of short positions ahead of the Group of Twenty meeting helped the upward movement in the defense of the support level at $ 1333 USD/ ounce. yesterday indicate that the downward movement lose its capacity, at least until now. Although I do not expect another big drop in the near future, but I think that we will eventually get to the level of $ 1266 USD/Ounce of gold, sooner or later.

Gold shortage in Dubai


Dubai: Dubai has run out of gold. Well not exactly, but salespersons at jewellery outlets say there is no supply of gold coins and biscuits.
And those hoping to cash in on tumbling gold rates are likely to be disappointed if they head to retail outlets as the men manning the counters say the the city has run out of coins and biscuits. “There seems to be no gold coin or bar available in Dubai,” a salesperson in Karama told this reporter.
“It’s unthinkable for gold to come down to this level,” said Pradeep, an Indian logistics executive who joined the throng of buyers at Karama Shopping Centre, where a cluster of gold shops were abuzz with customers. On Friday global gold prices closed down five per cent, precipitated by fears of a gold selloff by European central banks to pay for bailouts by ailing countries.