Arab Today, arab today gold to keep on shining
Last Updated : GMT 18:38:55
Arab Today, arab today
Arab Today, arab today

Gold to keep on shining

Arab Today, arab today

Arab Today, arab today Gold to keep on shining

Abu Dhabi - Arabstoday

Gold will continue to be a star performer for investors in 2012, just as falling imports of the metal into India undermine the trade in Dubai, a leading precious metals expert said on Friday. The yellow metal, which has been on a relentless rally during most of 2011, “will threaten to reach $2,000 per ounce this year, but ultimately fall just short of the mark,” said Jeffrey Rhodes, Global Head of Precious Metals and CEO, INTL Commodities, Dubai Multi Commodities Centre (DMCC). Rolf W. Schneebeli, Gold Services AG, told Khaleej Times that the precious metal, which has been one of the top performers in 2011, has stabilized after the drop at the end of the year. “The price will continue to break the 1660 level and stay above it. There is a good chance the price goes to the 1680 – 1700 level. The situation in the Gulf could drive the price higher short term,” said Schneebeli. There has been a growing divide among banks and bullion analysts in their forecasts for the direction of gold prices this year amid deepening global economic uncertainty. US investment bank Goldman Sachs recently cut its 2012 price outlook on gold and Commerzbank analysts said precious metals are likely to regain their shine and expected prices to rise sharply. According to Goldman, the yellow metal remains among the top tier of commodities for equity investment despite the downgrade as low interest rates and diversification of foreign exchange reserves by emerging nations ensures that the central banks remain net buyers.Longer term, Goldman expects gold to trade between 1,550 per ounce and $2,000 per ounce over the next 12 months, “progressively favouring the upper end of the range.” “Gold should resume its upward trend as the year progresses,” Commerzbank’s head of commodity research Eugen Weinberg said in a note. Commerzbank said it expects the yellow metal’s prices to touch $1,900 per ounce by the end of 2012. The German bank said it expects gold prices to average $1,600 per ounce, $1,650 per ounce and $1,750 per ounce in the first three quarters. On Friday, Rhodes, who was taking part in panel debate at ACI Financial Markets World Congress at the Dubai International Convention and Exhibition Centre, saw the present weakness across the precious metals sector, and a strong track record in performances over the last ten years, as factors combining to present good buying opportunities. Analysing the potential for investment in precious metals this year, Rhodes said that while gold has gained by 5.43 per cent from the end of 2011 to its current price of around $1650, this is well off the high of $1790 posted at the end of February. “I remain cautiously bullish for 2012 as a whole and see the current weakness across the precious metals sector as a buying opportunity,” he said. “In a world devoid of yield, money managers need to invest in asset classes that will give capital gains, and moreover they need to point to track record when explaining their investment strategies to their investors. “Gold is the star performer in global markets, gaining 480 per cent over the last ten years, posting an increase in the annual price in each of those years with an average annual return of 20 per cent per annum. “While some would argue that gold is simply a counter currency investment to the US dollar, the fact is that gold has performed well in a wide range of currencies. During the period 2001 to 2011 gold rose by 273 per cent in Euros, 280 per cent in yen, 353 per cent in Yuan, and 436 per cent in Indian rupees,” said Rhodes. He said silver has been even more impressive with the average price in 2011 almost 600 per cent above 2001 with an annual average return of 23 per cent per annum over those ten years. “Platinum and palladium rose by an annual average of 14 per cent per annum and 10 per cent   respectively over the same period.” “We expect a high for gold in 2012 of $1,975. I think that gold can be such a tease that it will get everyone excited about a price north of $2,000 only to let us down. Our suggested low is $1,465 with an average price for 2012 of $1,727,” said Rhodes. He said the projected high for silver this year is $50.25, with a low of $22.25 and an average price of $36.25. Platinum is expected to reach a high of $1,940 with a low of $1,305 and an average price of $1,735 for the year. Palladium is projected to reach a high of $920, a low of $565 and an average price of $765. “The prospects for the gold trade in Dubai, as a proxy for the Middle East, are very much tied to the outlook for physical gold demand in India. Following the recent actions by the Indian Government to raise import duties, imports of gold into India are this year expected to be sharply down on 2011, which will impact Dubai’s gold trade,” he said. The two-day congress is hosted by the UAE Financial Markets Association, which was established in December 2011, and is an affiliation of the Association Cambiste Internationale (ACI), the global umbrella body of the national financial markets associations around the world. 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gold to keep on shining Arab Today, arab today gold to keep on shining

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gold to keep on shining Arab Today, arab today gold to keep on shining

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Malaysia Airlines picks new CEO

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 09:56 2017 Friday ,20 October

Privacy Groups Warn of Perils

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday