Arab Today, arab today gold still perceived as a safe investment against inflation
Last Updated : GMT 20:32:04
Arab Today, arab today
Arab Today, arab today

Gold still perceived as a safe investment against inflation

Arab Today, arab today

Arab Today, arab today Gold still perceived as a safe investment against inflation

Dubai - Arabstoday

Gold sales in the UAE are being hampered by record-high prices, but the appeal of the commodity as a safe bet against inflation remains, say retailers. \"The gold prices have gone up by $120 (Dh440) an ounce over the last two weeks. People are hesitant to buy at these levels. July sales have been badly affected by high prices,\" said Tushar Patni, managing director of Ajanta Jewellery in Abu Dhabi. But Shamlal Ahammed M.P., managing director- International Operations for Malabar Gold, said history and trends indicate that investing in gold is safer and the yields are much higher compared to other forms of investments. \"As the gold price hits a record high, the investors who flocked to gold have seen its value rise by almost 35 per cent compared to last year,\" he added. Patni said gold sales in Abu Dhabi have dropped more than 20 per cent to about 500 kilograms a month compared to a year earlier as high volatility in prices of the precious yellow metal have led to some demand destruction and changed consumption patterns. \"Sales of gold coins and gold bars have risen, in comparison with gold jewellery in recent months,\" he added. Retail gold sale volumes in Dubai and Abu Dhabi dropped by around 10 percent in April year-on-year as high prices deterred consumers. \"The gold prices will continue to rise in the near term,\" predicts Mohammad Amin, owner of Al Safina Jewellery in Abu Dhabi. \"Due to rising gold prices, the sales have come down. However, those who have higher savings seem to be more interested in purchasing gold bars than jewellery.\" The gold prices yesterday touched an all-time high of $1,609.51 an ounce before dropping to $1,601.30 an ounce. Gold prices remained elevated as investors continue to favour the metal amid heightened concerns that the debt crisis engulfing Greece may ensnare Italy and Spain, and as time grows short for raising the US debt ceiling. Gold is up 13 per cent this year, heading for an 11th straight annual gain, the longest winning streak since at least 1920 in London. Gold prices are set to continue their upward trend in the coming years as the outlook for the precious metal continues to remain bullish, analysts say. Gold futures Tuesday rose to a record $1,610.70 (Dh5,915.62) an ounce on the Comex in New York while gold for immediate delivery climbed to over $1,610.10 an ounce. A combination of the geopolitical unrest in the Middle East, the ongoing debt crisis in the US and Europe, high fluctuation in currencies, downward trend in the reality sector and the low profitability from corporate firms has diverted the investor focus from stocks, currencies and real estate towards gold. \"Gold prices are linked to uncertainty and the reason that gold has had such a good run recently is because of rising risk aversion as a result of the Eurozone debt problems. Gold offers a potential for capital gain if currencies are debased,\" said Giyas Gokkent, Chief Economist, National Bank of Abu Dhabi. From / Gulf News

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 still perceived as a safe investment against inflation Arab Today, arab today gold still perceived as a safe investment against inflation

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
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