|

Dubai jewelers affected by gold prices

ByVictoria

While U.S. tariffs and other factors have added fire to already hot demand for gold as an investment, the impact is different for gold jewellery, according to Andrew Naylor

“In markets like Dubai, this creates a two-fold effect: on one hand, you see stronger interest in gold as a safe-haven asset, on the other, high prices dampen jewellery demand.”

“There are no potential customers nowadays because of the gold prices,” said Fahad Khan, a sales representative at retailer Damas Jewellery.

“Higher gold prices are likely to dampen demand for jewellery, in a classic example of how the best cure for high prices is high prices,” said Russ Mould, investment director at AJ Bell.

Source – Reuters

Similar Posts

  • /

    Copper is trading higher than earlier this year

    ByVictoria
    0 Comments

    Despite the losses of the last few days, the Copper price on the Comex is up a good 25 percent since the beginning of the year, almost on a par with tin. But on the LME, too, Copper is trading around 10 percent higher than at the beginning of the year, Commerzbank’s commodity analyst Barbara Lambrecht notes.

    Source – FX Street

  • /

    Gold markets hit historic heights amid economic policy uncertainty

    ByVictoria
    0 Comments

    The most recent trading sessions have showcased gold’s resilience and volatility. Following a sharp decline of $45 per troy ounce in spot gold and a $63 drop in April futures on Friday, February 14, the market demonstrated strong recovery momentum. After the Presidents’ Day holiday closure, Tuesday’s trading saw spot gold gain $36.97, and the April futures contract gaining $60.70, nearly reaching the record levels established on February 12.

    Source – KITCO News / Opinion

  • / /

    Missouri passes bill on gold and silver

    ByVictoria
    0 Comments

    The Missouri legislature has passed a bill that would allow the state government to accept gold and silver as payment for taxes and other transactions

    The legislation, led by Republicans, would require state government entities to accept electronic versions of gold and silver, called “electronic specie currency,” as payment for taxes and public debts. The bill doesn’t require businesses to accept gold and silver as payment for private uses, but it would allow them to do so.

    “The goal is about restoring economic and political freedom back to everyday Missourians,” state Rep. Bill Hardwick (R) said.

    Source – Just The News

  • /

    Silver prices close to $35 mark

    ByVictoria
    0 Comments

    Silver prices surged to $33 per ounce on Friday, hitting their highest since late October at $33.41, fueled by factors driving gold to record highs.

    London Bullion Market Association data revealed an 8.6% drop in silver inventories to 23,528 tons in January, the largest monthly decline since 2016.

    Despite bullish trends, analysts caution against silver’s volatility, noting its price movements often exceed gold’s by 2-2.5 times.

    Source – Econo Times

  • /

    Copper price forecast

    ByVictoria
    0 Comments

    The EV industry in China and the world is already booming; pumping copper’s status as “the new oil”. As such, the red metal is set to rise above the current uncertainties to record significant gains in the medium to long term.

    Copper has also jumped above the 50-day moving average, while the Relative Strength Index (RSI) has continued rising. Therefore, it will likely rebound and retest the key support at $5 in the coming weeks.

    Source – Invezz

    More Info!

    RSI (Relative Strength Index) – is a technical indicator intended to chart the current and historical strength or weakness of a stock or market based on the closing prices of a recent trading period.

  • /

    Gold hit record high

    ByVictoria
    0 Comments

    Spot gold held steady at $3,047.1 an ounce as of 0700 GMT, after hitting a record high of $3,057.21 earlier in the session.

    U.S. gold futures gained 0.4% to $3,054.10.

    “For now, gold’s appeal as a safe haven and inflation hedge has further strengthened in light of those geopolitical concerns and tariff uncertainty. We remain constructive on the outlook of gold,” said OCBC forex strategist Christopher Wong.

    Spot silver was flat at $33.8 an ounce, platinum fell 0.3% to $989.85. Palladium slipped 1% to $949.50.

    Source – Reuters