Nissan to lay off thousands of workers as sales drop    Trump picks Susan Wiles as White House chief of staff    Three charged in connection with Liam Payne's death    Israel passes law to deport relatives of attackers, including citizens    Monkey mayhem in South Carolina after 43 primates escape research facility    Russian anti-war teenager faces five years in jail after failed appeal    Uproar in Ghana after president unveils his own statue    BD and INS partner to elevate standards of infusion care in MENAT    Qassim emir launches 52 health projects costing a total of SR456 million    Dubai Design Week launches its 10th edition, celebrating creativity and innovation    Fakeeh Care Group reports 9M-2024 net profit of SR195.3 million, up 49% y-o-y driven by solid revenue growth and robust profitability    GASTAT: Passengers of public transport bus and train soar 176% and 33% respectively in 2023    HRT does not impact life expectancy — UK health body    Liam Payne's body to be flown back to the UK    Arab leaders and heads of state congratulate US President-elect Donald Trump    Neymar suffers muscle tear, out for 4-6 weeks    Suspect arrested for banking fraud totaling SR493 million as Nazaha pursues corruption charges    Al Nassr secures 5-1 victory over Al Ain to edge closer to knockout stage    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



‘Bull run' in gold prices over: Trader
Published in The Saudi Gazette on 19 - 04 - 2013

DUBAI — The bull run in gold is over, a Dubai-based trader said on Wednesday, as prices for the precious metal continued to decline following their worst plunge in 30 years.
Gold for immediate delivery on Wednesday fell by as much as 2.8 percent to $1,337.86, and stood at $1,365.40 at 12.30 p.m. in Singapore, Bloomberg reported.
That breaks a brief two-day advance that followed massive declines earlier in the week, when prices dropped to $1,321.95, the lowest level since January 2011.
Jeff Rhodes, the global head of precious metals and chief executive of INTL Commodities at the Dubai Multi Commodities Center (DMCC), said the collapse in gold signals the end to an era of prolonged price rises.
“It probably does signal the end of the bull market,” Rhodes told Al Arabiya. “We will transition from a bull market with occasional dips into a bear market with short-covering rallies.”
Rhodes has been in the gold trade for 35 years, but says the events of the last week surprised him.
“We saw gold collapse… That was a move that was unprecedented in my entire career,” he said. “You can't point to any one reason behind it.”
It is significant that the decline in gold prices came with high trading volumes, Rhodes said.
“The declines that we've seen over the last few days are on the back of record volumes,” he said. “All markets saw record trading, including Dubai.”
Trading on the Dubai Gold and Commodities Exchange (DGCX), which is part of DMCC, hit record volumes on Tuesday. The DGCX saw the highest ever overall daily trading value of $3.8 billion, with a record 103,126 contracts.
That compares with Dubai's total gold trade in 2012, which was valued at around $70 billion, according to DMCC figures.
“It's the highest ever daily volume,” a spokesman for DGCX told Al Arabiya. The number of contracts traded on Wednesday was around 77,000, the spokesman said.
Global gold prices plunged by 9.1 per cent on April 15, the biggest one-day fall since 1983. Prices are down by about 30 percent from a high in September 2011, suggesting an end to a 12-year rally in the precious metal.
The April 15 decline was partly prompted by investors ditching gold in search of a better return elsewhere.
It was followed by two days of rising prices, before the gold price fell again today in Singapore. — Al-Arabiya


Clic here to read the story from its source.