UAE Residents keen on Gold Investment
Gold price have been shining this year on the back of global economic turmoil and political unrest in a few countries in the MENA region. With experts predicting a rise in the prices beginning next year, investors in the UAE are not missing an opportunity to put their hard-earned money into jewellery,bars or gold funds.
Interestingly, among the UAE expats investment in gold remains a priority followed by other investments such as property and equities, UK-based Friends Provident International said in its latest survey.
Spending on premium goods and experiences by consumers in the Middle East is on the rise, according to the new American Express Middle East Luxury Spending Tracker.
Biju Joy General Manager at Dubai Gold and Jewellery Group said: "The investment craze for gold has been very strong. The retail sector expects further growth as more and more household investors are turning to gold. Therefore demand for gold as commodity and an investment has only been rising."
Pradeep Unni, senior analyst at Richcomm Global Services said: "The trend is definitely up and gold is certainly heading to another year of double digit gains while other investments have visibly stalled. In the coming months, to be more specific in early 2013, gold may spike to new highs with all possibility of gold scything the $2000-mark per ounce convincingly."
Gold is currently trading in a tight range of around $1,750/ounce.
Since the global crisis began in 2008, gold has also become a mainstream financial asset. Its demand as an insurance against the risk of surging inflation and as a safe haven from other shocks has only increased.
"Amidst the current economic crisis, gold seems to have attained a status of an independent currency which carries no financial obligations or debt on its back. Being the only investment which is highly liquid, which can neither be created nor printed, the appeal for the precious metal can only increase," Pradeep Unni added.
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Gold price have been shining this year on the back of global economic turmoil and political unrest in a few countries in the MENA region. With experts predicting a rise in the prices beginning next year, investors in the UAE are not missing an opportunity to put their hard-earned money into jewellery,bars or gold funds.
Interestingly, among the UAE expats investment in gold remains a priority followed by other investments such as property and equities, UK-based Friends Provident International said in its latest survey.
Spending on premium goods and experiences by consumers in the Middle East is on the rise, according to the new American Express Middle East Luxury Spending Tracker.
Biju Joy General Manager at Dubai Gold and Jewellery Group said: "The investment craze for gold has been very strong. The retail sector expects further growth as more and more household investors are turning to gold. Therefore demand for gold as commodity and an investment has only been rising."
Pradeep Unni, senior analyst at Richcomm Global Services said: "The trend is definitely up and gold is certainly heading to another year of double digit gains while other investments have visibly stalled. In the coming months, to be more specific in early 2013, gold may spike to new highs with all possibility of gold scything the $2000-mark per ounce convincingly."
Gold is currently trading in a tight range of around $1,750/ounce.
Since the global crisis began in 2008, gold has also become a mainstream financial asset. Its demand as an insurance against the risk of surging inflation and as a safe haven from other shocks has only increased.
"Amidst the current economic crisis, gold seems to have attained a status of an independent currency which carries no financial obligations or debt on its back. Being the only investment which is highly liquid, which can neither be created nor printed, the appeal for the precious metal can only increase," Pradeep Unni added.
Read Full Article>>>