Dubai has excellent opportunities to take advantage of the potential surge in demand for gold from the Iranian market after the easing of sanctions, Khaleej Times reports.
Given the slow recovery of the US economy, gold prices will remain under pressure around $ 1,150 per ounce, and by the end of the year may rise to $ 1,279 an ounce. However, some expect that gold will rise in price to $ 3,600 per ounce against the backdrop of a sharp increase in the issue of money in the US.
Participants in the first Global Commodity Outlook Conference, recently concluded in Dubai, predict that Dubai can take advantage of the growing demand for gold jewelry and bullion in Iran after the easing of sanctions. Chandu Siroya, managing director of Siroya Jewellers, said during a roundtable that the jewelery demand for gold in Dubai and the Gulf region in 2013 was high and in 2014 further growth is expected.
Managing Director of the consulting firm Jeff Rhodes Consultancy Jeff Rhodes (Jeff Rhodes) suggested that Dubai is the ideal place to found a bank of gold bars. Taking into account the great trade turnover and cultural characteristics, the region must necessarily consider such prospects, Rhodes said, adding that the gold price at the end of 2014 could be $ 1,279 an ounce.
Gold Services AG CEO Rolf Schneebeli gave the boldest forecast of gold prices, noting that the yellow metal will rise in price to $ 3,600 per ounce by 2015.
Chairman of the Dubai Commodity Exchange Center (DMCC) Ahmed bin Sulayem (Ahmed bin Sulayem) reported that the gold trade turnover in Dubai reached $ 70 billion compared to $ 6 billion in 2003. Thus, the emirate has become one of the largest centers of gold trade, which accounts for almost 25% of the world's imports and exports of yellow metal. Meanwhile, the volume of Dubai's diamond trade reached $ 40 billion.