Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Ex Oriente plans to increase gold ATMs in Middle East  Join our daily free Newsletter

MENAFN - Khaleej Times - 08/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Sixty to 70 of the dispensers may be installed globally by the end this year, compared with about 40 due to be operating by the end of the second quarter, said Thomas Geissler, chief executive officer of the Reutlingen, Germany-based company. It installed machines in Abu Dhabi and Dubai last year and plans more in Dubai, Kuwait, Saudi Arabia and Qatar this year



Gold plunged 28 per cent last year, the most since 1981, as some investors lost faith in the metal as a store of value



As investors sold through gold-backed funds, more bullion moved to Asian countries such as China as lower prices boosted demand. The flow to Asia may help build hubs like Dubai, an emirate that now accounts for about 25 per cent of global gold trading.



"The decrease in gold prices is very good for our business," Geissler said on Thursday from Geneva. "We've found very good success in the Middle East. We are concentrating in the Middle East hub and the spread to countries with an affinity to gold.



Bullion for immediate delivery climbed 4.7 per cent to 1,262.45 an ounce in London since the start of January, rebounding from the first annual decline in 13 years. Prices that reached a six-month low of 1,182.52 on December 31 compare with a record 1,921.15 set in September 2011



Gold demand in Dubai grew eightfold in the past six to 10 years, Dubai Gold & Commodities Exchange chief executive officer Gary Anderson has said. The DGCX plans to list a spot gold contract this year to add to its futures offering, Anderson said in October. Investors sold 869.1 metric tonnes last year from exchange-traded products traded mostly in the US and Europe, more than was bought in the previous three years combined, data compiled by Bloomberg show. Holdings reached 1,736 tonnes on January 28, the lowest since October 2009



Ex Oriente also has dispensers in Europe and the US. The machines offer gold ingots and coins ranging from one gram to 250 grams (eight ounces)



While demand from the units has been "quite steady" since last year, turnover at the company's online bullion brokerage TG-Gold-Super-Markt jumped fivefold to a "couple of tonnes" last year from 2012, Geissler said

 


Khaleej Times




  MENA News Headlines
 Oct 25 2014 - Qatar's inflation rate to hit 5.5 percentMENAFN
(MENAFN) Qatar's inflation rate in 2014 is expected to touch 5.5 percent due to steady rise in housing rentals, according to the finding of a research conducted by Standard Chartered, The Peninsula ...

 Oct 25 2014 - Flydubai launches two flights to TanzaniaMENAFN
(MENAFN) Dubai-based flydubai's inaugural flights to Dar es Salaam and Zanzibar touched down in Tanzania. The new routes further underline flydubai's rapid expansion in Africa, which has seen the ...

 Oct 25 2014 - UAE air cargo to grow 4.1 percent in 5 yearsMENAFN
(MENAFN) The International Air Transport Association (IATA) Airline Industry Forecast 2014-2018 shows that international freight volumes are expected to increase at a compound annual growth rate ...

 Oct 25 2014 - Qatar- QSL: El Jaish face Al Gharafa todayThe Peninsula
(MENAFN - The Peninsula) Third-placed El Jaish will seek to narrow the gap between them and two higher placed rivals - Lekhwiya and Al Sadd € when they take on Al Gharafa in the ninth round match of ...

 Oct 25 2014 - Somalia- Mogadishu port on development pathThe Peninsula
(MENAFN - The Peninsula) Camels are prepared for export at the loading dock at the seaport in Mogadishu. The Somali government's grand vision for Mogadishu port under its new Turkish managers sees ...

 Oct 25 2014 - Saudi Shias protest death sentencesThe Peninsula
(MENAFN - The Peninsula) More than 100 people protested in eastern Saudi Arabia yesterday to oppose death sentences against a Shia religious leader and seven others convicted after earlier ...

 Oct 25 2014 - Palestine defies US, issues statehood ultimatumThe Peninsula
(MENAFN - The Peninsula) Palestine's chief peace negotiator has laid out in the clearest terms yet plans to establish an independent Palestinian state within three years, even if it means ignoring ...

 Oct 25 2014 - Police kill six militants ahead of key Tunisian pollThe Peninsula
(MENAFN - The Peninsula) Tunisian police killed six suspected militants, five of them women, in a raid on a suburban house yesterday after a 28-hour standoff, fanning tensions ahead of a landmark ...

 Oct 25 2014 - US looking into possible chlorine gas attack in Iraq: KerryThe Peninsula
(MENAFN - The Peninsula) The United States is looking into reports that Islamic State fighters used chlorine gas against Iraqi security forces, US Secretary of State John Kerry said yesterday.Kerry, ...

 Oct 25 2014 - Qatar- Ooredoo marathon offers QR1m prizesThe Peninsula
(MENAFN - The Peninsula) Registration for Ooredoo Doha Marathon 2015 is open, as the company begins preparations to ensure its biggest event yet on January 9.It will provide an opportunity to meet ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help