Gold prices continued to slide on Monday as the dollar and US treasury yields kept marching higher and prompted investors to dump the non-yielding metal.
Spot gold dropped another 1.2% to $1,679.67 per ounce by 11:40 a.m. EST, its lowest since early June. US gold futures too fell by 1.2%, down to $1,677.40 per ounce.
Meanwhile, the greenback climbed to a three-month peak, while the US 10-year Treasury yield held close to a more than one-year high, increasing the opportunity cost of holding gold, which pays no interest.
“We have an economy that is recovering and inflation is materializing; that ultimately means that yields have room to move higher,” Bart Melek, head of commodity strategies at TD Securities told Reuters in a note, adding that gold could fall further towards $1,660 as a result.
Kulta on monelle turvasatama. Intialaiset ja Arabit tykkäävät ostaa hienoja kultakoruja. Siellä kultakoruhin sijoitetaan valtavia summia.
Länsimaissa amerikka ns. räp kulttuuriin kuuluu näyttävät kultakorut. Kullan tuotanto tuottaa valtavia määriä hiilidioksidia ja muita päästöjä.
Dear Ali: I read somewhere that Emirati women are the most “golden” women in the world, which means that traditionally they own lots of gold. Is that true? TY, Madinat Zayed
Dear TY: Gold was one of the most precious and valuable jewellery accessories for women of this region for thousands of years – and still is. People even made gold bridles for horses that you can still see in historical museums in Sharjah.
Gold was associated with magnificence and pride of the people who owned it. In Islam, gold as embellishment wasn’t allowed for men – only women had the right to wear it.
One of the interesting pieces of gold jewellery for women in this region is the tassa (which translates to “saucer”), a head cover with long strips that have hundreds of gold coin-shaped pieces attached. This garment is found only here. A girl would wear it on her head during different festivals and Eid celebrations, and a bride could also wear it on her traditional wedding henna night.
Even today, we value gold and buy it for our women as much as we can. Gold markets in the UAE have a lot of variety, and you still can find that exclusive tassa jewellery piece as well.
In case you’re wondering, “gold” in Arabic is thahab.
Suomessa ei juurikaan näe näyttäviä kultaketjuja liikenteessä. Lisää suomeenkin thahabia.
Arabeilla ja Intialaisilla on muitakin perinteellisesti arvokkaita asioita, joita ei Suomessa juurikaan käytetä.
Known as the “wood of the gods” by ancient cultures, it is one of the world’s rarest commodities.
“A kilo of oud can be as expensive as a kilo of gold, sometimes even more depending on the rarity of the tree it was cut from,” said Siraj Hassan Gawai, a branch manager and sales supervisor at Arabian Oud in Dubai. “I witnessed a kilo of Indian oud being sold for nearly $129,316 (AED 475,000).”
One of the main reasons for the rarity and high cost of oud is the depletion of the Aquilaria tree.
The tree is really valuable only if infected with a fungus that causes the creation of a resin that produces the agarwood. It takes at least 40 years for a tree to harvest a good amount of oud.
In a bid to conserve what remains, most South East Asian countries have made it illegal to cut and harvest agarwood-producing species.
Countries such as Malaysia and the main exporter Indonesia have introduced export quotas.
Siraj said restrictions from countries such as India and Malaysia have reduced supply, while demand is at an all-time high.
In India’s Assam state, where agarwood was first introduced to visiting Gulf traders, it is now illegal to export the product without government permission.