- UN launches probe into alleged Israeli crimes in Gaza after 650 deaths
- European airlines extend Ben-Gurion flights ban as Israel mulls diverting plans to Eilat
- Month of PLA drills disrupts skies over eastern China
- Netanyahu said to have offered Lewinsky tapes for Pollard
- MH17 crash: Ukraine rebel commander acknowledges fighters had BUK missile system
- Jewish groups praise Obama on LGBT worker rights expansion
- Rep. Jordan to IRS on Lost Emails: ‘You Guys Were Never Going to Tell Us Until We Caught You’
Gold Rush From Dubai to Turkey Saps Supply as Premiums Jump
Surging demand for gold from Dubai to Istanbul has pushed physical premiums in the region to levels not seen in years as the biggest price slump in three decades lures consumers, according to MKS (Switzerland) SA.
Premiums paid by wholesalers and bulk buyers in Dubai to secure a 1 kilogram bar of bullion are being quoted between $6 an ounce and $9 an ounce over the London cash price, said Frederic Panizzutti, global head of marketing and sales at the Swiss-based bullion refiner. That compares with about 50 cents before the rout, Panizzutti, also chief executive officer of MKS Precious Metals DMCC, said in an interview from Dubai.
Gold fell to the lowest in more than two years this month on speculation that the global economy is recovering, unleashing a purchasing frenzy among coin and jewelry buyers from China to the U.S. Consumer demand for jewelry, bars and coins in Turkey and the Middle East represented about 9.4 percent of the global total last year, according to the World Gold Council. Bars have been cleared from display in the souks, according to Gerry Schubert, head of precious metals at Emirates NBD PJSC.