Los Angeles CA, September 2 (Tangible Investments) - by James O’Dell - Precious metals prices ended mixed on Monday as Gold eased $4.45 or 0.34 percent to close at $1,291.75 an ounce after the dollar rose to an eight month high in thin trade against the yen, while the euro hit a one year low against the dollar on speculation about what the European Central Bank (ECB) will do at its policy meeting on Thursday. The price of Silver added 0.01 to close at $19.50 an ounce while the Gold/Silver ratio, the measure of the number of Silver ounces needed to buy an ounce of Gold fell to 66.02.
The focus Tuesday will be on the results of the Institute for Supply Management (ISM) report, due out later in the day. The report is expected to suggest that the U.S. is ready to finally unwind its massive quantitative easing (QE) program, just as the ECB is considering adopting its own version of QE.
Comments made by ECB President Mario Draghi last month during his Jackson Hole speech were considered to be dovish, and have led to bets that the ECB is preparing to inject additional liquidity into the financial system, possibly via its own brand of QE. "This week may start to mark the biggest shift in global monetary policy since 'Abenomics' went into full steam on the appointment of Haruhiko Kuroda to head up the BOJ," wrote equity strategists at Jefferies, in a note to clients.
Meanwhile, it is being reported that two of the most popular imports into the United Arab Emirates in the first quarter of 2014, were Gold and Diamonds. The Gold demand alone reached 25.4 tons during the first three months of 2014, a 16 percent increase from first quarter 2013.
The swelling demand was largely driven, however, by Indian tourists bypassing the draconian import tax on Gold in India. According to the Dubai Gold and Jewelry Group, it's not Emiratis or Arabs or Europeans buying up the Gold in the UAE, it is Indians, either expats or tourists who purchase the most Gold in the country.
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