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DailyFX Currency Update

Gold gold prices could double, experts say
With the price of gold near $1,000-per-ounce barrier, experts predict it could reach higher records and even double this year, reported Reuters. Jay Taylor, who produces an investor newsletter, Gold & Technology Stocks, said gold could spike to $1,500 this year. Peter Spina, who runs goldseek.com, a gold investor web site, said prices in the $1,500-$2,000 range in the next 12 months is 'definitely possible'. On Wednesday, gold rose to a record high $995.20 an ounce in the April futures contract.
Thursday, March 06 - 2008 at 08:31 |

Gang steals ATM data in UAE
The UAE Central Bank has announced that the ATM card details of potentially thousands of UAE residents have been stolen by a gang of fraudsters who hacked into a bank's ATM machine, reported the Peninsula. The central bank has provided lenders with a list of ATM cards used on the machine and advised all banks to block the affected cards immediately and either replace them or have users change their pin number. The bank has also advised lenders to check all their ATMs to make sure they had not been tampered with and there were no traces of an electronic reader, commonly known as a skimming machines.
United Arab Emirates: Wednesday, March 05 - 2008 at 12:08

UAE food price inflation may hit 40%
The inflation rate of food prices in the UAE could rise up to 40% this year, reported Gulf News. Dr Jamal Al Saeidi, director of the Emirates Consumer Protection Society, said food price inflation the UAE was between 27 and 30% in 2007, but could rise to 40% in 2008, unless the government takes strong measures. He also called for increased government subsidies on fuel.
United Arab Emirates: Wednesday, March 05 - 2008 at 06:49

GCC investors eye UK
UK investment opportunities are attracting increased interest from the Middle East according to Grant Bovey, CEO of Imagine Homes, a Dubai-based firm specializing in UK property investment. 'Many GCC residents and expatriates are looking for guaranteed, long term investment footholds that markets like the UK provide,' said Bovey. 'As a result, we've had an incredible response at Abu Dhabi and at the International Property Show last week in Dubai.'
Tuesday, March 04 - 2008 at 08:47

Dubai diamond hits $11.23bn
Dubai's total diamond trade increased by 53% in 2007, reaching $11.23bn, according to the statistics released by the Dubai Diamond Exchange. Rough diamond trade recorded a 29% increase from 2006, while polished diamonds increased by 88% to $6.41bn.
United Arab Emirates: Monday, March 03 - 2008 at 07:16

Quick cash from Dubai First
Dubai First has ventured into the personal financing segment with 'Quick Cash', offering a mechanism where post-dated cheques are used rather than salary transfers. It processes requests by discharging money to any bank account across the UAE, within the shortest possible turnaround time.
United Arab Emirates: Sunday, March 02 - 2008 at 09:23

Gold goes higher
Gold went up above $975 on Friday, as speculative buying on the back of record high oil and a lifetime low dollar against the euro continue, reported Reuters. Gold set a record for the third straight day, and has risen 16% this year on the top of a 32% rise in 2007. Meanwhile, silver went near $20 an ounce, jumping to a 27-year peak.
Middle East: Saturday, March 01 - 2008 at 09:57

Gold hits $967
Gold futures surged to their highest level ever on Wednesday after the dollar plunged to a record low, reported Reuters. Gold for April delivery jumped to a new all-time record of $967.70 an ounce on the New York Mercantile Exchange, before pulling back to settle at $961, still up $12.10.
Thursday, February 28 - 2008 at 12:58