Dubai still a hub for gold trading

07/10/2010 - Dubai Investment News
Dubai still a hub for gold trading
Posted by Neil King

The volume of gold traded through Dubai during the first six months of 2010 increased by 20 per cent on the same period last year, new figures show.

According to the Dubai Multi Commodities Centre (DMCC), 608 tonnes of gold were traded through Dubai in the first half of the year with an overall value of $21.17 billion.

It was also noted that gold imports to Dubai totalled 384 tonnes, up 4.3 per cent year-on-year while gold exports from Dubai fell 6.7 per cent to 225 tonnes.

DMCC said this showed that the local retail market has "a greater appetite" for the commodity.

"The volume of gold traded in Dubai has held strong in the face of the rising price of gold, reinforcing Dubai's position as the City of Gold," commented Malcolm Wall Morris, chief executive officer of DMCC.

"Our facilities offer a dynamic environment to trade gold securely and easily."

The news comes after the Dubai Gold & Commodities Exchange reported that volumes rose 63 per cent year-on-year in September.
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