ID :
57925
Tue, 04/28/2009 - 15:13
Auther :
Shortlink :
https://oananews.org//node/57925
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Dubai's gold imports increase by 15%
Dubai, April 28, 2009 (WAM) - Dubai's gold imports went up by 15 per cent to 140 tonnes in the first quarter this year compared with the same period last year as bullion attracted more investor interest in volatile global economic conditions according to a report in "Gulf News".
According to figures from the Dubai World statistics department, Dubai exported 116 tonnes of gold during the January-March period.
Pakistan and India were the top gold importers during the period, while Switzerland and India ranked as the top exporters.
The value of first-quarter gold trade rose to US$7.4 billion (Dh27 billion) compared with US$7 billion in the corresponding period last year.
The average gold price in the first quarter of 2009 stood at US$908 per ounce, the Dubai Multi Commodities Centre (DMCC) said. DMCC officials said yesterday they are keen on reinforcing the city's position as a hub for global gold trade.
In March, Dubai launched an exchange-traded gold security in partnership with the World Gold Council (WGC) and DMCC. Dubai Gold Securities were listed on Nasdaq Dubai and backed by gold held by an independent custodian.
Gold's importance as an alternative store of wealth continues, DMCC executive chairman Ahmad Bin Sulayem told reporters at the DMCC Gold Convention, an industry conference that debated yesterday whether 2009 will be see a bearish or bullish trend for gold prices.
According to figures from the Dubai World statistics department, Dubai exported 116 tonnes of gold during the January-March period.
Pakistan and India were the top gold importers during the period, while Switzerland and India ranked as the top exporters.
The value of first-quarter gold trade rose to US$7.4 billion (Dh27 billion) compared with US$7 billion in the corresponding period last year.
The average gold price in the first quarter of 2009 stood at US$908 per ounce, the Dubai Multi Commodities Centre (DMCC) said. DMCC officials said yesterday they are keen on reinforcing the city's position as a hub for global gold trade.
In March, Dubai launched an exchange-traded gold security in partnership with the World Gold Council (WGC) and DMCC. Dubai Gold Securities were listed on Nasdaq Dubai and backed by gold held by an independent custodian.
Gold's importance as an alternative store of wealth continues, DMCC executive chairman Ahmad Bin Sulayem told reporters at the DMCC Gold Convention, an industry conference that debated yesterday whether 2009 will be see a bearish or bullish trend for gold prices.
