Dubai Gold Trade Totals $29 Billion in 2009

by: Edon Ophir

A total of 576 tonnes of gold was imported into Dubai during 2009, the Dubai Multi Commodities Centre Authority (DMCCA) announced Sunday. The figure, despite marking a 15 percent decline compared to the 674 tonnes imported in 2008, indicated a 16 percent rise above Dubai’s average import of 498 tonnes since 2001.

Gold exports from Dubai reached 403 tonnes in 2009, an increase of 9 percent compared to 371 tonnes in 2008. Total gold trade through Dubai stood at $29 billion in 2009, matching the value of gold traded in 2008. The DMCCA did not provide separate figures for imports a nd exports.India continued to be Dubai’s leading gold trading partner in 2009, topping a list of 130 countries that imported gold from the Emirate.

“Given the tough economic conditions a nd the resulting impact on the gold trade globally, Dubai’s $29 billion gold trade is impressive. The past year witnessed a period of high price volatility with all time record-high prices. Despite these factors, Dubai sustained the all-time high value of gold trade,” said Ahmed bin Sulayem, DMCCA’s executive chairman.

 

Source: IDEX online

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