DUBAI: Dubai gold trade was worth $14.69 billion in the first half of 2009, an increase of 12 percent from $13.07 billion during the same period in 2008. In the first six months of 2009, a total of 300 tons of gold was imported into Dubai, an increase of 13 percent compared to 265 tons in the same period of 2008, said Dubai Multi Commodities Center (DMCC).
In the first half of 2009, gold exports from Dubai reached 213 tons, up 19 percent from 179 tons in 2008. Gold prices averaged $922 per ounce during the first half of 2009, up from $910 per ounce during the same period in 2008. In the second quarter of 2009, gold trade grew by 21 percent to reach $7.2 billion from $6.01 billion in the same period in 2008. During this quarter, Dubai imported 160 tons of gold, 12 percent more compared to 143 tons during the same period in 2008. Dubai exported 97 tons of gold in the second quarter of 2009, 52 percent more as compared to 64 tons during the same period in 2008.
In terms of trading partners, India, Switzerland and Iran were top importers from Dubai, while India, Malaysia and Switzerland were top exporters to Dubai.
David Rutledge, chief executive officer of DMCC, said: “Dubai continues to live up to its reputation as the ‘City of Gold’, as it is one of the few hubs in the world that maintains a healthy growth in gold trade.”
