55pc increase in Dubai gold trade
Gold trade through Dubai reached USD 5.23bn in the third quarter of 2007, an increase of 55pc from USD 3.37bn during the same period in 2006, Dubai Multi Commodities Centre (DMCC) announced Thursday.
"A total of 174 tonnes of gold was imported into Dubai in the third quarter of 2007, 47pc higher than 118 tonnes in the same period in 2006. This is the highest third quarter imports recorded in the last seven years. During the same period, a total of 68 tonnes of gold was exported from Dubai, 28pc higher than 53 tonnes in the same period in 2006." Dubai's top trading partners for gold include India, Switzerland, Malaysia and the GCC states. India and Switzerland were top importers from Dubai and India, Australia, Malaysia, USA and Switzerland were top exporters to Dubai.
"The sharp rise in gold prices around the world has had a strong bearing on global gold trade. Despite consistently rising prices, the value of gold imported and exported through Dubai in this quarter has increased by 55pc. This continued confidence in Dubai's gold market reinforces the emirate's traditional role as an important hub for the international gold trade", said Dr. David Rutledge, Chief Executive Officer at DMCC. Source
"A total of 174 tonnes of gold was imported into Dubai in the third quarter of 2007, 47pc higher than 118 tonnes in the same period in 2006. This is the highest third quarter imports recorded in the last seven years. During the same period, a total of 68 tonnes of gold was exported from Dubai, 28pc higher than 53 tonnes in the same period in 2006." Dubai's top trading partners for gold include India, Switzerland, Malaysia and the GCC states. India and Switzerland were top importers from Dubai and India, Australia, Malaysia, USA and Switzerland were top exporters to Dubai.
"The sharp rise in gold prices around the world has had a strong bearing on global gold trade. Despite consistently rising prices, the value of gold imported and exported through Dubai in this quarter has increased by 55pc. This continued confidence in Dubai's gold market reinforces the emirate's traditional role as an important hub for the international gold trade", said Dr. David Rutledge, Chief Executive Officer at DMCC. Source
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