Dubai Multi Commodities Center (DMCC) said that gold trade through Dubai reached $14.69 billion in the first half of 2009, an increase of 12 per cent 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 per cent compared to 265 tonnes in the same period of 2008. In the first half of 2009, gold exports from Dubai reached 213 tons, up 19 per cent from 179 tons in 2008. Gold price 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 per cent 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 per cent more compared to 143 tonnes during the same period in 2008. Dubai exported 97 tons of gold in the second quarter of 2009, 52 per cent 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. Dr. 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. No doubt the market witnessed some volatility in gold prices and was compounded by lower retail sales of gold jewelry, however, the overall investment appeal of gold remained strong throughout the first half of this year.” Harendra Kailath, drector for Gold & Precious Metals, DMCC, said: “Prices were mainly on the higher end of the range, in turn boosting export volumes. The metal also ranked high on the list of traders' inflation-hedging priorities. Given these trends, we believe the outlook for gold trade is positive for rest of the year. DMCC has engaged in continuous dialogue with the industry at initiatives such as the DMCC Gold Convention 2009, Asia Gold Focus 2009 and others, exploring avenues for growing trade opportunities in gold.” __
