Gold trade in Dubai surges by 26% in Q2

Gold trade in Dubai has been on a rise since the beginning of the year 2008. In the first half of the year, gold trade increased by 48 percent generating $13.07 billion, while in the first half of 2007 it amounted to $8.84 billion, according to Dubai Multi Commodities Centre (DMCC). In these six months, 265 tonnes of gold were imported and 179 tonnes exported. Export figures increased by 26 percent. In the said period of 2008, the price of gold averaged $910 per ounce, while in the comparative period of 2007 it was $650 per ounce, a jump of 40 percent in 2008.

The second quarter of 2008 saw the gold trade in Dubai increase by 26 percent to touch $6.01 billion. Imports amounted to 143 tonnes and exports to 64 tonnes. India was recorded as the leading trading country with Dubai in the said period for gold. Switzerland and Canada topped the list as highest importers of gold form Dubai. Malaysia and Switzerland ranked as the leading gold exporters.