Dubai Q3 Gold Trade Jumps 55% to $5.23 Billion
October 24, 07 by IDEX Online Staff Reporter
Dubai's gold trade reached $5.23 billion in the third quarter of 2007, an increase of 55 percent from $3.37 billion during the same period in 2006.
During this period, a total of 174 tons of gold was imported into Dubai, a year-over-year rise of 47 percent, the Dubai Multi Commodities Centre (DMCC) reported. This was the highest third-quarter imports recorded in the last seven years. A total of 68 tons of gold was also exported from Dubai, 28 percent more than the 53 tons in the same period of 2006.
Most of the gold was traded with India, Switzerland, Malaysia and states in the Gulf region. India and Switzerland were the top importers from Dubai, and India, Australia, Malaysia, the U.S. and Switzerland were the top exporters to Dubai.
Dr. David Rutledge, CEO of the DMCC, said, “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 55 percent.”
