ISLAMABAD: Dubai has reinforced its position as the global gold and precious metal trade hub as the value of physical gold traded through Dubai surged to $75 billion with volumes accounting for 40 per cent of the total world trade in 2013, Ahmed bin Sulayem, Executive Chairman of Dubai Multi Commodities Centre (DMCC), said.
"Dubai has quickly emerged as the leading global hub for the precious metals trade. The emirate has risen as the destination for global precious metals trading," Sulayem said in his keynote address at the Third Dubai Precious Metals Conference, which opened on Sunday, Khaleej Times reported.
In 2013, almost 40 per cent of the world's physical gold trade came through Dubai and the value of total gold traded through Dubai grew to $75 billion, compared to $6 billion in 2003, and $70 billion in 2012.
Dubai also saw an annual trade volume increase of 73 per cent accounting for 2,250 tonnes of gold, Sulayem said.
"This market has proven to be resilient under all conditions; even on a year where total global demand fell by 15 per cent, Dubai gained from near-record consumption demand growth. These figures represent a significant shift in the balance of global demand flows with Dubai positioned as one of the global market leaders," the DMCC chief said at the conference, which opened in the presence of Maryam Buti Al Suwaidi, Deputy CEO, Securities and Commodities Authority.
Meanwhile, the Dubai Gold and Commodities Exchange (DGCX) plans to introduce a spot gold contract this June as part of its growth as a top trading centre for the precious metal, it's chief executive Gary Anderson said. "The DGCX is in the final stages of finalising contract specifications," a spokesman quoted Anderson at the conference.
Comments
Comments are closed.