Dubai gold trade up 73% in Q1

MNB

Dubai Multi Commodities Centre said that gold trade through Dubai reached $7 billion in the Q1 of 2008, up by 73% during the same period in 2007.

Dubai’s gold trade has witnessed consistent growth over the last six months, registering a 42% increase over the Q4 of 2007, when it reached $4.96 billion, DMCC said. Gold price averaged $925 per ounce during the Q1 of 2008. According to figures compiled by the Statistics Department of Dubai World, a total of 115 tons of gold was exported from Dubai in the Q1 of 2008, an increase of 74% from the corresponding period in 2007, and 49% higher than exports during the last quarter of 2007. Gold exports from Dubai recorded 66 tons in the Q1 of 2007, rising to 77 tons in the Q4 of 2007. (JCK India)

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