Gold News

Dubai predicts high gold imports

Gold imports are unlikely to drop in Dubai, it has been claimed.

In news likely to be of interest to those with gold investments, Moaz Barakat, managing director of the World Gold Council in the Middle East, Turkey and Pakistan, recently told Reuters that Dubai is expected to see the same level of imports this year compared with 2007, in spite of unpredictable gold prices.

Meanwhile, Tawhid Abdullah of the Dubai Gold and Jewellery Group remarked: "On the jewelry side, buyers tend to adjust to prices quicker in this region and on the investment side, when there is a bullish sentiment, you get investors pouring money into gold."

Furthermore, tourist expenditure on gold is likely to be high this summer, as well as purchases of gold gifts by expatriates travelling abroad, Pradeep Unni, analyst at Vision Commodities Services, explained.

Another indication of the popularity of gold in Dubai is the recent announcement of the building of the world's biggest indoor gold souk at the forthcoming Dubai Mall.

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