Gold News

Dubai reports gold demand boom

Demand for gold in Dubai soared over the course of 2007, new figures have revealed.

Gold trade increased by 29 per cent last year, reaching a value of more than $19 billion, according to the Dubai Multi Commodities Centre (DMCC).

Nearly 560 tonnes of gold was imported into the city, while exports reached 287 tonnes - perhaps indicative of the gold fever that has taken hold of investors and pushed up gold prices around the world.

And those considering the safe haven of gold bullion might like to know that average prices reached $696 per ounce in 2007, compared with $604 per ounce during the previous year.

In addition, it is expected that the upcoming Dubai Shopping Festival will whet appetite for gold jewelry in the region, boosting sales in the process, Tawhid Abdullah of the Dubai Gold and Jewellery Group recently told Reuters.

"Ongoing investor demand from across the world and global concerns about currency and inflation underline the nature of gold as a safe investment," commented Ian MacDonald, executive director for gold and precious metals at the DMCC.

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