DEMAND for Gold Bullion has risen sharply in Dubai in recent
months, according to gold traders in the emirate.
"In the past six months it has at least doubled,"
reports one Gold Bullion dealer, Chatan Dhakan of National Jewellery.
Dhakan has also noticed a broader range of customers coming
to his store to Buy Gold.
"Traditionally Indian people bought more gold but now
almost every nationality I can think of has bought Gold Bullion," he says.
Press reports last week told how strong demand was leading
to a Gold Bullion shortage in Dubai – and higher premiums being charged on Gold
Bars and coins, with some gold dealers raising their markup by up to 650%.
The Dubai Multi Commodities Centre Authority (DMCC) meanwhile
unveiled the United Arab Emirates' first official Gold Bullion coin on Monday.
The five ounce "Khalifa" coin features a portrait
of His Highness Sheikh Khalifa Bin Zayed Al Nahyan – president of the UAE – on one
side, and an image of the world's tallest tower, Dubai's Burj Khalifa, on the
innovative Gold Bullion coin was conceived to satisfy the demands from investors
seeking access to gold as protection against the ongoing global economic
uncertainty," said DMCC executive chairman Ahmed Bin Sulayem.
Discussions are underway with
the UAE's central bank to grant the new coin legal tender status – which would
make it the first Gold Bullion coin in the Middle East to be afforded that
status, the DMCC's website reports.
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