Dubai Gold Imports Rise 15% in Q1

Dubai’s gold imports increased by 15 percent to 140 tons in the first quarter of 2009. Gold exports were 116 tons, according to data released by the Dubai World Statistics department. The average price of gold in the first quarter stood at $908 per ounce.

Pakistan and India were Dubai’s top import partners during the period, while Switzerland and India were the top export partners.

“A look at the gold sector in general suggests that there are sufficient reasons to remain bullish about Dubai’s ability to ride out the storm,” said Harendra Kailath, director of gold at the DMCC.

The figures were announced while Dubai is hosting the “DMCC Gold Convention: 2009 - Year of the Bull or Bear?” forum. According to organizers, experts at the event highlighted that growth opportunities for the gold trade still exist despite challenging conditions globally.

The forum brought together bankers, traders, investment professionals, jewelers, miners, refiners and other stakeholders to discuss and gain insights into price trends, demand-and-supply dynamics and other issues that impact the gold industry.

“During this period of considerable volatility in the global and regional gold trade, it is essential that we come together to address the challenges and more importantly the opportunities that lie ahead,” said Ahmed bin Sulayem, DMCC executive chairman.