Dubai's Gold Imports, Exports Soar in H1

Dubai's gold imports and exports rose substantially in the first half of this year, with imports of 290,574 kilos compared with 165,084 kilos in the same period last year and exports of 153,756 kilos compared with 52,370 kilos last year.

In money terms, the total value of trade in January-June this year was $5.8 billion, more than double last year's $2.5 billion, with an average gold price of $363.83 per ounce. Gold has been selling at around the $400 mark for most of this year.

The jump in Dubai's gold imports and exports figures is mainly due to the growth in gold trade with India.

The Dubai Metals and Commodities Center (DMCC) said another factor behind the rise in trade figures was that despite significantly higher gold prices, consumers saw gold at these levels as a good investment whereas in the past two years or so the $400 level was usually a psychologically difficult figure for consumers to accept.

Dubai is becoming an increasingly important gold and jewelry trading center, with around 20 percent of global gold trade passing through the Emirate.