Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Dubai gold trade climbs to $75 billion  Join our daily free Newsletter

MENAFN - Khaleej Times - 07/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Volume surges 73% in 2013; dgcx set to introduce spot gold contract in june


Dubai has reinforced its position as the global gold and precious metal trade hub as the value of physical gold traded through dubai surged to 75 billion with volumes accounting for 40 per cent of the total world trade in 2013 ahmed bin sulayem executive chairman of dubai multi commodities centre (dmcc) said on sunday.


“dubai has quickly emerged as the leading global hub for the precious metals trade. as a result of dmcc’s continuous efforts to realise the vision of his highness shaikh mohammed bin rashid al maktoum vice-president and prime minister of the uae and ruler of dubai the emirate has risen as the destination for global precious metals trading” sulayem said in his keynote address at the third dubai precious metals conference which opened on sunday.


In 2013 almost 40 per cent of the world’s physical gold trade came through dubai and the value of total gold traded through dubai grew to 75 billion compared to 6 billion in 2003 and 70 billion in 2012.


Dubai also saw an annual trade volume increase of 73 per cent accounting for 2250 tonnes of gold sulayem said.


“this market has proven to be resilient under all conditions; even on a year where total global demand fell by 15 per cent dubai gained from near-record consumption demand growth. these figures represent a significant shift in the balance of global demand flows with dubai positioned as one of the global market leaders” the dmcc chief said at the conference which opened in the presence of maryam buti al suwaidi deputy ceo securities and commodities authority.


Meanwhile the dubai gold and commodities exchange (dgcx) plans to introduce a spot gold contract this june as part of its growth as a top trading centre for the precious metal it’s chief executive gary anderson said. “the dgcx is in the final stages of finalising contract specifications” a spokesman quoted anderson at the conference.


The contract is expected to be for one kilogramme (32 troy ounces) of 0.995 purity gold the spokesman added. the dgcx already trades gold futures.


Dubai’s thriving jewellery trade and its fast expanding gold refining industry along with dmcc and dgcx have been instrumental in positioning city as the world’s previous metals hub. the conference which brought together over precious metal experts and traders from across the world was being hosted by dmcc in association with foretell.


The theme for this year’s dpmc “engaging with africa” was central to keynotes on day one as expected where key topics were discussed through a series of presentations and panel debates from renowned local regional and international industry experts.


The third edition of the dpmc brought together over 475 delegates an increase of 44 per cent compared with 2012 and 19 exhibitors from 31 countries including conference title sponsor for the third consecutive year standard bank. speakers highlighted dubai’s progressive environment to do business with strong physical and financial infrastructure and a legal framework to protect the interests of investors to ensure people can trade with confidence.


The latest trading figures disclosed by the dmcc also highlighted dubai’s growing reputation as the global bullion centre ideally located between the producing and consuming nations.


“the dpmc is now firmly established as the annual global conference for the precious metals industry clearly demonstrated by the number of delegates here that regard this as a key annual conference to attend for the industry. this is the third year standard bank is sponsoring the dpmc and we are proud to be apart of such an important event” said alison burns head of precious metals (mena) standard bank.


— issacjohn?khaleejtimes.com

 


Khaleej Times




  MENA News Headlines
 Oct 25 2014 - Qatar's inflation rate to hit 5.5 percentMENAFN
(MENAFN) Qatar's inflation rate in 2014 is expected to touch 5.5 percent due to steady rise in housing rentals, according to the finding of a research conducted by Standard Chartered, The Peninsula ...

 Oct 25 2014 - Flydubai launches two flights to TanzaniaMENAFN
(MENAFN) Dubai-based flydubai's inaugural flights to Dar es Salaam and Zanzibar touched down in Tanzania. The new routes further underline flydubai's rapid expansion in Africa, which has seen the ...

 Oct 25 2014 - UAE air cargo to grow 4.1 percent in 5 yearsMENAFN
(MENAFN) The International Air Transport Association (IATA) Airline Industry Forecast 2014-2018 shows that international freight volumes are expected to increase at a compound annual growth rate ...

 Oct 25 2014 - Qatar- QSL: El Jaish face Al Gharafa todayThe Peninsula
(MENAFN - The Peninsula) Third-placed El Jaish will seek to narrow the gap between them and two higher placed rivals - Lekhwiya and Al Sadd € when they take on Al Gharafa in the ninth round match of ...

 Oct 25 2014 - Somalia- Mogadishu port on development pathThe Peninsula
(MENAFN - The Peninsula) Camels are prepared for export at the loading dock at the seaport in Mogadishu. The Somali government's grand vision for Mogadishu port under its new Turkish managers sees ...

 Oct 25 2014 - Saudi Shias protest death sentencesThe Peninsula
(MENAFN - The Peninsula) More than 100 people protested in eastern Saudi Arabia yesterday to oppose death sentences against a Shia religious leader and seven others convicted after earlier ...

 Oct 25 2014 - Palestine defies US, issues statehood ultimatumThe Peninsula
(MENAFN - The Peninsula) Palestine's chief peace negotiator has laid out in the clearest terms yet plans to establish an independent Palestinian state within three years, even if it means ignoring ...

 Oct 25 2014 - Police kill six militants ahead of key Tunisian pollThe Peninsula
(MENAFN - The Peninsula) Tunisian police killed six suspected militants, five of them women, in a raid on a suburban house yesterday after a 28-hour standoff, fanning tensions ahead of a landmark ...

 Oct 25 2014 - US looking into possible chlorine gas attack in Iraq: KerryThe Peninsula
(MENAFN - The Peninsula) The United States is looking into reports that Islamic State fighters used chlorine gas against Iraqi security forces, US Secretary of State John Kerry said yesterday.Kerry, ...

 Oct 25 2014 - Qatar- Ooredoo marathon offers QR1m prizesThe Peninsula
(MENAFN - The Peninsula) Registration for Ooredoo Doha Marathon 2015 is open, as the company begins preparations to ensure its biggest event yet on January 9.It will provide an opportunity to meet ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help