Quotes: 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
 Jul 7 2015 - Dollar price against Egyptian pound stabilises, market anticipates CBE's next stepDaily News Egypt
(MENAFN - Daily News Egypt) he price of the US dollar against the Egyptian pound stabilised on Monday after witnessing two consecutive increases on Thursday and Sunday, during which it increased by ...

 Jul 7 2015 - Egypt- Are Ramadan charity campaigns backfiring?Daily News Egypt
(MENAFN - Daily News Egypt) A happy family gathering around Iftar after a long, tiring day of fasting turns into sadness and sorrow while watching a little girl on TV with a burned face crying out ...

 Jul 7 2015 - Egypt- Holy month unleashes hail of donation campaignsDaily News Egypt
(MENAFN - Daily News Egypt) With the beginning of Ramadan, a major burst of commercials asking for donations took over each and every TV channel. The excessive amount of commercials is not a foreign ...

 Jul 7 2015 - FIFA's Blatter unwittingly pinpoints football governance's prime issuesDaily News Egypt
(MENAFN - Daily News Egypt) Embattled FIFA president Sepp Blatter unwittingly put his finger on two fundamental issues that underlie a corruption scandal that has rocked world football governance, ...

 Jul 7 2015 - Emaar Egypt shares decline to EGP 3.71 per shareDaily News Egypt
(MENAFN - Daily News Egypt) Emaar Egypt's shares were traded at EGP 3.71 per share, lower than the price of their initial public offering (IPO), on the second day of Egyptian Stock Exchange (EGX) ...

 Jul 7 2015 - New budget of EGP 5bn allocated to Cairo Capital project: Housing MinisterDaily News Egypt
(MENAFN - Daily News Egypt) The New Urban Communities Authority (NUCA) has adopted its new budget for the current fiscal year (FY) 2015/2016, valued at EGP 33.2bn, according to Minister of Housing ...

 Jul 7 2015 - Egypt- Qalaa Holdings signs initial agreement to exit Misr Glass Manufacturing Company: Official statementDaily News Egypt
(MENAFN - Daily News Egypt) Qalaa Holdings Company, alongside a number of Misr Glass Manufacturing Company share holders, signed an initial agreement to sell 15.18% of the latter company's shares to ...

 Jul 7 2015 - Egypt- EATC organises annual meeting, suppliers currently stand by board of directorsDaily News Egypt
(MENAFN - Daily News Egypt) The Egyptian Automotive and Trading Company (EATC), the Volkswagen and Audi agent in Egypt, held its annual meeting in an Iftar in the presence of Karim Naggar, EATC's ...

 Jul 7 2015 - Egypt- Tetra Pak still pursuing recycling project, looks at other partnersDaily News Egypt
(MENAFN - Daily News Egypt) Tetra Pak, a leading food processing and packaging solutions company, is still pursuing the recycling project it announced in 2013 with Akef Pack-tec, an Egyptian shopping ...

 Jul 7 2015 - Egypt -Ministry of Tourism sets cost of participating in 3 international exhibitions at â‚2,500: ETAADaily News Egypt
(MENAFN - Daily News Egypt) The Ministry of Tourism set the cost for companies and hotels participating in the next three tourist exhibitions, which will be held outside Egypt until April 2016, at ...

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help