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uae. total gold trade through dubai reached us$7 billion in the first quarter up 71.5% from the same period a year earlier. first quarter gold imports dropped 8% to 122 tonnes compared to the same period in 2007, while exports surged 74% to 115 tonnes, as bullion prices rose to a record above us$1,000 an ounce, the dubai multi commodities centre (dmcc) said in a statement on saturday.
despite consistently high prices, dubai’s gold trade has witnessed consistent growth over the last six months, registering a 42% increase over the fourth quarter of 2007, when it reached us$4.96 billion.
gold price averaged us$925 per ounce during the first quarter of 2008.
"with global gold prices crossing the us$1,000 mark and remaining significantly high throughout 2007, there has been an impact on the volume of imports," ian macdonald, dmcc's executive director for gold and precious metals, said in the statement.
"with scrap becoming an important component of imports, the emirate's growing significance as a gold refining centre has been further emphasised. in addition, increasing export volumes of gold bullion have given a boost to dubai’s role as a leading physical hub for the regional gold trade.,” macdonald added.
according to figures compiled by the statistics department of dubai world, a total of 115 tonnes of gold was exported from dubai in the first quarter of 2008, an increase of 74% from the corresponding period in 2007, and 49% higher than exports during the last quarter of 2007. gold exports from dubai recorded 66 tonnes in the first quarter of 2007, rising to 77 tonnes in the fourth quarter of 2007.
statistics also revealed that a total of 122 tonnes of gold was imported into dubai in the first quarter of 2008, with imports mostly comprising scrap and jewellery. with a quarter-on-quarter comparison, this figure is an increase of 14% from 107 tonnes in the fourth quarter of 2007, although imports have recorded an 8% decrease from 132 tonnes for the first quarter in 2007.
dubai is a long-established market for gold bullion as well as wholesale and retail jewellery, with the city's iconic shopping centres and gold souks fuelling strong demand from tourists from the arab world, western coubtries and india.
purchases for gold jewellery and investment in the uae fell 19.3% to 24.2 tonnes in the first quarter of 2008, the world gold council said on wednesday.
the value of gold sales in the country rose 15.1% to us$862 million during the same period, the wgc added.
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