US29 billion worth of gold traded in Dubai last year

DUBAI - The total gold trade through Dubai stood at US$29 billion in 2009, matching the value of gold traded in 2008, according to official figures.
   
The Dubai Multi Commodities Centre Authority (DMCCA) said a total of 576 tonnes of gold was imported into Dubai last year compared with 674 tonnes in 2008.  
   
In the same year, gold exports from Dubai increased nine per cent to 403 tonnes compared with 371 tonnes in 2008.

   
India continues to be Dubai's top gold trading partner, signifying the emirate's role as a gateway to the gold trade in the Indian sub-continent.
   
In a statement, DMCCA Executive Chairman Ahmed bin Sulayem described as "impressive" Dubai's performance in the gold trade given the tough economic conditions and the resulting impact on the gold trade globally.
   
He said the value of the gold trade in the emirate increased six times since 2001.
   
The statement added gold prices broke the record-high level of US$1,200 per ounce in 2009 before averaging US$973 per ounce.
   
More than 130 countries served as Dubai's gold import partners last year.