Gold is the safe-haven asset of choice for many investors uncomfortable about the future. So perhaps NASDAQ Dubai chose the right time to launch the region’s first Sharia-compliant tradable security backed by gold last week.
The product’s masterminds at the World Gold Council, which has sponsored 12 gold exchange traded funds (ETFs) across the globe that account for 85 per cent of the market, are betting on Dubai becoming their latest success story.
The price of gold has been rising eight years in a row. It traded in the middle of last month above US$1,000 (Dh3,673) an ounce for the first time in almost a year. Its highest level was $1,032 last March.
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