Dubai gold market shifting from retail to export and investment driven demand

Dubai, one of the few hubs in the world that maintains a healthy growth in gold trade, may be shifting away from relying on retail towards increased export and investment driven demand.

Dubai Multi Commodities Centre (DMCC) announced Wednesday that gold trade through Dubai reached US$14.69 billion in the first half of 2009, an increase of 12% from US$13.07 billion during the same period in 2008.

In the first six months of 2009, a total of 300 tonnes of gold was imported into Dubai, an increase of 13% compared to 265 tonnes in the same period of 2008.