Gold industry shifts east as Dubai plans huge refinery, spot contract | Reuters:
"In the desert on the outskirts of Dubai, one of the world's biggest gold refineries is under construction. When completed next year, it will help to alter the balance of power in the global gold industry.
Growth in demand for the precious metal is shifting east, to Asia's fast-growing economies. But key industry activities such as refining and clearing - matching investors' buy and sell orders - remain dominated by Europe and the United States.
The $60 million refinery being built by Kaloti Precious Metals in Dubai is part of efforts to change that pattern, as is a plan by the Dubai Gold and Commodities Exchange to introduce a spot gold contract this June.
"Dubai is already a top global centre for gold trading," Tarek El-Mdaka, chief executive of Kaloti Precious Metals, said in an interview. "The refinery is part of the next stage, making Dubai a top centre for physical gold refining and clearing.""
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