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THE ECONOMY - GOLD

Peruvian gold exports to UAE top US$233m in H1 2016

Posted on 23/08/2016

The value of Peruvian gold exports to the UAE reached $233 million in the first half of 2016, a 155-fold increase compared to the same period in 2015. Total gold shipments jumped from 42 kilogrammes in 2015 to reach more than 7 metric tons in 2016, making the UAE the fourth largest destination for Peru's gold exports, after Switzerland, Canada and USA, according to figures from the Trade and Investment Office of Peru in the UAE. Peru ranks as the world's sixth biggest producer of gold and is ...  >>MORE

Saudi Arabia largest importer of gold from UAE in 2015

Posted on 03/08/2016

A recently-released Dubai Chamber of Commerce and Industry special report has revealed that the UAE is becoming increasingly competitive in Saudi Arabia's import market, as the Kingdom constitutes the 2nd largest destination for UAE-made products after India. The movement of goods between the two countries has been facilitated by the GCC customs unification procedures and efficient transportation system. According to the UAE Federal Customs Authority data, the Emirates recorded a AED40 million ...  >>MORE

Gold lights up UAE non-oil trade in Q1

Posted on 11/07/2016

Gold and jewellery dominated UAE imports in the first quarter of 2016 with Dh24.5 billion or 15 per cent of total non-oil imports into the country. With a share of seven per cent or Dh11.9 billion, cars ranked second followed by diamonds with Dh10.5 billion or six per cent, and telephone handsets came next with Dh9.1 billion or five per cent. UAE non-oil export data shows that gold ranked first with a share of Dh12.6 billion, accounting for 27 per cent. With a share of Dh7.9 billion or 17 per ...  >>MORE

Global gold demand drops one percent in Q1: World Gold Council

Posted on 16/05/2015

Global gold demand remained stable in the first three months of the year, totalling 1,079 tonnes, which is only one percent less than the same period last year, a report published Thursday by the World Gold Council shows. Asia led the way with China and India alone accounting for 54 percent of total global gold purchases in the quarter. China and India alone accounted for 54 percent of total global gold purchases in the quarter. Other pockets of strength across South East Asia where ...  >>MORE

Dubai’s gold prices get maximum exposure

Posted on 03/06/2014

The base price of gold in Dubai, and updated daily, will now be on full outdoor display at key commercial locations in the city. It is part of an ongoing effort by local authorities and the gold trade to ensure "full transparency” in the way price information is made available to a wider audience. Currently, there is a requirement that individual jewellery outlets should prominently display prices for 24-, 22- and 18-karat gold, and market feedback is that most comply with this. "But there ...  >>MORE

Dubai gold trade climbs to US$75 billion

Posted on 07/04/2014

Volume surges 73% in 2013; DGCX set to introduce spot gold contract in June. Dubai has reinforced its position as the global gold and precious metal trade hub as the value of physical gold traded through Dubai surged to US$75 billion with volumes accounting for 40 per cent of the total world trade in 2013, Ahmed bin Sulayem, Executive Chairman of Dubai Multi Commodities Centre (DMCC), said on Sunday. "Dubai has quickly emerged as the leading global hub for the precious metals trade. As a ...  >>MORE

Dubai’s jewellery trade basks in yellow shine

Posted on 08/01/2014

Dubai's gold and jewellery trade is seeing its biggest rush of buying activity since April last year as shoppers make full use of the continued softness in the metal's prices, now around the US$1,200 an ounce mark. It has thus fired up the category's sales during DSF 2014, with daily volumes since January 2 averaging 200-225 kilos from the 180 participating jewellery outlets in Dubai, according to sources at Dubai's Gold and Jewellery Group. In the five days since the DSF opening, gold in ...  >>MORE

UAE jewellery consumer demand rises

Posted on 25/10/2013

UAE jewellery consumer demand rises UAE residents and tourists spent a total of Dh10.2 billion gold and jewellery in 2012, while the final quarter of the year saw a 6 per cent increase in jewellery spending, up from Dh1.4 billion to Dh1.5 billion, according to Dubai Customs. Dubai International Jewellery Week, the Middle East's most influential jewellery event, is set to shine once again at Dubai World Trade Centre from 4 to 7 December 2013, meeting the unrepentant consumer demand for fine ...  >>MORE

UAE gold demand up 40%

Posted on 18/08/2013

The UAE witnessed a 40 per cent surge in consumer demand for gold during the second quarter of the year over the same period last year, according to the latest data issued by the World Gold Council on Thursday. Total gold consumer demand in the country jumped to 22.8 tonnes for the June quarter, compared to the 16.3 tonnes demand in the same quarter last year. - In value terms, the total gold demand in the country increased to US$1.04 billion during the second quarter of 2013, compared to ...  >>MORE

Dh220m gold refinery to be built in Dubai

Posted on 08/04/2013

Kaloti Group, one of the world's largest gold and precious metals refiners and trading houses, on Sunday announced the ground breaking ceremony for one of the world's largest gold and precious metal refineries in the Jumeirah Lakes Towers Free Zone. The refinery is expected to be completed in late 2014. Munir Kaloti, chairman of Kaloti Group, said: "This represents a major investment in expanding and upgrading our refining facilities. This will be a state of the art refinery to rival the best ...  >>MORE

Emporium Hamburg Coin Trading Company first global distributor of UAE Gold bullion coins

Posted on 27/02/2013

The Dubai Multi Commodities Centre (DMCC), a Government of Dubai Authority, announced that Emporium Hamburg Coin Trading Company, part of the Emporium Group, is now the first global distributor of the UAE Gold Bullion Coins. One of the world's leading coin trading houses, the Emporium Group has supported coin collectors, dealers, banks and investors in developing and completing their coin collections, as well as in diversifying their investment portfolios, for over 40 years. The UAE Gold ...  >>MORE

Bright future for Dubai exchange as gold trading set to shine

Posted on 10/02/2013

The Dubai Gold and Commodities Exchange (DGCX) is planning to launch the first-ever spot gold contract in the country, meaning UAE investors will be able to buy and sell physical gold on a domestic exchange for the first time. The spot gold contract is in the planning stages but is expected to be launched before the end of the year, according to the DGCX chief executive Gary Anderson. A spot gold contract is used to buy and sell physical quantities of the precious metal on an exchange. Today ...  >>MORE

Gold a big hit for shoppers for the first three days of DSF

Posted on 07/01/2013

The first three days of the 18th Dubai Shopping Festival (DSF) saw a huge boost in the Dubai gold trade compared to last year's sales during the same period as many shoppers have regained confidence in the market, Dubai's jewellers told Gulf News. "We're only four days into DSF, but already last weekend, especially Friday, was one of the best days for gold shops as there were a lot of buying of gold,” Abdul Salam, Group Executive Director of Malabar Gold and Diamonds, told Gulf News. "Dubai ...  >>MORE

Dubai makes bid to be ‘city of gold’

Posted on 07/01/2013

Dubai is sometimes called the "City of Gold” because of its stunning growth from a sleepy Gulf port to a world-famous business crossroads in the space of a single generation. Its nickname has a literal meaning for traders in the precious metal. The city is building itself up as a centre for the gold trade, between sources in Africa and consumers in the rising economies of China and India. Dubai now has about a 29 per cent market share of global gold trade with nearly 1,200 tonnes — worth ...  >>MORE

Dubai gold price slumps to Dh152 as Yuletide cheer skips investors

Posted on 27/12/2012

Spot gold price fell about US$13 an ounce to a low of around US$1,647/oz as lean markets saw the precious metal fall below US$1,650 once again on Tuesday. The Dubai gold rate has mirrored the international decline, and a gram of 18ct gold can be had for Dh152 in the Dubai Gold Souq retail market, near its four-month low. Gold has come under increasing pressure in the past few weeks, and the yellow metal is now down 5.7 per cent, or US$100 an ounce, in a month. The yellow metal traded at ...  >>MORE

DGCX gold, rupee futures volumes surge

Posted on 08/08/2012

Gold and Rupee futures continued their strong run on the Dubai Gold and Commodities Exchange, or DGCX, driving a 211 per cent year-on-year increase in the Exchange's volumes in July. Building on its robust performance in the first half of the year, DGCX recorded a total of 965,637 contracts in July, valued at US$35.8 billion, its fifth consecutive monthly volumes record. July volumes — a nine per cent increase from June — took the Exchange's year-to-date volumes to 4,813,649 contracts, a 179 ...  >>MORE

UAE's first gold coin to go on sale by end of this month

Posted on 04/03/2012

The UAE's first gold coin, which was unveiled last year, will finally be available for distribution by the end of this month, the Dubai Multi-Commodities Authority (DMCC) told Gulf News. Like the Canadian Maple Leaf, Australian Nugget or South African Kruggerand, the gold coin will be the symbol of pride and recognition of the UAE's achievements. It will bear the portrait of President His Highness Sheikh Khalifa Bin Zayed Al Nahyan on one side, and on the other the Burj Khalifa, the world's ...  >>MORE

UAE bank offers gold buffs a glittering opportunity

Posted on 21/02/2012

In a bid to cash in on the recent volatility in gold prices and the traditional gold obsession among Indian sub-continent and Middle Eastern population, a Dubai-based bank is offering its customers the opportunity to invest in gold starting as low as Dh500, without the additional risk and costs associated with owning physical gold. In a statement, Emirates NBD said it has launched a Gold Investment Account, which enables customers to buy gold in electronic form. The bank claimed that the ...  >>MORE

Gold tops Dubai exports, fed by Indian demand, strong market

Posted on 04/01/2012

Gold was on a winning streak as it topped Dubai's exports in the first nine months of last year amounting to Dh45 billion on the back of high demand from India and a bullish market, latest statistics and analysts say. Unwrought, worked and semi-manufactured gold also topped the list of Dubai's imports with Dh58.9 billion from January to September last year, according to Dubai Customs statistics released yesterday. As an investment haven and a quick way to liquidate assets, gold saw rising ...  >>MORE

Dash for cash sees gold price plunge

Posted on 13/12/2011

Spot gold prices sank US$65 an ounce, or 3.75 per cent, in a single session to trade at US$1,650/oz at 7.30am UAE time (3.30am GMT) on Tuesday as investors struggle to make sense of the fine-print coming out of the European Union decisions over the weekend. Ratings agency Moody's said the intergovernmental changes agreed upon by 26 of the 27 EU countries last week wasn't ground breaking and that the countries' ratings were still on the chopping block for a review in early 2012. In response, ...  >>MORE

Dubai gold trade hits 580 tonnes

Posted on 16/11/2011

Dubai's total gold trading volumes in H1 2011 reached 580 tonnes (average price US$1,455) and exports during the period were down from 225 to 214 tonnes reflecting a greater consumption in the local market, said Ahmed bin Sulayem, Executive Chairman of Dubai Multi Commodities Centre, in Dubai on Sunday on sidelines of 8th Dubai City of Gold Conference. The annual global event for the gold, jewellery and diamond industries is organised by the Dubai Gold and Jewellery Group. Among DMCC's ...  >>MORE

UAE gold prices at lifetime high of Dh224.5 per gram

Posted on 23/08/2011

Retail gold price in the UAE shot to a lifetime high of Dh224.50 per gram for 24ct gold and Dh211.25 per gram for 22ct gold this morning, according to the Dubai Gold & Jewellery Group. At around 11.30am UAE time, global gold prices were up US$43/oz over yesterday, trading at US$1,893/oz, after making a lifetime high of US$1,894/oz hour ago. The yellow metal continued its ascent for a third consecutive all-time high on Monday, defying a rebound in the dollar that has seen the US dollar index, ...  >>MORE

Gold vending machines multiply

Posted on 07/08/2011

Declining dollar values and rising inflation may be leading to heightened interest in new gold vending machines set up across the UAE for tourists and investors. Thomas, an Australian tourist, was contemplating the purchase of a gold coin at the new ‘Gold to go' vending machine at the ground floor of the Burj Khalifa. Gold prices have reached historic highs of more than US$1,600 (Dh5,876) per ounce due to global uncertainty. "A lot of my friends are buying gold right now because of ...  >>MORE

Gold adds shine to Dubai trade figures

Posted on 04/08/2011

Soaring gold prices have helped Dubai record a substantial increase in international trade. The value of exports and re-exports handled by the Dubai Chamber of Commerce and Industry passing through the emirate's ports and airports rose 16.4 per cent to Dh120.2 billion (US$32.72bn) in the first half of the year compared with the same period last year. "The trade sector plays such a major role in the overall health of Dubai's economy that this is certainly a strong indicator the economy is on ...  >>MORE

High gold exports boost UAE’s 2010 trade

Posted on 10/07/2011

A surge in the UAE's gold exports because of higher prices boosted the country's total non-oil trade by nearly 14 per cent and the bulk of the increase was in sales to India and Switzerland, according to official data. From around Dh660.4 billion in 2009, the UAE's trade excluding oil and gas exports swelled to nearly Dh754.4 billion in 2010 to allow the country to maintain its position as the second largest Arab economy and commercial centre after Saudi Arabia, showed the figures by the UAE ...  >>MORE

Gold prices set to reach Dh223 per gram

Posted on 12/05/2011

Gold prices could top US$1,700 (Dh6,244) per ounce (one ounce equals 28 grams which makes it Dh223 per gram) by end 2011, jewellers have said. Raj Sahai, director for retail of Damas said: "Historically, gold prices have constantly gone up over time. We think it could go up to US$1,700 per ounce by the end of the year due to continued high demand." Gold rallied to a historic high of US$1,517 after Easter, briefly went down to US$1,494.05 on May 6 before bouncing back on May 9, when gold hit ...  >>MORE

MoFT: UAE among the world's top 5 gold traders

Posted on 04/01/2011

An analytical study issued by the Ministry of Foreign Trade [MOFT] has confirmed that the UAE is among the world's top five gold traders from 2005 - 2009 in both imports and exports of the commodity. The MOFT study revealed that the UAE ranked third in exports and the second in imports in 2009, underscoring the continued success of the foreign trade structure of the UAE, which has become a pivotal trade hub between east and west. The study also further confirms what was revealed in the ...  >>MORE

UAE firm explores for gold in Yemen

Posted on 14/09/2010

The Thani Dubai Mining Company, a UAE firm, is exploring for gold in the Hadramout and Hajjah provinces in Yemen. The company has dug over 80 wells in 15 sites in the Madan Valley, has collected over 8,718 rock samples and is preparing for a preliminary assessment of the ore, the Yemen News Agency (Saba) said, quoting the Geological Survey and Mineral Resources Board (GSMRB) of Yemen. A report issued by GSMRB pointed out that the company carried out drilling of 15 sites in Notisha area and ...  >>MORE

Summer gold sales sizzle in UAE

Posted on 03/08/2010

Retail gold demand volumes in Dubai and Abu Dhabi were up around 10 per cent in July on the year as gold prices dipped and consumers had more disposable income to spend on jewellery than a year ago, retailers said on Monday. "The drop in the price of gold happened at the same time when tourists coming through Dubai so that really helped pick demand up," said a jewellery trader in Dubai's old gold souk. Retail sales represent the bulk of gold demand in the Gulf region because the investment ...  >>MORE

Emirates Palace's gold souvenirs offered for sale

Posted on 26/05/2010

The Emirates Palace announced yesterday the start of selling of small souvenir gold bars engraved with the Emirates Palace logo, through the world's first gold ATM Vending Machine. The "Gold To Go" vending machine project was launched by Mr. Hans Olbertz, General Manager of Emirates Palace, and Mr. Thomas Geissler, Chief Executive of Ex Oriente Lux AG, the inventor of the Gold to Go machine. The machine, which monitors the price of gold minute-by minute, offers small bars that weight up to ...  >>MORE

London forces UAE traders to re-refine gold

Posted on 19/05/2010

None of the refineries in the UAE are certified to supply gold to London, the largest centre for over-the-counter (OTC) gold transactions in the world, even as the country, and Dubai in particular, emerged as the largest re-export centre for the metal in the world. It is mandatory that bullion bars made by refineries be certified by the London Bullion Market Association (LBMA) and, therefore, belong to the LBMA Good Delivery list to be allowed into London's gold markets. Such supplies have ...  >>MORE

Golden hole in the wall at Emirates Palace

Posted on 16/05/2010

A machine that dispenses gold was unveiled at the Emirates Palace hotel yesterday. At the unveiling, the machine's promoter successfully withdrew a one-ounce gold bar after several tries with Dh500 notes. The machine, called Gold To Go, dropped down a black box that contained the gold bar, further encased in a plastic box. Naturally, Gold To Go is itself covered in 24-carat gold. "A gold machine should be made of gold,” said Thomas Geissler, the chief executive of Ex Oriente Lux AG. "This is ...  >>MORE

Top UAE gold refiners to double capacities

Posted on 04/05/2010

Three top gold refiners in the UAE are more than doubling their processing capacities this year, sending signals that the flow of gold into Dubai, the world's largest re-exporter of gold, may substantially improve this year. The refineries that are enhancing their production this year are Al Ghaith Gold DMCC, Kaloti Jewellers DMCC and London Stock Exchange-listed Vedanta, which runs a refinery in Fujairah Free Zone. Al Ghaith Gold DMCC is increasing the annual processing capacity of its ...  >>MORE

Dubai gold jewellery sales leap 25 per cent

Posted on 03/05/2010

Sale of gold jewellery in Dubai increased 25 per cent in the first quarter of 2010 as compared to the same period the last year, the Vice- Chairman of Dubai Gold and Jewellery Group (DGJG) said here yesterday. Chandu Siroya said the sale for all kinds of jewellery (gold, diamond and silver) increased 13 per cent year-on-year in the first quarter of 2010. He said the jewellery sales have been boosted by shopping festivals in Dubai and the resumption of purchases by Asian customers. "Sale of ...  >>MORE

Gold trade rises 20% at Dubai's biggest dealer

Posted on 28/04/2010

The volume of gold trade of the largest bullion dealer in Dubai increased 20 per cent in the first quarter of 2010, as compared to the same period the last year, Tarek El Mdaka, Managing Director of Dubai-based Kaloti Jewellery Group told Emirates Business. He said the company has seen a constant increase in demand for gold from jewellers, bullion banks and from dealers trading on commodity exchanges across the world. To meet this increase in demand, the company is enhancing the refining ...  >>MORE

Abu Dhabi retail gold sales down

Posted on 19/04/2010

High prices deterred buyers at Abu Dhabi's gold market in the first quarter, sending retail sales at least 20 percent lower year-on-year, a trend seen continuing in the next quarter, traders said Sunday. The price of 22 carat gold was around Dh120 per gramme in the first quarter of 2010, versus Dh95 to Dh98 in the same period last year. "Sales volumes so far this year have fallen at least 20 per cent compared to 2009, but consumers are getting used to higher prices," said Tushar Patni, ...  >>MORE

Dubai gold and jewellery sales rise in Q1

Posted on 06/04/2010

Dubai gold and jewellery sales surged during the first quarter of 2010 compared to last year and it is estimated that it rose by up to 20 per cent, according to a top industry expert. "This year's Dubai Shopping Festival was a huge success and much better than 2009, which really boosted the sales in the emirate,” Dubai Gold and Jewellery Group Vice-chairman Chandu Siroya said on Monday at a news briefing to announce the 7th edition of the Dubai City of Gold Conference which will be held on ...  >>MORE

Gold makes Dubai exports sparkle

Posted on 02/04/2010

All that glisters is gold for Dubai's exports market, which rose 23 per cent in value last year, led by the yellow metal and jewellery. The growth in the value of exports stemmed from the recession-proof nature of Dubai's products – edibles such as sugar, and gold – while re-exports, which dropped by 8 per cent, were more susceptible to recessionary factors in other markets, said Saed al Awadi, the chief executive of the Dubai Export Development Corp (DEDC).Jewellery and gold were the biggest ...  >>MORE

Dubai records US$29 billion gold trade in 2009

Posted on 08/03/2010

Dubai Multi Commodities Centre Authority (DMCCA) announced today that the total gold trade through Dubai stood at US$29 billion in 2009, matching the value of gold traded in 2008. This data was compiled by the Data and Statistics Reporting division of Dubai Trade, an innovative, simple and secure portal that combines all electronic services provided by DP World, Economic Zones World, Dubai Customs and Dubai Multi Commodities Centre. For the 12 months ending December 31, 2009, a total of ...  >>MORE

UAE gold demand drops 33% as tourists decline

Posted on 18/02/2010

Demand for gold in the UAE dropped 33 per cent in 2009 year-on-year due to decline in tourists, a senior World Gold Council (WGC) official said yesterday. Demand for gold fell to 73.9 tonnes in 2009 from 109.5 tonnes in the previous year, WGC figures showed. In terms of US dollars, the demand for gold in the UAE dropped from US$3.07 billion (Dh11.27bn) in 2008 to US$2.29bn this year. Blaming the lack of tourists as the prime reason for the decline in demand for gold, WGC Managing ...  >>MORE

Dubai gold retail volumes slip

Posted on 03/02/2010

Gold retail volumes in Dubai fell in January as consumers remained sceptical about the yellow metal's fluctuating price level, retailers told Reuters on Monday. Jewellery sales in Dubai have seen a run of declines since the end of 2008 due to the economic crisis coupled with record high gold prices. "Now we are seeing the price settle down a bit, but our sales are still down because consumers believe that the price will fall even further in the coming months," said Raiju K.R, showroom ...  >>MORE

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Quick List

Peruvian gold exports to UAE top US$233m in H1 2016


Saudi Arabia largest importer of gold from UAE in 2015


Gold lights up UAE non-oil trade in Q1


Global gold demand drops one percent in Q1: World Gold Council


Dubai’s gold prices get maximum exposure


Dubai gold trade climbs to US$75 billion


Dubai’s jewellery trade basks in yellow shine


UAE jewellery consumer demand rises


UAE gold demand up 40%


Dh220m gold refinery to be built in Dubai


Emporium Hamburg Coin Trading Company first global distributor of UAE Gold bullion coins


Bright future for Dubai exchange as gold trading set to shine


Gold a big hit for shoppers for the first three days of DSF


Dubai makes bid to be ‘city of gold’


Dubai gold price slumps to Dh152 as Yuletide cheer skips investors


DGCX gold, rupee futures volumes surge


UAE's first gold coin to go on sale by end of this month


UAE bank offers gold buffs a glittering opportunity


Gold tops Dubai exports, fed by Indian demand, strong market


Dash for cash sees gold price plunge


Dubai gold trade hits 580 tonnes


UAE gold prices at lifetime high of Dh224.5 per gram


Gold vending machines multiply


Gold adds shine to Dubai trade figures


High gold exports boost UAE’s 2010 trade


Gold prices set to reach Dh223 per gram


MoFT: UAE among the world's top 5 gold traders


UAE firm explores for gold in Yemen


Summer gold sales sizzle in UAE


Emirates Palace's gold souvenirs offered for sale


London forces UAE traders to re-refine gold


Golden hole in the wall at Emirates Palace


Top UAE gold refiners to double capacities


Dubai gold jewellery sales leap 25 per cent


Gold trade rises 20% at Dubai's biggest dealer


Abu Dhabi retail gold sales down


Dubai gold and jewellery sales rise in Q1


Gold makes Dubai exports sparkle


Dubai records US$29 billion gold trade in 2009


UAE gold demand drops 33% as tourists decline


Dubai gold retail volumes slip