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THE ECONOMY - GOLD

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

Festive buying boosts gold sales

Posted on 07/01/2010

Seasonal holiday buying helped lift retail gold sales in Abu Dhabi in December from November after high prices and the global economic slowdown hit sales for most of the year, traders said. But with international gold prices near record levels, traders yesterday predicted a bleak January. "Unless the price comes down, there is nothing that will get people to buy gold," said Tushar Patni, Director of Ajanta Jewellers and former chairman of the Abu Dhabi gold and jewellery group. Tax-free ...  >>MORE

Nasdaq merger and demand to help DGS record further gains

Posted on 03/01/2010

Dubai Gold Securities (DGS) on Nasdaq Dubai are expected to witness further gains in 2010 on sustained buying demand following the merger of Nasdaq Dubai with Dubai Financial Market (DFM). The merger, to take effect in April 2010, is likely to boost trading volumes in DGS, said analysts. Brokers on both the exchanges will be accorded the flexibility to trade in the securities. Grant Collins, Senior Managing Director of Dubai Commodity Asset Management, told Emirates Business: "The proposed ...  >>MORE

Gold and crude oil futures at DGCX reached 53,618 and 14,400 contracts respectively

Posted on 09/10/2009

Volume on Dubai Gold '&' Commodities Exchange (DGCX) recorded a year-on-year growth of 6% in September to reach 96,292 contracts. Valued at US $4.6 billion, the 6% growth in September was largely driven by currency and crude oil futures contracts. WTI crude oil futures traded 14,400 contracts in September, an increase of 149% on last year. Trading in the GBP/Dollar, Indian Rupee/Dollar and Yen/Dollar futures reached 12,698, 4,927 and 4,012 contracts respectively last month, gathering ...  >>MORE

Abu Dhabi retail gold sales hit 2009 low

Posted on 04/09/2009

Higher prices and low buyer turnout in August saw retail gold sales plummeting by 40 per cent in Abu Dhabi, the worst sales this year, retailers said Thursday. Prices of the yellow metal have been boosted by institutional funds seeking a safe haven for their assets during the global economic crisis. The average price of 22 carat gold in August was Dh107 a gram compared with Dh82 in August last year and Dh105 in July this year. "The market was very bad last month, almost 40 per cent down. It ...  >>MORE

Demand for gold as investment buy drops 20 per cent in the UAE

Posted on 03/09/2009

The demand for gold for investment purposes dropped 20 per cent in the second quarter of 2009 as compared to the same period last year, said a senior World Gold Council (WGC) official yesterday. In the same period the demand for gold for investment purposes dropped 18 per cent and 44 per cent respectively in Saudi Arabia and Egypt, Rozanna Wozniak, Investment Research Manager at the World Gold Council, said. The drop in demand for investment across the Middle East was 31 per cent to 3.8 ...  >>MORE

Retailers project silver will recover faster than gold

Posted on 28/08/2009

Silver retail sale volumes in Dubai have fallen around 20 per cent since January as the economic downturn deterred tourists, but a faster recovery is expected than for gold, whose price remains high, said retailers yesterday. The precious metals retail sector took a hit this year as the economic crisis reduced consumers' disposable incomes and led to fewer visitors to the UAE. "Silver sales have dropped by around 20 per cent since January and it's not because the price is high, it's because ...  >>MORE

Gold companies scramble to set up offices in Dubai

Posted on 10/08/2009

A total of 297 new companies, a majority of them gold and jewellery firms, have registered with Dubai Multi Commodities Centre (DMCC) and "several hundreds" have registered in Dubai in the past 18 months, said market insiders. Some have also established their marketing headquarters in Dubai considering the emirate gives an opportunity to handle global operations while remaining equidistant from Europe, Asia and Africa. The number of gold and jewellery companies registered with DMCC has now ...  >>MORE

Dubai gold trade increases 12% in first half 2009 to US$14.69 billion

Posted on 06/08/2009

Dubai Multi Commodities Centre (DMCC) announced yesterday that gold trade through Dubai reached US$14.69 billion in the first half of 2009, an increase of 12 per cent 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 per cent compared to 265 tonnes in the same period of 2008. In the first half of 2009, gold exports from Dubai reached 213 tonnes, up 19 per cent from 179 tonnes in ...  >>MORE

'Cheaper' Dubai gold may gain extra shine in the Indian market

Posted on 19/07/2009

A slight price advantage for gold exported from Dubai could benefit dealers in the emirate, according to heads of precious metals departments at banks and brokerage houses. Bullion bars exported from Dubai cost less than those from other parts of the world such as London and Switzerland. India recently raised duties on gold imports and this had led to fears international gold exporters will face a slackening of demand from the world's largest consumer of the metal. "Dubai exports may well ...  >>MORE

Gold jewellery sales in Dubai down sharply

Posted on 09/07/2009

Gold jewellery sales in Dubai are down around 30 per cent in June on a year ago, as high prices of the metal and the global economic downturn deter tourists from visiting the emirate, five jewellery retailers told Reuters. Almost eight million tourists visited the emirate, branded as the City of Gold, last year, many of them lured by the tax-free jewellery. But retailers Reuters spoke to say they have seen far fewer tourists this year. "In June sales were down about 30 per cent from last ...  >>MORE

Abu Dhabi gold sales up 30 per cent in June

Posted on 05/07/2009

Retail gold sales in Abu Dhabi jumped over 30 per cent in June due to holiday buying which is expected to stay robust into the first-half of July, traders said on Thursday. "Sales were good in June because of holiday buying. Expatriates, mainly Asians take gold jewellery and gold bars as gifts back home every year in the summer,” Tushar Patni, Director of Ajanta Jewellers said. "Retail sales were up at least 30 to 40 per cent in June compared to May,” he said, adding that strong sales are ...  >>MORE

Gold jewellery sales flat in capital, dip 40% in Dubai

Posted on 09/06/2009

Gold jewellery sales remained largely flat in May as stable prices attracted expatriates leaving on summer holidays, the chairman of the Abu Dhabi Gold Jewellery Group said yesterday. In Dubai jewellery sales dropped by around 40 percent in May, hit by fewer tourists and tighter budgets, retailers said. Earlier this year, many smaller retailers in Abu Dhabi were under threat of shutting down as the economic crisis and high prices cut consumers' appetite for the precious metal. In April ...  >>MORE

Global players in talks with DMCC to set up gold refineries in Dubai

Posted on 28/05/2009

Refiners from Europe and Asia are for the first time in talks with the Dubai Multi Commodities Centre (DMCC) to set up gold refineries in Dubai, Emirates Business can reveal. The four existing refineries in Dubai – of the seven in UAE – are all locally owned. International majors want to shift to Dubai to tap the high amount of gold scrap passing though the emirate. "There has also been a spurt in interest from local and international refiners and DMCC is reviewing new applications from ...  >>MORE

Two UAE firms likely to invest in Mexican gold mines

Posted on 17/05/2009

Two companies from the UAE have expressed interest in investing in gold mines in Mexico, Emirates Business has learnt. Abu Dhabi-based Al Diar Capital and Dubai-based Gold Crafterz are in discussions with mining group Durango. Durango Miners Association (DMA) – a grouping of 150 miners from Mexico – is seeking investment from the UAE in mines located in the South American nation's western province. DMA plans to provide a 51 per cent stake in the project that will initially involve ...  >>MORE

Dubai's gold imports increase by 15%

Posted on 28/04/2009

Dubai's gold imports went up by 15 per cent to 140 tonnes in the first quarter this year compared with the same period last year as bullion attracted more investor interest in volatile global economic conditions. According to figures from the Dubai World statistics department, Dubai exported 116 tonnes of gold during the January-March period. Pakistan and India were the top gold importers during the period, while Switzerland and India ranked as the top exporters. The value of first-quarter ...  >>MORE

WGC confirms 17% increase in UAE gold sales value in 2008

Posted on 17/03/2009

The World Gold Council (WGC) confirms that the market remains healthy compared to global markets. WGC's latest reports announced that the UAE gold jewellery sales increased by 17% in 2008 to cross Dh13.7 billion compared to Dh11.4 in 2007. While jewellery accounts for 90% of total consumer demand, net retail investment witnessed strong growth of 38% in the last quarter of 2008 compared to the same period of the previous year. It is normal to see a shift from the jewellery sector to the ...  >>MORE

UAE records Dh3.6 billion gold sale in Q2 of 2008: WGC Report

Posted on 18/08/2008

The World Gold Council's regional office in Dubai announced that the UAE gold sales increased from Dh3 billion in the second quarter of 2007 to Dh3.6 billion contributing to a 20% increase. The same positive sales value increase was recorded in KSA as gold sales increased by 14% and 2% in other Gulf countries. Additionally, Egypt witnessed an astounding sales increase of 48%. The high and volatile gold price continued to dampen demand in tonnage terms during Q2, particularly for jewellery. ...  >>MORE

Dubai Q2 gold imports down 2.1 pct

Posted on 10/08/2008

Dubai's second-quarter gold imports fell 2.1 percent to 143 tonnes, compared with a year ago, and exports plummeted 15.8 percent to 64 tonnes, figures from the Dubai Multi Commodities Centre (DMCC) showed on Saturday. The Gulf Arab emirate's total gold imports for the first half of 2008 were down 4.7 percent, at 265 tonnes. Total exports during the same period rose 26.1 percent to 179 tonnes, according to figures in a DMCC statement. Gold trade through Dubai reached $6.01 billion in the first ...  >>MORE

Dubai gold sales up by 17% in June

Posted on 08/07/2008

Dubai's gold jewellery sales volume rose 17 per cent in June after picking up in the second quarter on expatriate demand, a senior gold industry executive in the Gulf Arab emirate said on Monday. "After prices became less volatile and relatively lower later in the quarter demand picked up by almost 15 per cent, and in June it was up by more than 17 per cent," Tawhid Abdullah, managing-director of the Dubai Gold and Jewellery Group told Reuters. "We are also entering the peak of summer where ...  >>MORE

Dubai gold trade hits US$35b in '07

Posted on 18/06/2008

The growth so far has been tremendous. Dubai has the highest concentration of jewellery shops in the world, and the industry witnessed trade worth US$35 billion last year, accounting for 20 per cent of the global jewellery trade of US$173 billion in 2007, said the Chief Executive Officer of Dubai Shopping Festival(DSF) and Dubai Summer Surprises(DSS). Laila Suhail, addressing the press conference announcing The Dubai Gold and Jewellery Group (DGJG)'s support for the coming DSS. She added: ...  >>MORE

UAE gold sales jump 15% to Dhs3.1b in Q1

Posted on 22/05/2008

The World Gold Council's regional office in Dubai announced that the UAE gold sales increased from Dh 2.7 billion in the first quarter of 2007 to Dh 3.1 billion contributing to a 15 per cent increase. The same positive sales value increase was recorded in Saudi Arabia as gold sales increased by 7 per cent. Additionally, Egypt witnessed an astounding sales increase of 64 per cent. The sharp rise in the gold price, which briefly touched record levels above $1,000/oz in mid-March, was a key ...  >>MORE

Dubai gold sales up by 30 per cent

Posted on 13/04/2008

Dubai reported a 30 per cent increase in gold sales from 2006 to 2007 – despite record price highs for the yellow metal – thanks to gold and jewellery retailers in the emirate taking measures to boost sales, industry leaders attending the sixth annual Dubai City of Gold Conference said. Speakers at the two-day conference being held at Dubai's Park Hyatt hotel added that high prices reiterate the gold's core investment value. However, they added, that the jewellery trade had been hit by the ...  >>MORE

High prices lower Abu Dhabi gold sales in February

Posted on 10/03/2008

Record prices have frightened gold buyers in Abu Dhabi, depressing the precious metal's sales volume by 20 per cent in February, the emirate's Gold and Jewellery Group chief said. "Just as the market started to recover in January, prices started to rise again and almost hit US$1,000 an ounce, so many buyers stayed away from the market... but in terms of value the market was unchanged," Tushar Patni told Reuters. "But as we approached March, they started to get accustomed to the new price levels ...  >>MORE

UAE gold sales shine despite rising prices

Posted on 17/02/2008

Retail gold sales in the UAE increased 24 per cent in value terms last year as jewellery consumption increased by eight per cent over 2006 despite the 15 per cent increase in gold prices, the World Gold Council's regional office in Dubai said on Saturday. Overall, gold consumption in the Gulf region increased 19 per cent as Saudi Arabia and Egypt reported sales growth of 33 per cent and 29 per cent respectively. High and volatile gold prices had a major impact on the fourth quarter of 2007. ...  >>MORE

Abu Dhabi gold sales recovering after '07 slump

Posted on 10/02/2008

Abu Dhabi's gold sales, hit by last year's record prices, are slowly recovering as buyers adjust to current high prices, the Gulf emirate's Gold and Jewellery Group chairman said on Saturday. "The market recovered in January and was unchanged compared to the same period in 2007 ... so we cannot complain after what we saw at the end of last year," Tushar Patni told Reuters. "The buyers are now accustomed to current price levels, and we think the market is set to see positive sales figures in the ...  >>MORE

UAE consumer confidence falls but remains positive

Posted on 06/02/2008

Consumer confidence in the UAE has declined in the past six months, according to the latest MasterCard Worldwide Index of Consumer Confidence findings for the first half of 2008. From a score of 88.8 six months ago out of a possible score of 100, the UAE index came down to 78.5. Indications for the UAE are that consumer sentiment is overall positive and optimistic with a high index score. In the Middle East and Levant, the UAE ranked third in consumer confidence with Kuwait (93.3) and Saudi ...  >>MORE

Dubai Gold Receipt enables financing of over US$100 million

Posted on 06/02/2008

Secured financing has reached unprecedented levels in the UAE with the Dubai Gold Receipt (DGR) enabling financing of over US$100 million over the past eight months, according to an announcement from Dubai Multi Commodities Centre (DMCC). Gold traders, bullion banks and vault operators have used DGR, an electronic vault receipt system operated by DMCC, to enable US$103.8 million of financing against a total of 4,442 kgs of gold and 1,500 kgs of silver stored in DMCC-approved vaults in the UAE. ...  >>MORE

Dubai 2007 gold trade increases 29% to US$19.03bn

Posted on 27/01/2008

The total gold trade through Dubai reached US$19.03 bn in 2007, an increase of 29% from 2006, according to a statement by Dubai Multi Commodities Centre (DMCC). In 2006, Dubai's gold trade was estimated at US$14.75 bn, up from US$10.73 bn in 2005. A total of 559 tonnes of gold was imported into Dubai in 2007, up by 14% from 489 tonnes in 2006. Exports from Dubai increased marginally to 287 tonnes compared to 274 tonnes in 2006. Gold price averaged US$696 per ounce in 2007, up from US$604 per ...  >>MORE

55pc increase in Dubai gold trade

Posted on 25/10/2007

Gold trade through Dubai reached US$5.23bn in the third quarter of 2007, an increase of 55pc from USD 3.37bn during the same period in 2006, Dubai Multi Commodities Centre (DMCC) announced Thursday. "A total of 174 tonnes of gold was imported into Dubai in the third quarter of 2007, 47pc higher than 118 tonnes in the same period in 2006. This is the highest third quarter imports recorded in the last seven years. During the same period, a total of 68 tonnes of gold was exported from Dubai, ...  >>MORE

Abu Dhabi gold sales down 20%

Posted on 03/10/2007

The volume of Abu Dhabi's gold sales fell 20 per cent in September, and 10 per cent in the third quarter versus the same periods a year earlier, due to high gold prices, its Gold and Jewellery Group chief said yesterday. "September was a very quiet period for gold sales in terms of both volume and value due to the very high gold prices and October did not start on a positive note either," Tushar Patni said. Demand from foreign workers and residents in Abu Dhabi buying gifts to take home ...  >>MORE

Dubai August gold futures trade up 20%

Posted on 20/09/2007

Dubai's commodities exchange said yesterday it traded 48,780 gold futures contracts worth US$1.04 billion in August, a 20 per cent rise over the previous month, as investors returned to the market after the summer vacation. Gold is seen as a safe-haven metal and as a hedge against inflation. The metal is also influenced by oil, currency moves, and generally trades in the opposite direction to the dollar. Dubai, the Gulf trade and tourism hub, launched the region's first gold futures exchange ...  >>MORE

Dubai gold sales up 26% in August

Posted on 16/09/2007

Dubai gold sales rose 26 per cent in value in August year on year as demand from tourists increased and the economy improved, an industry executive said yesterday. "The market is not affected by the current prices of gold and we have a better economy in Dubai and strong consumer confidence," Tawhid Abdullah, managing director of the Dubai Gold and Jewellery Group, told Reuters. "We saw a 26 per cent increase in sales value last month and we could see about 40 per cent increase in ...  >>MORE

UAE gold sales rise by 22% to Dh2.8b

Posted on 13/09/2007

The World Gold Council's (WGC) regional office in Dubai announced yesterday that second quarter gold sales in the UAE increased by 22 per cent to Dh2.8 billion compared to Dh2.3 billion in the same period last year. The trade body said that gold demand in the UAE was strong with second quarter consumer demand gaining 15 per cent compared to the same period last year and jewellery demand surging 18 per cent. WGC attributed the bullish trend to the strong economy and significant growth in ...  >>MORE

Gold shops say sales have increased in Dubai

Posted on 28/08/2007

Business is brisk at gold shops, with outlets reporting an increase in sales."There has been a slight increase in gold prices, but it has not affected our sales," said P. Shine, of Alukkas Jewellery outlet at the Gold Centre in Dubai. "A fluctuation in gold prices does not make a difference to residents or overseas buyers. This is because over here you do not pay tax ... we are looking forward to the rush from the festive season from next month onwards," said Shine. A cross section of ...  >>MORE

Total gold demand in UAE reached 29.8 tons

Posted on 20/08/2007

Total gold demand in UAE in Q2 reached 29.8 tons, according to figures released today by the regional office of the World Gold Council (WGC) in Dubai. In its second report on gold demand in the Middle East, Gulf Region and worldwide for the second quarter of 2007, the WGC said demand for gold jewellery in UAE was strong with Q2 consumer demand 15% above as compared to year-earlier and jewellery demand 18% higher.' This is because of the economy remained very strong and tourist numbers continue ...  >>MORE

UAE leads world in fiscal freedom index

Posted on 13/08/2007

The UAE sits on top of the world in a ranking of 157 countries' "fiscal freedom” compiled by The Heritage Foundation. According to the Heritage Index, which measures and ranks countries according to 10 specific "freedoms”, the UAE, Saudi Arabia, Qatar and Kuwait have each scored 99.9 per cent for fiscal freedom on the 2007 Index of Economic Freedom. The global average for fiscal freedom is 82.8 per cent. Overall, the UAE is ranked 74th in this year's Heritage Index with 60.4 per cent ...  >>MORE

Dubai gold imports set to rise

Posted on 05/08/2007

Dubai's gold imports are expected to rise in the second half of 2007 despite higher prices as buyers grow accustomed to them, the head of the Dubai Gold and Commodities Exchange (DGCX) said. "We tend to think that if you have higher prices you will have lower physical demand and vice versa... but in this region this has not been the case," DGCX chairman Colin Griffith said. In May 2006, spot gold bullion hit a 26-year high at US$730 an ounce. It closed at US$676.40/US$677.15 an ounce on ...  >>MORE

Gold sales in Abu Dhabi up 10%

Posted on 05/08/2007

Abu Dhabi gold sales volume rose 10 per cent in July compared to the year-ago period on demand by foreign residents buying gifts ahead of vacations at home, the emirate's Gold and Jewellery Group chairman said. "Expatriates continued to buy gold jewellery before their holiday, but sales were slowing down by the end of the month as we approached the holiday season," Tushar Patni said. "We also had gold prices rising during that period and some buyers were reluctant to pay more."Demand from ...  >>MORE

Dubai gold sales up 34% in June

Posted on 08/07/2007

Growing demand from Middle Eastern buyers and expatriates ahead of summer holidays boosted Dubai gold sales value by 34 per cent in June from the same month last year, a top industry executive said yesterday."We are seeing a very strong demand from the Middle East and many expatriates are buying large amounts of gold for friends and families back home," said Tawhid Abdullah, managing director of the Dubai Gold and Jewellery Group. "We have seen a 34 per cent jump in sales value in June and I ...  >>MORE

Dubai's second quarter gold imports to surge on strong regional demand

Posted on 10/06/2007

Demand from Saudi Arabia and Egypt is expected to boost Dubai's gold imports in the second quarter, Dubai traders and industry officials said yesterday. Dubai is a centre for the import and re-export of gold, bringing in 489 tonnes of gold in 2006 and exporting 274 tonnes, according to the Dubai Multi Commodities Exchange (DMCC). "Dubai's gold imports in the second quarter will be higher than the first quarter of 2007 and higher than the first quarter of last year," said Moaz Barakat, ...  >>MORE

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Quick List

Dubai gold retail volumes slip


Festive buying boosts gold sales


Nasdaq merger and demand to help DGS record further gains


Gold and crude oil futures at DGCX reached 53,618 and 14,400 contracts respectively


Abu Dhabi retail gold sales hit 2009 low


Demand for gold as investment buy drops 20 per cent in the UAE


Retailers project silver will recover faster than gold


Gold companies scramble to set up offices in Dubai


Dubai gold trade increases 12% in first half 2009 to US$14.69 billion


'Cheaper' Dubai gold may gain extra shine in the Indian market


Gold jewellery sales in Dubai down sharply


Abu Dhabi gold sales up 30 per cent in June


Gold jewellery sales flat in capital, dip 40% in Dubai


Global players in talks with DMCC to set up gold refineries in Dubai


Two UAE firms likely to invest in Mexican gold mines


Dubai's gold imports increase by 15%


WGC confirms 17% increase in UAE gold sales value in 2008


UAE records Dh3.6 billion gold sale in Q2 of 2008: WGC Report


Dubai Q2 gold imports down 2.1 pct


Dubai gold sales up by 17% in June


Dubai gold trade hits US$35b in '07


UAE gold sales jump 15% to Dhs3.1b in Q1


Dubai gold sales up by 30 per cent


High prices lower Abu Dhabi gold sales in February


UAE gold sales shine despite rising prices


Abu Dhabi gold sales recovering after '07 slump


UAE consumer confidence falls but remains positive


Dubai Gold Receipt enables financing of over US$100 million


Dubai 2007 gold trade increases 29% to US$19.03bn


55pc increase in Dubai gold trade


Abu Dhabi gold sales down 20%


Dubai August gold futures trade up 20%


Dubai gold sales up 26% in August


UAE gold sales rise by 22% to Dh2.8b


Gold shops say sales have increased in Dubai


Total gold demand in UAE reached 29.8 tons


UAE leads world in fiscal freedom index


Dubai gold imports set to rise


Gold sales in Abu Dhabi up 10%


Dubai gold sales up 34% in June


Dubai's second quarter gold imports to surge on strong regional demand