Dubai gold trade climbs to US$75 bln

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Dubai gold trade climbs to US$75 bln

Dubai gold trade climbs to US$75 bln

(Dubai) – 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.
“Dubai has quickly emerged as the leading global hub for the precious metals trade. As a result of DMCC’s continuous efforts to realise the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, the emirate has risen as the destination for global precious metals trading,” Sulayem said in his keynote address at the Third Dubai Precious Metals Conference.
In 2013, almost 40 per cent of the world’s physical gold trade came through Dubai and the value of total gold traded through Dubai grew to US$75 billion, compared to US$6 billion in 2003, and US$70 billion in 2012.

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