Gold ‒ Dubai imports are down

Dubai, UAE --- MININGREVIEW.COM --- 08 March 2010 - Dubai's gold import volumes in 2009 totalled 576 tonnes ‒ a 15% decline compared to a year earlier, a statement from the Dubai Commodities Centre says.

Branded as the city of gold, Dubai has seen weak demand from the gold retail sector over the past year, as the high price of the yellow metal, coupled with the economic crisis, curbed consumer spending.

In terms of value, gold trade in Dubai stood at US$29 billion (R217.5 billion) in 2009, matching the value of trade a year earlier, the statement added.

Gold exports from Dubai were 403 tonnes in 2009 ‒ a 9% increase from a year earlier, it said.