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Wednesday, 29th April 2009 (1778 views)

Gold imports to Dubai grew by 15 per cent during the first quarter of 2009, new figures reveal.

According to data from the Dubai World Group, the value of the emirates' gold trade increased by almost five per cent to $7.4 billion (£5.03 billion) during the three month period, compared with the same quarter of 2008.

The leading import partners of gold to Dubai for the first three months of the year were Pakistan and India, while Switzerland and India were the leading export partners.

Uncertainty in equity markets is fuelling gold investment in the emirate and around 140 tonnes of the precious metal were imported during the first quarter of the year, up from 122 tonnes during the same period of 2008.

Speaking at the DMCC Gold Convention 2009, Ahmed bin Sulayem, executive chairman of the Dubai Multi Commodities Centre, recently stated: "Gold's importance as an alternative store of wealth continues to excel and to maintain its leading position ahead of other valuable commodities."

 

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