Dubai gold trade increased at $75b in 2013

The value of gold traded through Dubai stood at $75 billion last year, representing 40 per cent of the world’s physical gold trade, according to Ahmad Bin Sulayem, Executive Chairman of the Dubai Multi Commodities Centre (DMCC). The trade of 2,250 tonnes of gold in 2013 marks a 73 per cent increase compared to the previous year. The value of gold traded in 2012 at the DMCC was $70 billion. Dubai is expected to be ranked second after London in terms of gold trade, according to Pradeep Unni, head of research, strategy and trading at Richcomm Global Services. 70 per cent of gold consumed in Dubai is through the tourist population.