Report shows Emirate's non-oil trade surged 23% to exceed Dh814b
Unwrought, worked and semi-manufactured gold also topped the list of Dubai's imports with Dh58.9 billion from January to September last year, according to Dubai Customs statistics released yesterday.
As an investment haven and a quick way to liquidate assets, gold saw rising demand during this period: Dubai's reputation for the quality of gold, structure for gold trading and tax-free transactions also made the precious metal more attractive, said Pradeep Unni, Senior Relationship Manager at the Dubai-based commodities trading firm Richcomm Global Services DMCC.
"Gold was on the rally up until mid-September and the market was bullish, there was no looking back for trading activity. A lot of people were buying gold for investment purposes and Dubai, being a large trading centre for gold trade historically, had the biggest share of activity," he said "Equity was not doing well and everyone was looking at gold as an option."
Sri Lanka should adopt free trade of GOLD. We are much closer to India than Dubai.
Unwrought, worked and semi-manufactured gold also topped the list of Dubai's imports with Dh58.9 billion from January to September last year, according to Dubai Customs statistics released yesterday.
As an investment haven and a quick way to liquidate assets, gold saw rising demand during this period: Dubai's reputation for the quality of gold, structure for gold trading and tax-free transactions also made the precious metal more attractive, said Pradeep Unni, Senior Relationship Manager at the Dubai-based commodities trading firm Richcomm Global Services DMCC.
"Gold was on the rally up until mid-September and the market was bullish, there was no looking back for trading activity. A lot of people were buying gold for investment purposes and Dubai, being a large trading centre for gold trade historically, had the biggest share of activity," he said "Equity was not doing well and everyone was looking at gold as an option."
Sri Lanka should adopt free trade of GOLD. We are much closer to India than Dubai.
