Gold tops Dubai exports last year

Gold was on a winning streak as it topped Dubai''s exports in the first nine months of last year amounting to Dh45 billion on the back of high demand from India and a bullish market, latest statistics and analysts said. Unwrought, worked and semi-manufactured gold also topped the list of Dubai''s imports with Dh58.9 billion from January to September last year, the UAE daily (Gulf News) reported, citing Dubai Customs statistics. 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 center 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." India emerged as Dubai''s top trading partner with exports to Dubai reaching Dh66 billion or 20.25 per cent of all other countries. India also came first in imports from Dubai with more than Dh28 billion. "Indian demand for gold was high in the third quarter. After that the rupee became weaker and exports from Dubai to India declined," Unni said. The fourth quarter of last year could record a slight drop in gold exports from Dubai to India due to the weakened rupee, he added. (QNA) LY