The TrustSecurities DMCC, a clearing broker member of Dubai Gold and Commodities
Exchange (DGCX) has announced that the demand for gold trading in Dubai, United
Arab Emirates – known as the biggest Arabian economy, next only to Saudi Arabia
– is rising to a good start this 2012.
The DubaiChamber Study explores the challenges and prospects for the UAE gold market and
the different potentials for the country’s gold traders and investors to
benefit from these opportunities. This is while protecting themselves from the
risks involved in trading with commodity metals. It reported gold trades of
over US$41.3 billion which indicate a healthy trend for the whole 2011 and
early 2012. The study finds out that the Dubai Gold and Commodities Exchange
(DGCX) has been thriving as of May 2011 when gold contracts increased by 39%
year on year to achieve over 60,000.
There is huge increase in Gold investment in Dubai and there are lot of forex brokers in Dubai which are giving option to trade in Gold. In Dubai
UAE, gold plays an important part for use in jewelry, investment commodity as
well as in import and export trade. Gold is known to be less volatile the
currencies and other investment products. This is considered to be an
investment haven and a speedy way to liquidate assets. Overtime, Dubai has been
gaining reputation for the high quality of gold, structure of gold trading and
tax free operations that it offers, therefore making gold more attractive.
However, it has also been subject to price
cycles during the past few years. According to Dubai Chamber’s study, the price
movements in the gold market are very crucial for gold investors and traders
who need to make future plans for their businesses.
Opportunities for UAE Gold Market
Despite of
these, gold trading in Dubai, UAE continues to be promising. The investment
demand is not only the reason for the price rise of gold but due to higher
demand for using it for jewelry making. It is also important to consider that this
country continues to increase its wealth with the consistent growth of its
economies. And with that growth, residents of UAE are gaining more disposable
incomes to purchase luxury items.
The World
Gold Council (WGC) estimates that jewelry and investment demand from Asian
countries embodied about 40% of total global demand for gold in 2010 and also
estimate that the demand from India is anticipated to grow ultimately.
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