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Dubai gold imports dip in Q2, exports up
DUBAI — Dubai's gold imports fell 21 per cent in the second quarter to 127,914kg (282,000 lb) against the same period last year, while exports rose 32 per cent to 75,372kg, the Gulf emirate's commodities centre said.
Second quarter gold imports rose 11 per cent from the three months to March this year, while exports fell 13 per cent.
The Dubai Multi Commodities Centre put the average price of gold in the first six months of this year at $590.4 an ounce compared with $445 for 2005.
Sales for Dubai's gold industry dropped 30 per cent in the first half of the year, according to the head of a gold and jewellery trade group in Dubai, who blamed the decline on gold's rally to quarter-century highs this year. The centre said import figures were higher than export figures because of purchases by tourists and sales to the other emirates.
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