Dubai gold trade hits $29bn in '09

Dubai Multi Commodities Centre Authority has announced that the total gold trade through Dubai in 2009 stood at $29bn, matching the value of gold traded in 2008. For the 12 months ending December 31, 2009, a total of 576 tonnes of gold was imported into Dubai, compared to 674 tonnes in the previous year. Although imports in tonnage terms saw a 15% decline compared to the record set in 2008, it was 16% higher than the average import of 498 tonnes since 2001. In 2009, gold exports from Dubai grew 9% to 403 tonnes, compared to 371 tonnes in 2008.