Dubai gold imports rose 13 percent to 300 tonnes in the second half of 2009 as turbulent financial markets bolstered its safe haven appeal.
Gold exports rose 19 percent to 213 tonnes in the same period, the Dubai Multi Commodities Centre (DMCC) said.
The total value of the city’s gold trade rose 12 percent to $14.7bn.
“No doubt the market witnessed some volatility in gold prices and was compounded by lower retail sales of gold jewellery, however, the overall investment appeal of gold remained strong throughout the first half of this year,” said DMCC chief executive David Rutledge.
Rising demand for the precious metal as a hedge against inflation means the outlook for gold trade is positive, added the centre’s director for gold and precious metals, Harendra Kailath.
India, Switzerland and Iran were the biggest importers, while India, Malaysia and Switzerland were the top exporters to Dubai.
Gold prices eased on Tuesday after nearing a two-month high, sparking fears that investors could sell some of their holdings amid rising stock markets and low inflation.
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