Dubai Gold Securities Trades Record Gold ETCs
Source: Commodity Online (9/28/09)
"Dubai Gold Securities recorded an aggregate six-month volume of 27,691 shares. . ."
At a time when global interest in gold ETF/ETCs is soaring to new highs, Dubai Gold Securities—an initiative of the World Gold Council and the Dubai Multi Commodities Centre—provides a secure and efficient way of investing in gold for MENA region investors through a locally listed and traded equity that gives them direct exposure to gold price performance without the logistical difficulties and costs associated with storing and insuring physical gold.
Global interest in gold ETFs has risen recently on the back of a weakening dollar and inflation worries, which saw the gold price break through the $1,000-per-ounce mark again in September.
"Globally, demand in investment gold has remained robust in the first eight months of 2009. Investors continue to pursue a tactical allocation towards gold leading to increased holdings of gold ETFs/ETCs; a cost-effective and efficient means for many investors to access the gold trade," said Sameer Meralli, Managing Director, DCAM.
Global investment in gold rose to 222 metric tons, up 46% year-on-year in 2Q09, mainly led by gold ETFs, according to research published by the World Gold Council. Total inflows into gold ETFs rose by 46 tons and 459 tons in the second and first quarters respectively, taking the total gold held in funds to 1,694 tons worth US$50.8 billion.
Dubai Gold Securities were first admitted to trading on NASDAQ Dubai on 2 March 2009.