DMCC Charters Notable Rise in Global Gold Demand

SEATTLE (Scrap Monster): Gautham Sashittal, Chief Executive of the Dubai Multi Commodities Centre (DMCC) stated that precious metals industry is set to witness notable growth in the coming years. The recent geopolitical events have lifted opportunities in the sector. He foresees global gold demand rising significantly.

Speaking at the annual Dubai Precious Metals Conference held 10-11 April, 2019, he noted that the gold prices are mainly influenced by the geopolitical uncertainties and weakness in dollar. The gold demand is being driven by the uncertainties. The ongoing general elections in India, Brexit worries, the tensions between the U.S. and Venezuela and interest rate hike by world central banks have all helped to raise the safe-haven demand for gold.

H.E. Juma Mohamed Al Kait, Assistant Undersecretary, UAE Ministry of Economy, who delivered the keynote speech, noted that gold, diamond and precious metal sector plays an important role in UAE’s economic diversion and is expected to witness significant growth. Incidentally, the country accounts for nearly 14% of the world’s total gold trade. Further, he highlighted DMCC’s crucial role as a leading hub for commodities.

Mr. Al Kait that rising popularity of gold as investment product in China and India and increased gold purchases by central banks around the world are likely to keep gold’s demand rising in the forthcoming years. Also, investment demand for gold has been on the rise in the West during recent times, he added.