“About a quarter of all the physical gold traded around the world already passes through Dubai, the commercial hub of the United Arab Emirates, but DGCX, as the exchange is known, is looking to continue expanding this trade, which has grown from $6 billion in 2003 to $70 billion last year, according to data from the Dubai Multi Commodities Centre. This is part of a trend that is seeing the volume of gold passing through established gold-trading venues in the West—London, New York and Zurich—gradually shifting eastward, to Dubai, Singapore, Hong Kong and Shanghai. Souks are still hives of gold-trading activity in Dubai, which boasts around 300 gold retailers.”
http://blogs.wsj.com/moneybeat/2013/10/29/dubai-to-add-spot-gold-contract/
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