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Middle East grabs gold

Posted on 23 July 2014

The Middle East will take a bigger share of gold demand as buyers from Kuwait to Saudi Arabia to the United Arab Emirates diversify investments and Dubai nears offering a contract for immediate delivery bullion.
MKS (Switzerland) SA, a Geneva-based bullion trader and refiner, expanded into Dubai three years ago and employs 25 people there, with the gold trade an “important market,” said Frederic Panizzutti, chief executive officer of MKS Precious Metals DMCC in the emirate. A spot gold contract due to start on the Dubai Gold & Commodities Exchange this year will draw business from London, said Gerhard Schubert, head of gold and commodities at Arab Banking Corp., a Bahrain-based bank………………………………………..Full Article: Source


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