by Mark O’Byrne, Gold Core:
Despite a slight drop in physical demand from China in recent days, physical gold demand remains robust in India, the Middle East and amongst coin buyers in western markets.
Demand for gold in the Middle East remains robust and there has been an eightfold increase or 700% increase in demand in recent years.
Thus, the Dubai Gold & Commodities Exchange plans to list a spot gold contract in the second quarter of next year. The bourse, which offers gold and silver futures, is talking to local merchants and industry organizations and aims to get regulatory approval for the product by early 2014, Chief Executive Officer Gary Anderson told Bloomberg.