The conference, organised by Richcomm Global Services, was supported by Dubai Multi Commodities Centre (DMCC).
Speaking at a panel discussion, industry players and analysts said despite the higher import duties introduced by
"We have seen strong demand for bullion in 2013 which has continued into
DMCC has high stakes in the global bullion market with more than 25 per cent of all global physical bullion, over
Gold gained more than 3 per cent in the first month of 2014 following its worst trading year in three decades. Industry representative differed on the sustainability of a recovery in gold prices.
"Given the recovery in the US economy and changes in the monetary policy prices are likely to remain under pressure and range as low as
There is a section of the market that values gold as a proxy currency and its relative value in dollar terms has been under pressure throughout 2013, as Federal Reserve's quantitative easing flooded the markets with cash, and the jury is undecided on the impact of tapering, unemployment and US growth prospects.
While the panel in general agreed that gold is going to be reactive to the macro economic conditions, Rolf Schneelbeli, CEO,
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