“Dubai is sometimes called the “City of Gold” because of its stunning growth from a sleepy Gulf port to a world-famous business crossroads in the space of a single generation. Its nickname has a literal meaning for traders in the precious metal. The city is building itself up as a center for the gold trade, between sources in Africa and consumers in the rising economies of China and India”. – Kamran Jebreili via Associated Press
Already the world’s biggest gold market, China is loading up on even more gold as investors seek to protect themselves from impending economic risks. Later this year, 1,000 metric tons of gold are expected to arrive through Hong Kong and into the mainland. A notable increase from 2016’s net purchase of 647 tons, China’s import level marks its highest since 2013.