, IncAs is common in the business world, many people look to Dubai for gold price news. Called the “City of Gold” because of its strong precious metals markets and jewelry distributors, Dubai is key indicator of the possible direction for the gold market. Gold price news frequently emanates from this business center, and in spite of the price pressure, many in this financial hub see a bright future for gold.
In 2009, the gold price news revolved around steady growth and spot prices that reached an all-time high. The growth in gold price for the year was a healthy 25%, revenue and yet profitability in Dubai-based businesses fell by around 20 to 30 per cent. Although the drop was substantial, the businesses survived and their owners are optimistically looking forward to positive gold price news for 2010.
The general opinion in Dubai regarding the gold market is that the worst appears to have passed. Sales there last year were largely down from January to March, then normal afterwards. The feeling is that the global economic downturn was to blame, but is getting better, making the gold price news seem better for 2010.
Not only do the businesses have an optimistic outlook for the coming year, but the analysts do too. The feeling is that gold price news might find the metal around $1,350 per ounce in the first quarter of 2010 and perhaps as high as $1,800 by the end of the year. These same analysts envision a scenario where gold could reach $3,000 within five years, revolutionizing the gold market in the process.
Just as Dubai is an important part of the business world, its gold center is a key part of the gold price news. This partnership appears to make 2010 a hopeful and profitable time for the gold industry.
Stewart Lawson
Senior Staff Writer - GoldPrice.net
