DMCC warns of fradulent gold sales

The Dubai Multi Commodities Centre (DMCC), a trade association, notified its members and investors in general to be cautious when dealing with offers made to sell large quantities of gold at a discount to the market price, according to reports.

�Recent publicity and volatility in gold prices has attracted increased investor focus on this metal. In such circumstances, we often see an upsurge in fraudulent activity. This has been the case in recent weeks,� said Colin Griffith, the DMCC executive director for gold and precious metals.

The DMCC asked investors to deal only with reputable and DMCC-registered gold merchants. It also said that it would work closely with the concerned authorities to ensure that appropriate action is taken to protect its members.