DUBAI, May 24: Dubai’s first quarter gold imports dropped 7.6 per cent to 122 tons compared to the same period in 2007, as bullion prices rose to a record above $1,000 an ounce, the Dubai Multi Commodities Centre (DMCC) said on Saturday.

The Gulf Arab emirate’s gold exports surged 74.2 per cent to 115 tons, the DMCC said in a statement.

Spot gold powered to a record of $1,030.80 an ounce on March 17 on record-high crude oil, fears of inflation and expectations of more rate cuts in the United States, making the metal more attractive as an alternative investment.—Reuters