One Kg Gold For WGC Endurance Test Winner

Mumbai, January 25: | Updated: Jan 26 2003, 05:30am hrs
What else can be better than winning one kg of .999 pure gold, especially when the yellow metal is scaling new highs on the price and preference charts every day and observers feel the prices would climb further from their current levels. On Friday, January 24, gold was quoted at $369.80 the highest ever in six years.

The World Gold Council (WGC), with the support of Emaarhas, a real estate group of Dubai, has for the first time announced a unique endurance test The Golden Touch competition in Dubai, the City of Gold. The winner would take away 1 kg of gold which at the current price of around $370 per one troy oz would be worth $11,840 or Rs 5,68,320.

The Golden Touch is the ultimate in last man standing competitions where 12 men and 12 women would begin their open-ended test of endurance in search of a kilo of gold.

At present, Dubai is hosting the first of the many shopping festivals of 2003, the month-long Dubai Shopping Festival (DSF), that was inaugurated on January 16. Even during DSF, the Gold & Jewellery Group, jointly with WGC, has announced astronomous prize of gold to buyers of gold. And the mega prize at the end of DSF would also be 1 kg of gold.

The Golden Touch competition begins at 4 pm on February 5, at the Centre Court, Gold and Diamond Park, Dubai. This would see 24 competitors trying hard to keep their palms for the longest duration on the replica of 1 kg of gold bar. And the winner would be the owner of 1 kg of pure gold.

According to WGCs regional director Moaz Barakat, a total of around $10 million has been contributed to support gold promotion and marketing in Dubai: $5-6 million by the gold trade in Dubai; $2 million by WGC and the balance in co-operative campaigns. The whole effort of the competition is not just to bring out the preciousness of gold but also to add fun value to it, said Mr Barakat.

The WGC has been supporting the Dubai government in marketing both the country and gold since the past couple of years. Targeted at the tourists, Dubai imports almost all of the gold and jewellery sold in the country. Annually around $4.5-5 billion worth of gold and gold jewellery is imported in Dubai.