UAE Removes Emirates Gold Refinery from "Good Delivery Standard" List

The UAE has removed its Emirates Gold refinery from the "Good Delivery Standard" list, which is concerned with issuing certificates that set reliable supply standards, as reported today by the UAE government website. The updated list shows that the suspension is temporary and has been in effect since July 7. The London Bullion Market Association (LBMA) also stated that "the membership of companies associated with Emirates Gold has been suspended until further notice" based on the outcome of a recent due diligence technical examination conducted by the association. Emirates Gold is one of the largest gold refineries in the Middle East and has been operating for 30 years.