UAE Gold Sales Continue to Rise, Up 53% in Q4
March 06, 07
Gold sales in the United Arab Emirates (UAE) continued their rise in the closing quarter of 2006, up 53 percent to $466 million from $301 million in the fourth quarter of 2005, according to World Gold Council. In the third quarter of 2006, gold sales jumped 41 percent to $544.48 million.
In weight, gold consumption rose to 19.1 tons, up from 17.6 tons in 2005.
Annual gold sales in the UAE totaled $2.2 billion, a 26 percent increase over 2005. The increase is attributed to rising tourist traffic to the region, mostly during the Muslim holidays of Eid el Fitr and Eid el Adha, both gifting occasions.