Sharp Rise in Arab World Gold Demand
August 05, 07Demand for gold in the Arab world is on the rise in the second quarter of the year, registering double digit growth across the board. Demand in the UAE increased 14 percent in volume and 25 percent in value.
According Moaz Barakat, Managing Director of the World Gold Council (WGC) quoted by AWJ, gold demand in the first half of 2007 increased nearly 24 percent in weight and 27 percent in value. Dollar values were not supplied.
Second quarter gold sales in Saudi Arabia rose nearly 17 percent in volume and 25 percent in value. In the first six months of the year, sales jumped 30 percent in value.
Gold buying was strong in