Gold purchase high by 56 percent in Middle East during Q3

Gold prices drop and consumers seek gold purchase as safe haven
Gold purchase high by 56 percent in Middle East during Q3

The demand for gold was on a surging high in the UAE during Q3, 2008, owing to buyers looking for gold purchase as a safe haven during the current economic slowdown and the lowered prices encouraging jewellers to make good sales during the season.

During the third quarter of 2008, gold consumption in UAE increased by 56 percent from the respective quarter in 2007. Also, in Middle East, Saudi Arabia gold purchase jumped up by 51 percent in value. The cumulative rise of gold purchase in the Gulf countries during the said quarter increased by 42 percent and in Egypt by 33 percent. As reported by GJEPC, the WGC noted that demand in the region was spurred also by the ‘gifting’ occasions, where in Dubai, gold prices fell simultaneously when the Dubai Summer Surprises festival was held. The buyers had previously shown skepticism in Q2, 2008 towards purchase due to high gold price, now seemed eager to purchase. Other festivals like Onam contributed to increase in sales.


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