The UAE will host Expo 2020!
  • Arabic
Supported by the UAE National Media Council
We are in the process of developing and improving our website, and we invite you to participate in our brief survey to measure the level of your satisfaction
Satisfaction Survey For UAE Interact Website
رغبة منا بالتعرف على مستوى رضاكم عن موقعنا وبهدف تطويره وتحسينه، فقد قمنا بتصميم استبيان سريع لقياس مدى الرضا عن موقع دولة الإمارات العربية المتحدة روعي في تصميم الاستبيان أن يكون قصيرا وسريعا كي لا نطيل عليكم، وعليه نرجو منكم التكرم باستكماله عن طريق الرابط التالي
استبيان رضا المتعاملين عن موقع دولة الإمارات العربية المتحدة

UAE gold demand up 40%

posted on 18/08/2013: 3001 views



The UAE witnessed a 40 per cent surge in consumer demand for gold during the second quarter of the year over the same period last year, according to the latest data issued by the World Gold Council on Thursday.

Total gold consumer demand in the country jumped to 22.8 tonnes for the June quarter, compared to the 16.3 tonnes demand in the same quarter last year. -

In value terms, the total gold demand in the country increased to US$1.04 billion during the second quarter of 2013, compared to US$843 million, showing 23 per cent increase.

"Demand in the UAE was heavily buttressed by the substantial ex-pat Indian community, which favours 22-carat items,” the Council in the quarterly report.

The Middle East region recorded 37 per cent increase in gold demand for June quarter that increased to 67.4 tonnes compared to 55.7 tonnes during the same period last year. Value of the gold demand in the region increased to US$3.06 billion, compared to US$2.54 billion last year, reflecting 21 per cent increase.

India, China dominate globally

India and China dominated the global gold market in terms of consumer demand during the second quarter of the year over same quarter last year. Global consumer demand for gold totalled 1,083 tonnes in the quarter, showing a year-on-year increase of 53 per cent. Globally, jewellery demand was up 37 per cent in the quarter to 576 tonnes from 421 tonnes in the same quarter last year, reaching its highest level since third quarter of 2008.

The Council report highlighted that how recent falls in the gold price have generated significant increases in demand, most notably from consumers in China and India — by far the biggest markets for gold — compared with the same time last year. In China, demand was up 54 per cent compared to a year ago; while in India demand increased by 51 per cent. There were also significant increases in demand for gold jewellery in other parts of the world.

Marcus Grubb, managing director for Investment at the World Gold Council said: "This quarter again demonstrates the unique diversity of global gold demand, as the self-balancing nature of the market apparent in the previous quarter was even more clearly in evidence. Across the decades, different sectors in the gold market have risen in prominence at different points in the global economic cycle and the current shifts are just part of the normal ebb and flow of what is an extremely liquid market.”

For the tenth consecutive quarter, central banks were net buyers of gold, purchasing 71 tonnes, which reinforces the trend that began in the first quarter of 2011. Demand in the technology sector was stable once again, totalling 104 tonnes, a rise of one per cent on last year.

Meanwhile gold held in gold-backed ETFs, which in 2012 accounted for just 6 per cent of the world's gold demand, fell by just over 400 tonnes, driven by hedge funds and other speculative investors continuing to exit their positions. – Khaleej Times

RELATED ARTICLES

23 August 2016 Peruvian gold exports to UAE top US$233m in H1 2016
03 August 2016 Saudi Arabia largest importer of gold from UAE in 2015
11 July 2016 Gold lights up UAE non-oil trade in Q1
16 May 2015 Global gold demand drops one percent in Q1: World Gold Council
03 June 2014 Dubai’s gold prices get maximum exposure


Most Read