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FINANCIAL NEWS
GCC, Egypt gold demand jumps 16% in Q3
21 Nov 2010
(MENAFN) Demand for gold in the six GCC countries as well as Egypt rose 16 percent in the third quarter of this year to a staggering $2.6 billion over the corresponding period in 2009, Reuters reported.
The demand for gold for investment purposes was worth $273 million, up 38 percent over the corresponding period last year.
Gold prices breached all records in the first week of November this year soaring to $1,400 per ounce.
Saudi Arabia ranked first by consuming the yellow metal worth $1.09bn in the third quarter, an increase of 13 percent over the corresponding period in 2009 when the figure was $920 million.
But the volumes decreased in the third quarter of this year as a total of 26.4 tons of gold was consumed in Saudi Arabia, down 11 percent over the third quarter of 2009, when the quantum was 29.8 tons.
The United Arab Emirates (UAE) ranked second as it consumed the precious metal worth $741 million, up 11 percent over the corresponding period in 2009 when the consumption was worth $600 million.
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