FINANCIAL NEWS

UAE gold jewellery demand up 29% in UAE

28 Jul 2010

(MENAFN) Demand for gold jewellery rose 29 percent in the UAE and 25 percent in Saudi Arabia in the first quarter of 2010, according to the latest quarterly report from the World Gold Council (WGC).

India was the clear global leader, recording a 291 percent surge to 147.5 tons, compared to the first quarter of 2009, followed by the UAE and Saudi Arabia in second and third places, according to the WGC report released on Tuesday.

Earlier this month, retailers said that summer buying of gold had lifted gold sales in the UAE. In its half year report, Dubai Duty Free reported that it had seen an eleven percent rise in gold sales in the first six months of 2010.

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