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Demand for gold jewellery in KSA falls 32 per cent
JEDDAH — Gold jewellery demand in Saudi Arabia fell by 32 per cent in tonnage and gold retail investment (bars and coins) increased 60 per cent in the second quarter of 2006 (Q2 '06) as compared to the same quarter in 2005.
This fall in gold jewellery demand was mainly due to high and volatile gold prices plus the insecure situation of the Saudi stock market since its slump starting end of February this year, which highly affected both consumer sentiments and the purchasing power of individuals, according to the regional office of the World Gold Council (WGC) report on gold demand in the Middle East region and worldwide for the second quarter of 2006, a copy of which was made available to Khaleej Times here yesterday.
Moreover, volatile gold prices led many individuals to sell part of their gold savings and gold investments (bars, coins and gold jewellery) to make high profits resulting from high gold prices.
Total demand in Saudi Arabia reached 35.6 tonnes in Q2 of this year, it said.
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