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Mideast Q2 gold demand falls 25 pct yr-on-yr: WGC
RIYADH - Middle East gold demand plunged in the second quarter of 2006 by 25 percent compared with the same period last year because of price volatility, the World Gold Council (WCG) said on Tuesday.
Demand in Saudi Arabia fell by 32 percent and in the United Arab Emirates by 21 percent, the industry-backed body’s latest report sent to Reuters on Tuesday said.
“This decrease in demand is justified normally as a predictable reaction to a volatile gold price, especially in Asia and the Middle East along with other local and regional factors,” a statement said.
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