Gold News

Saudi demand for gold 'booming'

Sales of gold in Saudi Arabia saw a near 17 per cent rise last year, according to the World Gold Council (WGC).

Speaking to Reuters, WGC Middle East, Turkey and Pakistan managing director Moaz Barakat said that the market for gold in the region is looking "positive" after also experiencing a 30 per cent surge in sales value in 2007.

Reasons for the sales increase included higher demand from tourists and rising Indian transactions, he remarked.

"Increasing demand from tourists lifted the market and if Dubai, the heart of the UAE, was not affected by volatile prices in September and October, we would have seen better figures," Mr Barakat went on to add.

Two gold and jewellery events are set to take place in Saudi Arabia next month, according to the Gulf Daily News.

These will take place between February 20th and 23rd at the Prince Sultan Grand Hall of Riyadh's Al Faisaliyah Hotel, and between February 26th and 29th at the Jeddah Hilton Hotel.


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