Rise in demand for gold in Saudi Arabia more than double worldwide levels
While demand for gold in 2005 rose worldwide by some five percent, in Saudi Arabia demand increased by 12 percent, and 13 percent in terms of retail investment along with gold jewelry.
Saudi Arabia's strong economy, according to the annual report of the Dubai-based World Gold Council (WGC), was the main factor behind the discrepancy.
This increase is also attributed to high oil prices and strong economy conditions in those countries as well as tourism.
Demand, therefore, is expected to continue on its current upward trend through 2006, the report said according to Arab News.
Other countries in the Middle East such as Turkey, Egypt, Kuwait, Bahrain, Qatar, Oman, and the UAE also experienced a rise in demand for gold.