UAE Gold Consumption Rises 17 Percent in First Quarter
Gold consumption in the UAE rose 17 percent in the first quarter, setting a new record for the period, according to the industry-funded World Gold Council (WGC), cited by the Gulf News.
Indian consumption rose 23 percent to 243 tons. This led to a rise in official imports by 26 percent, the WGC said. Dubai is a traditional supplier of bullion to India, said the report.
The WGC said demand in India was boosted by a buoyant season of marriages and festivals, and by retailers restocking after a period of good sales.
Globally, the first quarter of 2001 saw further growth of 5 percent to 826 tons in demand for gold jewelry and personal investment, the paper added.
The WGC said in its quarterly Gold Demand Trends that demand in the 27 markets monitored by the organization set a new first quarter record, boosted by strong performances in India, the UAE and Mexico – Albawaba.com