WGC: High Oil Prices Boost Gold Demand from Middle East
High oil prices boosted gold demand from Middle East countries in the first half of 2001, the World Gold Council (WGC) announced on Tuesday.
The region hit a record for the second quarter with demand rising 10 percent to 139.7 tons, the WGC said in its quarterly gold demand trends publication, cited by the official Saudi Press Agency (SPA).
“The high oil prices of recent periods have boosted economies and consumer incomes although the breakdown of the Arab-Israeli peace process has dampened optimism a little,” it said.
The Middle East demand covers gold jewelry, bar and coin demand in Saudi Arabia, the UAE, Bahrain, Kuwait, Oman, Qatar and Egypt.
WGC said demand in the six GCC states rose 11 percent in the first half of 2001 to 94.1 tons, compared with the same period last year, underpinned by high oil prices and continuing trade promotions – Albawaba.com