Gold sales have hit record highs in the GCC (Gulf Cooperation Council) states. Aaccording to Al-Bayan daily, 45.6 tons of gold were sold on the Gulf markets, excluding Saudi Arabia, during the second quarter of 2001. This figure implies an eight percent increase compared with the second quarter of the previous year.
When including Saudi Arabia in these statistics, demand for the second quarter rises by ten percent to 139.7 tons, according to the Saudi Press Agency. The main reason cited for this dramatic climb has been recent growth in oil prices, which propelled Gulf economies as a whole.
The largest rise in gold sales was reported by the UAE, in which sales grew by 13 percent between April and June 2001. Demand rose by five percent in Kuwait and 11 percent in Oman. However, it decreased four percent in Bahrain and 15 percent in Qatar. — (MENA Report)
© 2001 Mena Report (www.menareport.com )