The UAE's demand for gold surged 87 percent in the fourth quarter of 2000 to 25 tons compared to the last quarter of the previous year, according to data released Wednesday by the World Gold Council.
The unprecedented jump boosted demand in the world's leading gold consuming countries by 11 percent to a record 894 tons and drove fourth-quarter demand in the Middle East by 23 percent to 115.8 tons, Gulf News said, attributing the sales’ jump to the successful trade promotions.
Moreover, the fourth quarter of 1999 saw a demand slump due to volatile prices.
UAE demand for full-year 2000 was also 19 percent higher, with total offtake put at 94.5 tons. Local gold dealers said prices have bottomed out and the coming months will likely see higher demand.
According to the daily, the WGC report said fourth-quarter offtake at 894 tons set a quarterly record for the world's 27 major markets, topping the previous record in third-quarter 1999 by two percent – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
