Monday, 27th June 2005 (3615 views)

Gold consumption in the United Arab Emirates (UAE) is up by 15 per cent this year compared to last year.

This makes the country number five in the world in terms of gold consumption.

Moaz Barakat, managing director of World Gold Council (WGC), Middle East, Turkey and Pakistan told the Khaleej Times that this trend is likely to continue till the end of this year.

He added: "The whole Middle East is showing growth in terms of gold consumption. There is more physical demand for gold, especially from India."

The Dubai Summer Surprises Festival is also expected to boost demand for the yellow metal as customers in the area continue to purchase gold jewellery despite high prices.

Mr Barakat added: "In the coming two years 400 new gold jewellery outlets will open. It shows that demand is increasing."

 

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