Arab Today, arab today gold jewellery loses a little lustre across region
Last Updated : GMT 20:03:59
Arab Today, arab today
Arab Today, arab today

Gold jewellery loses a little lustre across region

Arab Today, arab today

Arab Today, arab today Gold jewellery loses a little lustre across region

Dubai - Arabstoday

Gold jewellery has lost some of its lustre across the Middle East as sales slump in the second quarter amid record high prices and regional unrest.Demand dropped 1 per cent in the UAE and as much as 16 per cent in Saudi Arabia, according to a World Gold Council (WGC) report.However, regional appetite for the precious metal in the form of bars and coins for investment purposes rose by 11 per cent during the period, although that segment accounts for a much smaller proportion of overall sales.Globally, overall demand for gold in all forms slumped 17 per cent, driven by ebbing investment demand, said the report released yesterday.But the WGC expects demand to rise across the year as Asian buyers add to holdings, and as interest in the metal as a haven is stoked by continuing worries about US and euro-zone sovereign debt. \"Ongoing macroeconomic uncertainty, the continued sovereign debt crisis and widespread inflationary pressures will result in gold demand remaining strong,\" said Marcus Grubb, the managing director of investment at the WGC, which is funded by the gold mining industry.Gold prices edged to a record US$1,826 an ounce yesterday as the commodity\'s safe haven status continued to be enhanced by uncertainty in other financial markets.Measuring all gold sales on a quarterly basis, WGC assesses demand for the precious metal for jewellery, investment and for use in technology devices.In the Middle East jewellery segment during the second quarter, the largest decline was in Saudi Arabia. Demand of 21 tonnes was 16 per cent below the same period last year, WGC said in its report. The brunt of the decrease was in 21-carat gold, with buyers shifting to lower carat items.The UAE was the most resilient of the regional markets, with 16.1 tonnes of jewellery purchased, only 1 per cent below the same period last year. Sales were underpinned by appetite from expatriates from the Indian subcontinent, evidenced by the relative strength of the 22-carat jewellery segment, WGC said. Demand from the other Gulf countries fell 4 per cent to 4.9 tonnes.Jewellery demand in Egypt dropped 8 per cent to 8.3 tonnes.Rising gold prices and the fallout from the Arab Spring discouraged gold jewellery purchases in the Middle East, the report said. Parts of the region have been hit by unrest this year, deterring tourists and hurting the spending power of citizens.\"A fall in tourist numbers will always impact gold jewellery sales,\" said Jeffrey Rhodes, the chief executive of INTL Commodities in Dubai.In contrast, stronger demand was recorded in the regional investment segment, which comprises demand for bars and coins and exchange-traded funds (ETFs), which allow investors to buy gold bullion in the same way they would shares. Regional demand was 6.8 tonnes, equivalent to about $327 million (Dh1.2 billion), up 11 per cent from the same period last year.Growth in Saudi Arabia was 26 per cent, with a smaller increase of 6 per cent in the UAE and 17 per cent in other Gulf states. In Egypt, demand slipped by 28 per cent to 0.4 tonnes.Globally, in the overall gold market the WGC said signs of strength in the second quarter remained concentrated in India and China. Purchases of coins, bars, jewellery and gold-backed funds all declined in Europe and the US.Gold demand dropped 17 per cent in the three months from April to June to 919.8 tonnes from the same period last year.Interest in gold-backed ETFs fell steeply, down 82 per cent to 51.7 tonnes from last year\'s high levels. There were signs that this trend was reversing, Mr Grubb said.\"We are bound to get a strong investment number in the third quarter because of the euro-zone sovereign problems,\" he was quoted by Reuters as saying. \"We know ETFs hit a new all-time high in tonnage terms in July and August, and in terms of jewellery demand, there doesn\'t seem to have been a lot of slackening from the strong turnout in the second quarter.\" From / The National

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gold jewellery loses a little lustre across region Arab Today, arab today gold jewellery loses a little lustre across region

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gold jewellery loses a little lustre across region Arab Today, arab today gold jewellery loses a little lustre across region

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Taxi! Transport gets an overhaul

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Turkey warns of 'security' steps

GMT 12:17 2017 Sunday ,24 September

Turkey warns of 'security' steps
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:11 2017 Saturday ,23 September

Doctor provides advices to families

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday