Gold glory for Saudi Arabia
Gold
Jeddah - Arab Today
With nearly 333 tons of gold reserves, the Kingdom ranks 16th globally and first among Arab countries. The US ranks first in the world in terms of gold reserves.
This has been revealed by the 2016 Gold Demand Trends (Q2) report issued by the World Gold Council.
Demand for gold increased by 15 percent, from 910.4 tons in the last quarter of 2015 to 1050.2 tons in the second quarter of 2016.
The total supply of gold increased by 10 percent during the second quarter of 2016, from 1041.7 tons at the end of 2015 to 1144.6 tons in the second quarter of 2016.
Demand for jewelry and precious items accounted for the largest share of the gold business, despite a decline in demand by 14 percent.
Saudi Arabia ranked 6th with 16.7 tons in the second quarter of 2016. The UAE ranked 10th globally, with consumer demand for gold reaching 12.5 tons. China maintains the top position.
Source: Arab News
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