UAE Buys More Gold : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread

UAE Buys More Gold, Wed 15 Nov 2000

correspondent James Casey. The World Gold Council (WGC) has reported that the United Arab Emirates was the 'star performer' among Gulf countries, during the first three quarters of 2000, with an increase of 9% in gold offtake recorded for the period.

This was largely attributed to surging oil prices, combined with trade promotions that helped to increase demand. Meanwhile, for the Middle East as a whole, gold demand also rose 9% in the first three quarters, compared with the same period last year. Figures suggest demand climbed to 640 tonnes for the period in question.

In addition, Moaz Barakat, WGC's regional director for the Middle East, suggested that fourth quarter prospects were encouraging because it was the traditional buying period.

-- Martin Thompson (, November 17, 2000

Moderation questions? read the FAQ