Monday, 31st October 2005 (2871 views)

The United Arab Emirates (UAE's) gold consumption is set to increase by between 13 and 15 per cent this year.

Year on year, consumption of the precious metal is predicted to have risen 12 per cent for the nine months to October, with further growth expected before the year's end.

Moaz Barakat, the World Gold Council's managing director for the Middle East, Turkey and Pakistan called 2005 the "best year" for the gold industry both in terms of consumption and prices.

Mr Barakat pointed out that demand for gold had risen as governments were using it as an investment in the face of rising oil prices, high gold prices had won over investors and gold jewellery was back in fashion.

Another reason for the surge in the UAE's gold consumption is Saudi Arabia's recent decision to reduce custom duties on gold from 12 to five per cent.

 

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