MidEast gold demand drops 32% in 2009

17 Feb 2010

(MENAFN) A report issued by the World Gold Council said that gold demand in Middle East has dropped 32 percent during the fourth quarter of 2009 compared to the same period a year earlier, Reuters reported.

According to the report, demand in the UAE dropped 33 percent in full-year 2009, a little higher than the average decline of 31 percent recorded across Gulf states.

Egypt and the UAE saw the biggest slump in jewellery demand, with Egypt declining 35 percent and the UAE 32 percent, the report said.

Middle East gold tonnage off-take declined 28 percent on the year to 250.6 tons, data showed.

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