Business | Markets
Gold demand rises in Saudi Arabia
There has been an unprecedented demand for gold in the Saudi market recently, with over 13 billion Saudi riyals (Dh12.75 billion) being spent on the yellow metal during the last two weeks.
- By Mariam Al Hakeem, Correspondent
- Published: 23:42 November 12, 2008
Riyadh: There has been an unprecedented demand for gold in the Saudi market recently, with over 13 billion Saudi riyals (Dh12.75 billion) being spent on the yellow metal during the last two weeks.
Demand is expected to rise still higher as more investors turn to gold as a safe haven in the midst of the global financial crisis, according to market sources.
Sami Al Mohna, an expert on the gold market, said the trend had resulted in a substantial rise in the gold reserves of Saudi investors.
Since soaring to an all-time high of $1,033.39 per ounce in March this year, gold has plummeted 30 per cent.
Gold for December delivery on Monday rose $8.60 to settle at $726.80, roughly the same level at which it traded a year ago.
"Many Saudi investors see this as the right time for making investments in gold as its price is the most reasonable one at present," said Al Mohna.
More from Markets
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
