High demand for gold coins and bars in the Emirates

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Dubai: Abeer Abu Shamala
World Gold Council data showed that the consumption demand for gold in the UAE decreased by 8% annually, in the first quarter of this year, to 11.3 tons compared to 12.3 tons in the first quarter of last year, but the demand increased by about 16.5%, compared to the last quarter of Last year, when it reached 9.7 tons.
The demand for coins and gold bars increased by about 10% to 1.8 tons, compared to 1.6 tons in the first quarter of 2019. The increase in demand reaches 64%, compared to levels in the last quarter of 2019 when it reached 1.1 tons.

The country’s demand for jewelery and gold jewelery decreased annually by 11% in the first quarter of this year, to 9.5 tons, compared to 10.7 tons in the first quarter of 2019.
On a quarterly basis, demand will have increased by about 10.5%, compared to the last quarter of last year, when it reached 8.6 tons.
At the global level, the Gold Council said that investor interest in buying gold because of concerns about the pandemic Corona virus, rather than a collapse in jewelry production, which led to the stability of demand for the yellow metal in the first three months of 2020.
The council said in its latest quarterly reports that the index funds that store gold on behalf of investors, mostly in the United States and Europe, added 298 tons, valued at about $ 16 billion, to their stocks from January to March.
Meanwhile, the use of gold in jewelery making decreased to 325.8 tons, down 39% compared to the first quarter of last year, at the lowest level in at least ten years.
The council added that sales of bullion and gold coins fell six percent to 241.6 tons, and central bank purchases fell eight percent to 145 tons, while other uses such as the electronics and dental fittings industry also fell 8% to 73.4 tons. Total demand rose 1 percent to 1083.8 tons, compared to a year ago.





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