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Friday, 25th November 2005 (5217 views)

Gold demand is up by nine per cent in Kuwait.

In terms of tonnage, gold demand is now up by 9.2 per cent in comparison to the corresponding period last year.

For the third quarter of 2005 consumption was 6.4 tonnes, equating to $105 million.

Moaz Barakat, the WGC executive chairman in the Middle East, Turkey and Pakistan, attributed the rise to promotional activities.

He highlighted the success of the recent Ramadan Gold Shopping Festival, jointly organised by the WGC and the Kuwaiti Ministry of Commerce and Industry.

During the festival 10kg of gold was given away and over 200 gold and jewellery shops were in attendance.

Despite rising gold prices, jewellery demand has grown in the Middle East to record an 11 per cent during the third quarter. Experts attribute this to the rise in oil prices, which has fuelled a growth in prosperity, along with an increase in the number of tourists.

 

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