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Drop in gold price fuels buying frenzy in Saudi Arabia
By Fatima Muhammad
Saudi Gazette, Jeddah, Saudi Arabia
Sunday, December 22, 2013
http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentid=20...
JEDDAH, Saudi Arabia -- The gold shops in Jeddah are now flourishing as more customers are buying various types of gold thanks to the international drop in gold prices.
Saleh, who works in the Al-Amari gold shop, said that more people are now buying gold jewelry and others are buying gold bullion to store their money after staying away from gold for quite some time.
He said various nationalities are approaching the shop, including Saudis, Africans, and Indians. Prices, he said, range from 165 Saudi riyals to SR140 per gram. The price is set based on any additional work or jewelry being added. The country where the gold comes from also helps determine the price. "We have Italian, Indian, Bahraini, Korean, and local gold creations, each with a distinct price," Saleh said.
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Speaking to the Saudi Gazette, Ali Batarfi, deputy chief of gold in Jeddah, said that they anticipate that the gold prices will continue to drop this month to $1,150 per once, but prices are likely to increase during the first quarter of 2014.
Batarfi said, "The gold market is witnessing an increase in sales thanks to the drop in gold prices. However, not only that but also the school break will start very soon and will also drag more consumers into the market to buy gold for their special occasions, especially weddings."
Gold has dropped this year from $1,920 per once to $1,193.3, which caused a difference in costumer attitudes in buying and storing gold, Batarfi said, adding, "We anticipate that more gold will be sold both with jewelry and pure bullion."
Experts believe that the international move toward investing in various sectors and the stabilization of these moves have decreased investment in gold, with China and India lessening their investment in gold. The demand for gold from central banks has also lessened. Consumer demand for gold jewelry worldwide grew by 20 percent for the year ending September 2013, reaching 3,757 tons and valued at $183.9 billion.
According to the World Gold Council's Gold Demand Trends report, regional consumer demand for gold jewelry has grown by 25 percent, reaching 225.8 tons and valued at $10.9 billion, with the United Arab Emirates and Saudi Arabia featuring prominently.
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