UAE sold the most gold in Middle East in 2022

The UAE is leading the Middle East region in gold sales, with demand for yellow jewellery in Dubai and the rest of the emirates surging in double digits to reach nearly 50 tonnes last year. From January to December 2022, consumers snapped up a total of 46.9 tonnes of gold jewellery in the UAE, up by 38% compared to the same period in 2021, according to the latest data released by the World Gold Council (WGC). The UAE’s gold consumption in 2022 was the highest in the Middle East region, outpacing the demand in Saudi Arabia, which logged 37.9 tonnes, Egypt (33.6 tonnes) and Kuwait (14.7 tonnes). Jewellery demand in the UAE also outstripped those in other Middle East countries, where total demand reached 27.5 tonnes. Regional demand Across the Middle East, gold demand went up by 15% year-on-year to 190.4 tonnes, higher than in the Americas (187.8 tonnes), Europe (70.6 tonnes) and other Asian countries, except major markets like Greater China, which recorded 598.3 tonnes and India (600.4 tonnes). “Sizable gains in the UAE and Saudi Arabia were key contributors to the regional performance. But momentum slowed in the fourth quarter, largely in response to the high and rising gold price,” the World Gold Council said. The UAE is home to a huge population of expatriates from India, considered to be one of the world’s biggest gold consumers. It is also a favourite destination for gold shoppers from other countries. Global demand trends Jewellery remained popular in the UAE, while overall global consumption softened a fraction, down by 3% at 2,086 tonnes, which was due mainly by price increases during the fourth quarter of 2022. Total annual gold demand, excluding over-the-counter sales, jumped by 18% to 4,741 tonnes in 2022, on par with 2011. Investment demand went up by 10% to 1,107 tonnes, while demand for gold bars and coins grew 2% to 1,217 tonnes. Last year also saw a huge appetite from central banks, which acquired a total of 1,126 tonnes, the highest in 55 years. Gold prices rallied about a year ago, hitting $2,000 an ounce in February 2022, as Russia waged a war against Ukraine. Prices dipped by more than 20% several months later due to the US Federal Reserve’s aggressive monetary policy and the strong US dollar. However, since October 31, 2022, prices have been trending upwards and reached more than $1,924 an ounce at the end of January, up from $1,639 an ounce about three months earlier. (Reporting by Cleofe Maceda; editing by Seban Scaria) cleofe.maceda@lseg.com

UAE sold the most gold in Middle East in 2022

DISCOVER MORE

Gold holds tight range as Fed verdict nears

OPEC+ likely to stick to its guns despite price slump, delegates say

DMCC to launch new UAE gold and silver bullion coins

Dubai: Gold prices drop ahead of Fed meeting on interest rates

Gold listless as investors strap in for Fed rate verdict

Gold ticks higher as investors brace for Fed rate verdict

Oil slips after unexpected build in U.S. crude stocks

Gold retreats in run up to Fed decision

Kuwait Agility wins $1.65bln in Korek Telecom arbitration

UAE’s Masdar, Egypt’s Infinity JV buy full stake in Africa’s Lekela Power

Saudi SABIC names Abdulrahman Al-Fageeh as new CEO

Banking turmoil: Fitch Solutions revise 2023 gold price forecast to $1,950 an ounce

Banking crisis: Too soon to tell whether shotgun deals will restore confidence - Lombard Odier

Banking turmoil: Fitch Solutions revise 2023 gold price forecast to $1,950 an ounce

Gold flirts with record highs after topping $2,000 an ounce

Royal Mint launches gold bar depicting the Kaaba ahead of Ramadan

Safe-haven gold jumps as traders assess SVB fallout

Gold trades in tight range as investors gear up for U.S. jobs data

LATEST VIDEO

VIDEO: Dubai’s Emaar to build shopping mall in Jammu and Kashmir

ZAWYA COVERAGE

Abu Dhabi's Mubadala, Ares set up $1bln JV to invest in credit secondaries

Egypt to get $7bln in funding as World Bank approves new development framework

Switzerland’s digital asset bank Sygnum opens Middle East hub in Abu Dhabi

Combined net profit of UAE’s big banks jumped 12.5% in 2022 - Moody’s

Egypt's Suez Canal economic zone, Abu Dhabi ports partner to develop projects within the zone

World stocks up cautiously ahead of high stakes Fed decision

Freeport LNG cancels some March cargoes on restart hiccups

Spain's PM easily defeats no-confidence motion brought by far right

UAE: Jarir Bookstore opens in Sharjah

THE BRI REPORT

China is reshaping the Belt and Road Initiative ahead of a post-pandemic era

DISCOVER MORE

LATEST VIDEO

ZAWYA NEWSLETTERS

ZAWYA COVERAGE