2/17/99 - WGC blames oil prices for fall in Gulf gold demand
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DUBAI, Feb 17 (AFP) - Gold demand in most Gulf Arab states fell in 1998 because of the fall in oil prices but Saudi Arabia and the United Arab Emirates (UAE) bucked the trend, the World Gold Council (WGC) said Wednesday.
"Falling incomes resulting from low oil prices have depressed purchases in these markets," said D.V. Pathy, WGC manager for Gulf states. "UAE, however, has bucked the trend by offering innovative promotions and new products."
The WGC said Saudi Arabia saw a five-percent increase in demand last year, rising to 208.4 tonnes from a total of 199 tonnes in 1997. UAE demand, mostly for redistribution, went up 11 percent to 79.4 tonnes.
But in Oman and Qatar, demand fell by 14 and 12 percent respectively, in Kuwait by seven percent and by one percent in Bahrain. |
