Gold Sales Rise 22 Percent in Gulf States in Second Quarter

Gold sales in the Gulf Co-operation Council States of Saudi Arabia, the UAE, Kuwait, Oman, Qatar and Bahrain rose 22 percent in the second quarter to $1.25 billion from $1.03 billion in the year-earlier period, the World Gold Council said.

Gold consumption in the wider Gulf region also increased by 11 percent during the second quarter from a year earlier.

The rise in gold sales was largely due to a 27 percent rise in the number of tourists visiting the UAE and high oil prices on global markets that led to higher revenues.