2007 Gold Sales Jump 30% in the Middle East
Source: Reuters (2/16/08)
Gold sales in the Middle East jumped in 2007 as strong regional economies stoked demand for the precious metal but high and volatile prices dented demand in the fourth quarter, according to the World Gold Council (WGC).
The precious metal rose more than 30 percent in 2007 amid safe-haven buying due to credit market turmoil and worries about the health of the U.S. economy, which sent the dollar to record lows, as well as record high oil prices.
..."Comparing the Middle East performance to the rest of the region...the high and volatile gold prices did not affect the gold market to the extreme as per the other regions," Moaz Barakat, managing director of the WGC in the Middle East, Turkey and Pakistan, said in a statement.