Gold– what attracts women and is a good source of investment and business. Or is it?
The demand for the gold jewelry in the UAE has hit a low for the fourth consecutive year. It has fallen to a 20% low according to a report.
“Demand in the UAE received a small boost in December as consumers rushed to make their purchases before a 5% Value-Added-Tax (VAT) was imposed in January. But the 16% year-on-year gain in Q4 demand failed to rescue the market from a fourth consecutive annual decline: 2017 demand was down to 2% to a 20-year low of 42.8 tonnes,” the Council said.
READ ALSO: Officials seize Rs 4.5 crore gold, passengers held
Globally, the demand for gold rose in the final months of 2017, gaining 6% year-on-year to 1,095.8 tonnes in Q4. But compared to the full year demand, it fell by 7%to 4,071.7 tonnes.
According to World Gold Council, full-year gold jewelry demand increased by 4% to 2,135.5 tonnes – the first year of growth since 2013.
India and China led a 4% recovery in jewelry, although demand remains below historical averages. India’s 12% year-on-year improvement was partly due to a very weak 2016. Demand fluctuated on changes in tax and regulations.
Increased use of gold in smartphones and vehicles sparked the first year of growth in technology demand since 2010.
Post Your Comments