JEDDAH, 31 October — The demand for gold in the Kingdom is expected to increase by more than 20 percent during the last quarter of this year, market analysts said. They attributed the increase to a growing trend to invest in gold amid fears of an imminent US attack on Iraq.
Osama Al-Wazir, director of World Gold Council for the Gulf countries, said he expected increase in gold sales over the coming months as a result of new developments in the region.
Muhammad ibn Saeed of Al-Amoudi Currency Exchange Center said there was big demand for gold coins and biscuits in recent months as many people, especially expatriates, wanted to preserve their money in the form of gold as a safe investment.
The WGC reported recently that there was a 16 percent increase in gold sales in the Kingdom and other Gulf states during the first half of this year.
