By Fatima Muhammad
Saudi Gazette, Jeddah, Saudi Arabia
Sunday, December 22, 2013
http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentid=20...
JEDDAH, Saudi Arabia --
The gold shops in Jeddah are now flourishing as more customers are buying
various types of gold thanks to the international drop in gold prices.
Saleh, who works in the
Al-Amari gold shop, said that more people are now buying gold jewelry and
others are buying gold bullion to store their money after staying away from
gold for quite some time.
He said various
nationalities are approaching the shop, including Saudis, Africans, and
Indians. Prices, he said, range from 165 Saudi riyals to SR140 per gram. The
price is set based on any additional work or jewelry being added. The country
where the gold comes from also helps determine the price. "We have
Italian, Indian, Bahraini, Korean, and local gold creations, each with a
distinct price," Saleh said.
Speaking to the Saudi Gazette, Ali Batarfi, deputy
chief of gold in Jeddah, said that they anticipate that the gold prices will
continue to drop this month to $1,150 per once, but prices are likely to
increase during the first quarter of 2014.
Batarfi said, "The gold market is
witnessing an increase in sales thanks to the drop in gold prices. However,
not only that but also the school break will start very soon and will also
drag more consumers into the market to buy gold for their special occasions,
especially weddings."
Gold has dropped this
year from $1,920 per once to $1,193.3, which caused
a difference in costumer attitudes in buying and storing gold, Batarfi said, adding, "We anticipate that more gold
will be sold both with jewelry and pure bullion."
Experts believe that the
international move toward investing in various sectors and the stabilization
of these moves have decreased investment in gold, with China and India
lessening their investment in gold. The demand for gold from central banks
has also lessened. Consumer demand for gold jewelry worldwide grew by 20
percent for the year ending September 2013, reaching 3,757 tons and valued at
$183.9 billion.
According to the World
Gold Council's Gold Demand Trends report, regional consumer demand for gold
jewelry has grown by 25 percent, reaching 225.8 tons and valued at $10.9
billion, with the United Arab Emirates and Saudi Arabia featuring
prominently.
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