Middle East Q4 gold demand drops 32%

The World Gold Council has said that gold fourth-quarter in the Middle East had dropped 32% on the year, Reuters has reported. Egypt and the UAE saw the biggest slump in fourth-quarter jewellery demand, with Egypt falling 35% and the UAE 32% on the year. Demand in the UAE fell 33% in full-year 2009, a little higher than the average fall of 31% recorded across Gulf Arab states. Saudi Arabia, the region's largest gold market, saw 2009 demand drop 24% on the year. Total Middle East gold consumption in 2009 fell 28% on the year to 250.6 tonnes, the council said.