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‎Saudi Arabia sees modest growth in demand for gold coins: WGC

May 10, 2024
in Business
‎Saudi Arabia sees modest growth in demand for gold coins: WGC
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Saudi Arabia sees modest growth in demand for gold coins: World Gold Council

Saudi Arabia boasted modest growth in demand for gold coins, due to strong economic performance and investors seeking investment diversification, Andrew Naylor. Head of Middle East and Public Policy, World Gold Council, told Argaam at the Annual Conference of the Arab Federation of Capital Markets (AFCM) 2024.

The gold market in Saudi Arabia is one of the largest in the GCC region. Saudi Arabia is deemed as the sole major producer of gold, especially after new mining explorations.

He stated that Saudi Arabia could benefit from gold as a financial asset and the benefits of gold mining by creating new jobs and investing in mining infrastructure and economic diversification.

Moreover, demand for bullion and coins in the Kingdom is high and exceeds regional trends, compared to its decline in the GCC and the Middle East.

Naylor went on to say that global demand for jewelry, bullion, and coins has decreased in foreign markets, while markets in Asia, including China, India, and Southeast Asia, have seen an increase in demand.

Historically, when gold prices were high, foreign markets experienced growth in demand for bullion and gold pieces, while Asian markets sold, but this trend has recently changed.
 

He explained that regional demand variations include purchases from Chinese and Turkish central banks, speculative activity in US futures markets, and strong demand from Asian consumers, especially in China.

He pointed out that changes in demand in China are due to problems in the real estate market and local equity market and the impact of precautionary measures for the COVID-19 pandemic, leading to changes in economic dynamics and making gold relatively more attractive compared to other assets.

Meanwhile, rising gold prices affect jewelry consumers, but long-term support for gold demand is expected to remain as a means of investment protection, due to factors such as global geopolitical events, expectations of interest rate cuts in the US starting from the end of this year, and inflationary pressures.

He added that the global gold price is influenced by several factors such as purchases by central banks, tactics in futures markets, and gold consumption in China, Meanwhile, gold prices in local markets vary from country to country, affecting supply and demand.

Gold as an investment option is considered a good option due to several factors, including its safe haven status and maintaining its value during crises, high liquidity exceeding $145 billion daily, providing ease of buying and selling gold in any market, and finally investment diversification as owning gold reduces the risks of other investments, he added.
 

Naylor explained that what distinguishes gold is its diversity of uses in jewelry, bullion, and central bank reserves, making its movement different from other investment assets, and thanks to this diversity, gold is not closely linked to other investments, making it an effective tool for portfolio diversification.

He mentioned that gold achieves an average annual return of about 7-8%, which is one of the reasons that push investors to allocate a portion of their investments to gold.

He pointed out that there are positive indicators affecting the long-term gold price, including the expected decrease in interest rates leading to increased institutional investment, especially Western, in gold, and global political and economic instability supporting demand for gold as a safe haven.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Argaam EN – https://www.argaam.com/en/article/articledetail/id/1726289

Tags: ArabiabusinessSaudi
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