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Middle East Q2 Gold Demand Falls 25 pct - ASHARQ AL-AWSAT English Archive
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RIYADH, (Reuters) – Middle East gold demand plunged in the second quarter of 2006 by 25 percent compared with the same period last year because of price volatility, the World Gold Council (WCG) said last week.

Demand in Saudi Arabia fell by 32 percent and in the United Arab Emirates by 21 percent, the industry-backed body’s latest report sent to Reuters said.

“This decrease in demand is justified normally as a predictable reaction to a volatile gold price, especially in Asia and the Middle East along with other local and regional factors,” a statement said.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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