Gold demand in Saudi Arabia decreased by 3.12% during Q2

A report revealed that the total demand for gold in Saudi Arabia decreased during the second quarter of this year by 3.12%, equivalent to 0.4 tons, to 12.4 tons, compared to 12.8 tons in the same period in 2023.

According to data from the World Gold Council issued today, Tuesday, the total demand for gold in Saudi Arabia from consumers amounted to about 24.7 tons in the first half of this year, compared to 26.2 tons in the same period in 2023.

The monitoring showed that Saudis’ purchases of gold (jewelry and bullion) decreased during the first half of 2024 by 5.7%, equivalent to 1.5 tons, on an annual basis.

According to the monitoring, demand for gold in Saudi Arabia from consumers increased at the quarterly level by the end of the second quarter of 2024 by 0.82%, equivalent to 0.1 tons, compared to the quantity recorded in the first quarter of this year, which amounted to 12.3 tons.

During the year 2023, the total demand for gold in the Kingdom reached its highest levels in 6 years, reaching 52.2 tons, compared to 50.1 tons in 2022.

Demand for jewelry

The monitoring indicated that demand for gold in the Kingdom was affected during the second quarter of this year by a decrease in demand for jewelry by 11.6% on an annual basis.

Total demand for jewelry in the Kingdom amounted to 8.4 tons in the second quarter of 2024, compared to 9.5 tons in the corresponding quarter of 2023.

During 2023, total demand for jewelry in the Kingdom amounted to about 38.1 tons, recording the highest level in 5 years, compared to 37.9 tons in 2022.

Demand for bullion

At the bullion level, demand in Saudi Arabia for gold bullion and coins increased by 20% during the second quarter of this year on an annual basis.

Total demand in Saudi Arabia for gold bullion and coins amounted to 3.9 tons in the second quarter of 2024, compared to 3.3 tons in the same quarter last year.

During 2023, the total demand for gold bars and coins in the Kingdom amounted to about 14.1 tons, recording the highest level in 8 years, specifically since it reached 14.9 tons at the end of 2015.