Data from the World Gold Council showed that the Saudis bought gold in quantity of 237 tons for more than 5 years, in in particular from the beginning of 2017 until the end of the first quarter of 2022.
The quarterly report from the World Gold Council, a copy of which was received by Al Arabiya, stated that consumer demand for gold in Saudi Arabia increased 6% in the first quarter of 2022, to 11.7 tons, compared to 11 tons in the same quarter the previous year.
Consumer demand for precious metal recorded 44.2 tons last year, 31.1 tons in 2020, 46 tons in 2019, 49.6 tons in 2018 and 54.4 tons in 2017.
The demand for jewelry in gold in Saudi Arabia increased 16% in the first quarter of 2022, to 9.1 tons, compared to 7.8 tons in the same quarter of 2021.
The report tracked a decrease in demand for gold coins and bars in the Kingdom of 18% year-on-year in the first quarter of the year to 2.6 tons, compared to 3.2 tons in the corresponding period of 2021.
The per capita demand for gold in Saudi Arabia was 1.2 grams per person, up from 0.9 grams in 2020, and was approaching pre-pandemic levels of 1.3 grams in 2019.
Globally, the report indicated growth in gold demand of 34% to 1,234 tons in the first quarter of 2022, compared to 919.1 tons in the same period in 2021.
Gold ETFs drove first quarter demand growth amid growing geopolitical concerns related to the Russia-Ukraine war and rising record of inflation in Worldwide.
The report pointed out that the funds traded in bag in gold had their strongest quarterly inflows since the third quarter of 2020, supported by demand for safe assets.
ETF holdings increased by 269 tonnes in the first quarter of the year, which is the largest outflow in 2021 of 174 tonnes.
The investment in bullion and coins was 282 tons in the first quarter, up 20% in less than in the first quarter of quest’year.
The report indicated that central banks around the world increased their reserves by 84 tons in the first quarter of the year, doubling the purchase quantities compared to the previous quarter, but these quantities decreased by 29% compared to the same quarter of 2021. .
The technology sector recorded a demand for gold of 81.7 tons, the highest level in the first quarter since 2018, driven by the increase in the use of the precious metal in the field of electronics.
The report notes that the consumption of jewelry in worldwide lost momentum in the first quarter, posting a 4% year-over-year decline to 517.8 tonnes, and the decline was in largely attributed to weak demand in China and India.
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