Photo used for illustrative purposes.

Gulf Today, Staff Reporter

Data from the World Gold Council showed that consumer demand for gold in the UAE increased by 33% to 55.3 tonnes in 2022 compared to 41.6 tonnes in 2021, reaching the highest level since 2015.

The UAE topped the consumer demand for gold in the Arab world, with a share of 34.1%, out of Dhs162.2 billion, the total consumer demand for Saudi Arabia, the UAE, Kuwait and Egypt.

The UAE also recorded the highest per capita consumer demand for gold in selected countries in grams, as it recorded during the year 2022 about 5.24 grams of gold per capita.

Gold jewellery

The UAE recorded a growth in the demand for gold jewelry during 2022 by 38% to 46.9 tonnes, compared to 33.8 tonnes in 2021. The country witnessed the highest demand for gold jewelry annually since 2015, which at that time amounted to about 51.4 tonnes.

The UAE accounted for 24.6% of the total demand for gold jewelry in the Middle East, which recorded a total of 190.4 tons, so that the UAE leads the countries in the region in terms of the volume of demand.

According to the council, regional demand for jewelry in the Middle East increased by 15% in 2022, with the big gains coming from the UAE and Saudi Arabia, but momentum slowed in the fourth quarter, largely due to continued high gold prices.

The demand for gold jewelry increased in the fourth quarter by 5% to 10.5 tonnes, compared to 10 tonnes in the corresponding period of 2021.

Gold bars and coins

The UAE also recorded a strong demand for bars and gold coins in 2022, by 8% to 8.4 tons, compared to 7.7 tonnes in 2021, while the country recorded during the year 2022 the highest demand since 2015.

The demand for bars and gold coins in the country during the last quarter of 2022 amounted to about 2.1 tons, with a slight growth of 2% compared to the last quarter of 2021.