Demand for gold is on the rise in Saudi Arabia as the summer prompts families to snap up the precious metal as gifts.This is according to gold merchant Ahmad Al-Ammari, who told the Saudi Gazette that prices have been rising not just locally but also around the world.
the annual Hajj pilgrimage to Mecca usually sees plain gold chains and necklaces rise in popularity "as pilgrims love them because they can benefit from selling them in their countries".
Meanwhile, Eid and other holidays tend to see sales of more colourful jewellery rise, with Ramadan bringing a particular spike in demand for bracelets and other items for children.
Gold sales in Saudi Arabia were high earlier this year even when the precious metal reached record high prices as demand for wedding jewellery and gold investments continued unabated, according to the Saudi Gazette.
Source: http://www.gold.org/news/2010/08/05/story/15376/saudi_arabian_gold_demand_rising/
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