Demand for gold in Saudi Arabia, whether jewelry or bullion, rose during the first half of 2023 by 9.6% annually to 26 tons, an increase of 2.3 tons compared to the first half of last year.
Statistics published by Mubasher website on Wednesday indicate that the demand for gold in Saudi Arabia during the second quarter of this year increased by 4.9% annually to 12.8 tons, compared to 12.2 tons during the same period last year.
On the other hand, demand declined during the second quarter compared to the first quarter of this year by 4.48%.
The demand for gold in Saudi Arabia in 2022 recorded its highest level in the last 5 years, increasing by 13.35% annually to record 50.1 tons, compared to 44.2 tons in 2021.
Demand for jewellery in the Kingdom increased by 4.3% during the first half of this year to 19.3 tons, while during the second quarter it increased by 1.06% to 9.5 tons.
At the bullion level, demand for gold bullion and coins increased by 29.6% annually during the first half of the year to 7 tonnes.
At the same time, Saudi Arabia's reserves at the end of the second quarter of this year reached 323.1 tons, ranking first in the Arab world and 17th globally.