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World Gold Council ‘Positive’ about 2010
ABU DHABI - Gold sales are likely to be better in the Middle East in 2010, compared to 2009, as the demand is picking up and markets are stabilising, according to Anan Fakhreddin, Managing Director of the World Gold Council, Middle East and Turkey.
“The increased perception of gold as an investment avenue is compensating its high prices. Of course some customers are delaying their purchase decisions because of the high prices. And this reluctance might continue till they are accustomed to the new price levels of gold. But now the demand is picking up,” Fakhreddin told Khaleej Times here.
He, however, declined to confirm if the present gold price levels would continue.
“It is difficult to say as it depends on several factors like overall economic conditions and value of dollars.”
Fakhreddin disclosed that the sale of gold in the Middle East in particular would go up in 2010 with the proposed launch of two initiatives by the Gold Council.
“We will be launching a new brand of gold jewellery in the next couple of weeks targeting the middle income groups and above, mainly for the Saudi and the UAE markets.It will be available in 18, 21 and 22 Karrets and target women who buy gold jewellery as an expression of their confidence and power. The whole thing will be new, the brand concept will be new, the design will be new, the campaign on why people should buy gold now will be new,” he said.
Another initiative will be a campaign to be launched by the Gold Council in the second half of 2010, to promote the purchase of gold as an investment.
“We are working on its details,” he said.
Asked about the council’s estimates on the gold sales in the last quarter of 2009, Fakhreddin said,“We will be releasing the sales figures for last quarter of 2009 only in the first week of February. But it will be definitely on part withthe sales levels achieved in the last quarter of 2008, if not better than that. There is no possibility of the gold sales recording negative growth in the last quarter of 2009 compared to the same period of 2008.”
He said the gold sales figures for the last quarter of 2009 will also be better than the third quarter of the year, as it was the shopping season attached to the traditional Asian festivals, Christmas and New Year.
He said it was premature to give a figure on the possible gold sales in 2010 as the year had only begun.
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