AED 9.5 billion worth of gold sales in the UAE during 9 months

The volume of gold sales in the UAE during the first nine months of 2023 amounted to 37.8 tons with an estimated value of 9.5 billion dirhams, according to the report “Gold Demand Trends”, issued by the World Gold Council. 
According to the report released yesterday, jewelry accounted for 78% of the total gold sales volume in the UAE during the period from January to September last year, after its sales volume reached about 29.5 tons during the indicated period.
The share of financial instruments, Bullion and gold coins amounted to 22% of the total gold sales volume in the UAE during the first nine months of this year.
Sales of financial instruments and bullion increased by 31% during the period from January to September of this year, compared to 6.3 tons during the corresponding period last year. Financial instruments 
Quarterly, the total volume of gold sales in the UAE stabilized during the third quarter of this year, registering 12.5 tons, compared to 12.8 tons during the corresponding period last year.
Gold sales in the UAE during the third quarter of this year were distributed by 73.6% for jewelry, compared to 26.4% for financial instruments, Bullion and gold coins.
The volume of sales of financial instruments, Bullion and gold coins during the third quarter of this year grew by 57% to 3.3 tons, compared to 2.1 tons during the corresponding period last year.
Jewelry sales in the UAE during the period from July to September amounted to about 9.2 tons, compared to 10.7 tons during the corresponding period last year. Central banks