Saudi Arabia’s demand for gold bars and coins rose 9% in 2024, reaching 15.4 tonnes, cementing its position as the Gulf’s top market for gold investment, according to the World Gold Council’s latest report.
The surge reflects a growing appetite for safe-haven assets amid economic and geopolitical uncertainty, even as jewelry demand dropped 8% to 35 tonnes due to high prices. However, jewelry saw a modest rebound in Q4 2024 as prices dipped.
The Kingdom’s bar and coin demand jumped 20% YoY in Q4 alone, totaling 4.3 tonnes. The report also notes that UAE demand climbed 15% annually to 13.3 tonnes, while jewelry consumption there fell 13% due to affordability concerns.As gold broke the $3,500/oz record this week, the World Gold Council expects Saudi demand to remain resilient as investors hedge against inflation, volatility, and a weakening dollar — all magnified by Trump’s tariff-driven trade tensions and attacks on the Fed.