Mubasher: Global demand for gold increased 15% in the second quarter of 2016 to 1,050.2 tonnes, compared to 910.4 tonnes in Q2-15, according to a recent report issued by the World Gold Council.
Total supply also grew by 10% year-on-year in Q2-16, to 1,144.6 tonnes versus 1,041.7 tonnes, the report indicated.
The US has the biggest reserve with 8,133.5 tonnes, representing 76% of global gold reserves, while KSA leads the Arab world and ranks 16th globally in terms of reserves for the precious metal with 333 tonnes, representing 2% of global reserves.
China maintained its position as the world leader for gold demand with 183.7 tonnes, while Saudi Arabia came in 6th with 16.7 tonnes, followed by the UAE which came in 10th with 12.5 tonnes.
