UAE Gold Jewelry Demand Plunges Amid Middle East Conflict

The UAE's gold jewelry demand dropped by 28% in Q2 due to the ongoing Middle East conflict, according to data from the World Gold Council.

Despite this decline, gold bars and coins saw a surge in demand, increasing by 30% year-on-year to 5.3 tonnes in Q2.

Simon-Peter Massabni, head of business development at xs.com, believes that gold's outlook remains bullish over the medium and long term, driven by fundamental factors such as inflation, US monetary policy, and real bond yields.

Massabni notes that gold is entering a pivotal phase that could shape its market trajectory in the coming years.