Demand dropped to 868.5 tonnes in the July-to-September quarter, from 1,101.4 tonnes in the same period last year. Duncan Chard / Bloomberg
Demand dropped to 868.5 tonnes in the July-to-September quarter, from 1,101.4 tonnes in the same period last year. Duncan Chard / Bloomberg

Middle East and Asia lead a hungry consumer market for gold



Global consumer demand for gold jewellery – led by buyers in Asia and the Middle East – rose 5 per cent to 487 tonnes in the third quarter from 462 tonnes a year ago, a report from the World Gold Council (WGC) showed yesterday.

Demand in the Middle East was especially strong in the UAE, Saudi Arabia and other Arabian Gulf nations. Buyers preferred 22-carat gold at the expense of 21-carat and 18-carat diamond-set jewellery.

This emphasis suggested that “demand was stronger among domestic consumers relative to western tourists”, the report said. “Heavy promotion by big brand names resulted in major retailers performing better than smaller retailers.”

Demand in Egypt shrank as an uncertain political climate prevailed.

Overall global demand for gold fell 21 per cent in the third quarter as investors dropped holdings of the metal in exchange-traded funds (ETFs) and central banks eased up on purchases.

Demand dropped to 868.5 tonnes in the July-to-September quarter, from 1,101.4 tonnes in the same period last year, the WGC said.

Appetite for the metal, typically seen as a safe investment, has waned this year as stock markets improved and investor demand for riskier assets increased.

Investors withdrew 118.7 tonnes of gold from ETFs in the third quarter and central bank purchases slipped 19 per cent to 93 tonnes, according to the WGC.

“Investors have lightened their holdings in gold, and we saw a flight to riskier assets like equities,” Marcus Grubb, the managing director of investment at the council, told Bloomberg.

Consumer demand was strongest in China, where it increased 29 per cent to 164 tonnes in the third quarter compared with a year ago.

“The vast bulk of the year-to-date growth in consumer demand for gold came from eastern markets,” the WGC said.

In India, government regulations curbed enthusiasm – consumer demand slumped 32 per cent from the same quarter last year.

However, Indian demand for gold since the start of the year has risen 19 per cent from last year, following the surge sparked by two price declines earlier in 2013.

The global price of gold has fallen 23 per cent this year and yesterday traded at US$1,284.29 per ounce. It reached an all-time high of $1,921.15 in September 2011.

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Developer: Treyarch, Raven Software
Publisher:  Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Thursday’s fixtures

6pm: Hyderabad Nawabs v Pakhtoon Warriors

10pm: Lahore Sikandars v Pakhtoon Blasters

Teams

Chennai Knights, Lahore Sikandars, Pakhtoon Blasters, Abu Dhabi Stars, Abu Dhabi Dragons, Pakhtoon Warriors and Hyderabad Nawabs.

Squad rules

All teams consist of 15-player squads that include those contracted in the diamond (3), platinum (2) and gold (2) categories, plus eight free to sign team members.

Tournament rules

The matches are of 25 over-a-side with an 8-over power play in which only two fielders allowed outside the 30-yard circle. Teams play in a single round robin league followed by the semi-finals and final. The league toppers will feature in the semi-final eliminator.

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The Sky Is Pink

Director: Shonali Bose

Cast: Priyanka Chopra Jonas, Farhan Akhtar, Zaira Wasim, Rohit Saraf

Three stars

The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
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Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
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Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

The specs

Engine: 6.2-litre V8

Transmission: ten-speed

Power: 420bhp

Torque: 624Nm

Price: Dh325,125

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Jigra
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Install an air filter in your home.

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Shower or bath after being outside.

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Stay indoors when conditions are particularly poor.

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Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

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Three-day coronation

Royal purification

The entire coronation ceremony extends over three days from May 4-6, but Saturday is the one to watch. At the time of 10:09am the royal purification ceremony begins. Wearing a white robe, the king will enter a pavilion at the Grand Palace, where he will be doused in sacred water from five rivers and four ponds in Thailand. In the distant past water was collected from specific rivers in India, reflecting the influential blend of Hindu and Buddhist cosmology on the coronation. Hindu Brahmins and the country's most senior Buddhist monks will be present. Coronation practices can be traced back thousands of years to ancient India.

The crown

Not long after royal purification rites, the king proceeds to the Baisal Daksin Throne Hall where he receives sacred water from eight directions. Symbolically that means he has received legitimacy from all directions of the kingdom. He ascends the Bhadrapitha Throne, where in regal robes he sits under a Nine-Tiered Umbrella of State. Brahmins will hand the monarch the royal regalia, including a wooden sceptre inlaid with gold, a precious stone-encrusted sword believed to have been found in a lake in northern Cambodia, slippers, and a whisk made from yak's hair.

The Great Crown of Victory is the centrepiece. Tiered, gold and weighing 7.3 kilograms, it has a diamond from India at the top. Vajiralongkorn will personally place the crown on his own head and then issues his first royal command.

The audience

On Saturday afternoon, the newly-crowned king is set to grant a "grand audience" to members of the royal family, the privy council, the cabinet and senior officials. Two hours later the king will visit the Temple of the Emerald Buddha, the most sacred space in Thailand, which on normal days is thronged with tourists. He then symbolically moves into the Royal Residence.

The procession

The main element of Sunday's ceremonies, streets across Bangkok's historic heart have been blocked off in preparation for this moment. The king will sit on a royal palanquin carried by soldiers dressed in colourful traditional garb. A 21-gun salute will start the procession. Some 200,000 people are expected to line the seven-kilometre route around the city.

Meet the people

On the last day of the ceremony Rama X will appear on the balcony of Suddhaisavarya Prasad Hall in the Grand Palace at 4:30pm "to receive the good wishes of the people". An hour later, diplomats will be given an audience at the Grand Palace. This is the only time during the ceremony that representatives of foreign governments will greet the king.

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Mercedes V250 Avantgarde specs

Engine: 2.0-litre in-line four-cylinder turbo

Gearbox: 7-speed automatic

Power: 211hp at 5,500rpm

Torque: 350Nm

Fuel economy, combined: 6.0 l/100 km

Price: Dh235,000

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE