Gold Jewelry Demand Seen at 20-Year Low in United Arab Emirates

Gold jewelry demand in the United Arab Emirates sank to a 20-year low last year, the fourth consecutive annual decline, the World Gold Council said.

Purchases fell 2 percent to 42.8 tons last year, the producer-funded council said Tuesday in an emailed report. The drop occurred even after fourth-quarter demand gained 16 percent as consumers rushed to buy to beat a 5 percent Value Added Tax that was imposed in January, it said.