Saudi jewelry and precious metals exports surge 83% in August
Saudi exports of jewelry and precious metals jumped 83% in August, reflecting higher production, according to international trade expert Fawaz Al-Alami.
Key Takeaways
AIInternational trade expert Dr. Fawaz Al-Alami praised the 83% surge in Saudi Arabia's exports of jewelry and precious metals during August.
Speaking to Al Ekhbariya TV, Al-Alami said the sharp rise in jewelry and precious metals exports is not only linked to prices but also reflects increased production.
He added that gold production in the Kingdom reached around 118,000 ounces in the second quarter, compared to 108,000 ounces during the same period last year.
Al-Alami noted that Saudi Arabia ranks seventh globally in gold and foreign currency reserves, which contributed to the strong performance of gold and silver markets last month.
He explained that these movements were driven by expectations of interest rate hikes in the United States and continued support from central bank purchases, while also pointing to the impact of rising political pressures on the markets.
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