Gold purchases surged in Iran during the second quarter of the year, marked by the country’s 12-day conflict with Israel, the World Gold Council says in a report.
Despite high prices, the overall volume of gold sales rose 20 percent compared to the same period last year, the council says, adding that demand for gold coins and bars is now at its highest level in six years.
Even as worldwide demand for gold coins and bars fell off by six percent in the second quarter over the previous three months, Iranians kept stocking up on earrings, pendants and other types of bling, the report says.
“Iran was the outlier -– consumers bought gold jewelry as a proxy investment, pushing demand in the quarter up 12 percent year on year,” says council analyst Louise Street.
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