In the first quarter of 2016, Iran asked for almost 15 tons of gold in the form of coins and bars alone. The country thus dominates the gold investment market in the „Middle East“.
According to the Economic Times, the easing of international sanctions against Iran has also boosted the country’s demand for gold.
In the first quarter of 2016, Iran asked for 14.9 tonnes of gold in the form of gold coins and bars. This was almost as much as in the three previous quarters (15.9 tonnes in total) and was half of last year’s total demand. This is shown in the latest figures from the World Gold Council (WGC).
For 2015, Iran is expected to have a demand for 30.1 tonnes of investment gold. This in turn represented 48 percent of total private demand for gold coins and bars in the region, which the World Gold Council defines as the Middle East (including Egypt).
In addition, Iran’s demand for gold jewelry amounted to 9.9 tons in Q1 2016, compared with 37.2 tons in 2015 as a whole, corresponding to 16 percent of the Middle East’s demand for gold jewelry. Saudi Arabia (71.1 tonnes in 2015) and the United Arab Emirates (51.4 tonnes) are still well ahead in this region in terms of jewellery.
Background: On July 14, 2015, the United States, the EU and the UN had decided to gradually lift the nuclear-related economic and financial sanctions against Iran within the framework of the „Vienna Agreement“. The remaining sanctions are to be lifted by October 2023. The continuing military goods embargo is particularly affected by this.