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There has been a phenomenal demand for gold in Saudi Arabia recently with over USD $ 3.5 billion being spent on the yellow metal during the first two weeks of November 2008. Demand is likely to rise still higher as more investors turn to gold as a safe haven in the midst of the global economic meltdown, according to market sources.
Analysts attribute this demand spurt to the decline of gold prices by 30.0 % over all time high prices of March 2008. “Many Saudi investors see this as the right time for making investments in gold as its price is the most reasonable one at the present,” said Sami Al Mohna, a Saudi gold market expert.