Gold topped the list for non-oil trade in the UAE during the first half of 2020, reaching AED104bn ($28.3bn), or 15.7 percent of total trade
The UAE has ranked third in the world for the number of online searches for gold prices, according to a new report.
An average of 521,000 online searches are performed per month by UAE residents, according to the study from UK-based gold bar specialists Physical Gold.
This figure represents the equivalent of 58.45 online searches each month for gold price per 1,000 active internet users in UAE, the report said.
India is the country most curious about the gold price, with the country averaging 3,720,600 online searches per month – the equivalent of 120,019 each day.
The US and the UK are the other destinations where more than 500,000 monthly online searches for gold price are performed, with the countries showing 2,506,000 and 519,300 enquiries respectively.
PhysicalGold.com utilised online analytics tool Ahrefs to establish which global citizens are keeping the closest track of gold prices.
Betting on gold
According to Dan Fisher, gold specialist from PhysicalGold.com, gold provides a hedging asset amid the current turbulent economic climate.
“Gold is unlike volatile asset classes that generate quick returns, it has always been a steady investment vehicle that can deliver solid returns as a medium to long-term investment,” he said.
“Gold investing is unique as the price tends to increase when many other asset classes such as stocks and bonds fall, so it provides a good balance to your investment portfolio.”
Fisher said investing follows the common rules of buying at a low price and selling at a higher price.
“The gold price tends to rise when the economy takes a downturn and other investments fall in value. The gold price can move down as well as up, so it’s advised to hold the gold over a medium to long-term period”.
Gold topped the list for non-oil trade in the UAE during the first half of 2020, reaching AED104bn ($28.3bn), or 15.7 percent of total trade.