UAE buyers are on top of the world

Shoppers in the United Arab Emirates (UAE) have been found to be the world's most generous when it comes to buying gold.

Buyers in the country bought an average 30 grammes of gold last year, compared to the global average of less than one gramme, new research shows.

Women were found to purchase almost three quarters of all gold, while special occasions were given as the main reason for buying the precious metal.

Dubai's ARY, a gold and jewellery firm, carried out the survey, showing that South Asians bought 70 per cent of the world's gold, reports Trade Arabia.

East Asians accounted for 22 per cent, while European and Arab consumers made up four per cent each.

The news comes at a time when the price of gold has been steadily increasing. However, this has not had a major impact on sales in Dubai, as people see the metal as an asset and investment.