The SPDR Gold Trust, an exchange-traded fund which holds 836.7 tonnes of bullion worth $33 billion, now falls in line with rules from the Accounting and Auditing Organization for Islamic Financial Institutions.

"Middle Eastern buyers have been transacting in gold long before the SPDR ever came into existence. As a result, I don't think this will necessarily pave a new avenue for untapped demand," said INTL FCStone analyst Edward Meir.