Global gold demand drops to 4-year low
Print Edition
Global demand for gold fell to a four-year low in the second quarter despite a surge in demand from India and China as the metal became cheaper, the World Gold Council said yesterday.
Gold demand slid 12 percent to 856.3 tons, from 974.3 tons a year earlier, as investors quit bullion funds and central banks cut their purchases, its report said.
But India and China, the world’s main gold-consuming nations, saw a jump in demand as global prices fell on fears of a sooner-than-expected tapering of the US stimulus as the American economy recovers.
Global gold prices fell by around a fifth this year to near three-year lows in June, of US$1,180.71 an ounce.
“Some investors saw their key rationale for seeking a safe haven in gold fade,” the report said.
This resulted in a 400-ton drop in gold-backed investment funds in the quarter, after global gold prices slid sharply this year.
In value terms, gold demand in the April-June quarter fell 23 percent to US$39 billion as international gold prices slumped.
But demand in India, the largest buyer of gold, jumped 71 percent to 310 tons — a decade-high level. China’s gold demand surged 87 percent to 257.5 tons.
India and China dominate the global stage, accounting for 60 percent of jewelry demand, the council said.
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