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Wednesday, May 20, 2009

First-quarter demand for gold up 38%

Story link: First-quarter demand for gold up 38%
by Gill Montia
First-quarter demand for gold up 38%

New figures from the World Gold Council show demand for the precious metal rising 38% during the first quarter of 2009, compared to a year earlier.

Total demand leapt to 1,016 tonnes during the period representing a 36% rise in value terms, to $29.7 billion.

Investment demand soared by 248%, to 596 tonnes, but demand for gold jewellery fell 24%.

The figures also reveal a record level of investment into Exchange Traded Funds, with demand up 540% to 465 tonnes.

Germany was the single biggest bar and coin market during the first quarter of 2009, with demand rising 400% year-on-year, followed by Switzerland (up 437%) and the US (up 216%).

The Council observed that “the impact of the recession on consumer discretionary spending continued to take its toll on both jewellery and industrial demand”, the latter falling 31% year-on-year.

However, China saw 3% growth in jewellery demand, indicating that while the country is suffering from a “sharp deceleration” it remains “resilient relative to most other nations”, the report states.

The World Gold Council is funded by leading gold mining companies and says it seeks to stimulate and maximise demand for gold.

 


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