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

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.
Add to Bookmarks:
Related posts to: First-quarter demand for gold up 38%
Alcoa posts $1.19 billion fourth-quarter loss ...
Gold news from South Africa ...
Energold drilled record number of metres ...
CVDR third-quarter revenues increase to $8.1 billion ...
Copper drops on demand concerns ...
Latest Metals News:
Investor concerns send copper prices lower
Copper, aluminium prices climb as other base metals fall
Copper up in London; inventories fall, cancelled warrants rise
Copper gains on US jobs data, China comments
Copper up on weaker dollar
Copper prices climb after Chile quake
Metals prices mixed in New York, London
Gold down slightly in NY on stronger dollar
Copper prices up after last week’s declines
Copper, other metals continue price declinesPrevious: « Precious metals see gains
Next: Copper prices up on US consumer confidence levels »
Visited 1996 times, 2 so far today