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Consumer Demand For Gold Leaps 53% In Q2

Topics [ gold bull market gold bear market gold bullion coins gold bullion prices gold bullion bars ]

RESEARCH AND ANALYSIS

The latest World Gold Council Gold Demand Trends report, which covers the period April-June 2013, highlights how recent falls in the gold price have generated significant increases in demand, most notably from consumers in China and India - by far the biggest markets for gold - compared with the same time last year.

Globally, jewellery demand was up 37% in Q2 2013 to 576 tonnes (t) from 421t in the same quarter last year, reaching its highest level since Q3 2008. Demand in China was up 54% compared to a year ago, while in India demand increased by 51%.

Bar and coin investment grew by 78% globally compared to the same quarter last year, topping 500t in a quarter for the first time. In China, demand for gold bars and coins surged 157% compared with the same quarter last year, while in India it jumped 116% to a record 122t. Taking jewellery demand and bar and coin investment together, global consumer demand totalled 1,083t in the quarter, 53% higher than a year ago.

For the tenth consecutive quarter, central banks were net buyers of gold, purchasing 71t, which reinforced the trend that began in Q1 2011. Meanwhile gold held in gold-backed ETFs, which in 2012 accounted for just 6% of the world’s gold demand, fell by just over 400t, driven by hedge funds and other speculative investors continuing to exit their positions.

Overall, demand for gold in Q2 2013 was 856t, down 12% on a year ago, the WGC report said.

Download Gold Demand Trends Q2 2013

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