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India Dents Global Gold-Jewelry Demand
Aug 6, 2018 6:08 AM
By Rapaport News
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RAPAPORT... Global demand for gold jewelry fell 2% year on year to 510.3
tonnes in the second quarter amid a weaker Indian market, the World Gold
Council (WGC) reported last week.
Appetite for gold jewelry in India fell 8% to 147.9 tonnes in
the three months ending June 30 as local prices climbed in response to the
rupee weakening against the US dollar. In addition, higher spending during the
same period last year magnified the decline, as consumers increased their purchases
before the implementation of the country’s new goods and services tax on July 1,
2017.
India’s slowdown outweighed a 5% rise in Chinese demand to
144.9 tonnes. Purchases of traditional 24-carat jewelry in China largely drove
the increase, while new marketing campaigns and innovative promotions led to a shift
in interest toward newer, higher-premium products, the WGC explained. US demand
grew 5% to a 10-year high of 28.3 tonnes.
Global demand for gold in all forms — such as bars and
coins, and for technology, finance and investment — slid 4% to 964.3 tonnes.
Image: Pixabay
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Tags:
Gold-Jewelry Demand, Rapaport News, WGC, World Gold Council
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