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Gold Jewelry Demand Falls as Price Jumps
Aug 14, 2016 10:05 AM
By Rapaport News
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RAPAPORT... Global demand for gold jewelry dropped 9 percent to $17.98
billion in the second quarter, according to the World Gold Council (WGC). By
volume, demand slumped 14 percent to 444.1 tonnes. Demand in the first half
sank to $36.3 billion, its lower level since 2010.
The decline was driven by a large increase
in the price of the yellow metal, which soared from recent lows, the WGC said in its quarterly report on gold demand. Challenging geopolitical and
economic conditions in the Middle East and low consumer sentiment in China also impacted demand.
The flip side has been a rise in gold recycling activity,
which generated almost a third of gold supplied to the market in the first
half. Higher gold prices were cited as the most important factor influencing
the decision to sell gold jewelry for cash, according to a survey of 14,000
consumers and investors cited by the WGC.
Total gold demand jumped 22 percent to $42.53 billion,
driven by a steep rise in investment demand to $18.16 billion from $7.13
billion a year earlier.
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Tags:
China, demand, gold, Gold demand, Gold jewelry, investment, Rapaport News, WGC, World Gold Council
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