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World Gold Jewelry Demand Falls Sharply in 2Q
Aug 16, 2015 6:23 AM
By Rapaport News
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RAPAPORT... Global demand for gold jewelry sank 20 percent year on year to $19.7 billion during the three months ending June 30, according to the World Gold Council (WGC). A 7 percent decline in the average gold price to $1,192 per ounce magnified the impact of lower physical demand. By volume, gold jewelry demand slid 14 percent to 513.5 tonnes.
In its Gold Demand Trends report, the WGC attributed the decrease primarily to plummeting consumer demand in India as well as a lower consumer demand from China – the world’s largest gold market. Gold jewelry demand in India by volume shrunk 23 percent to 118 tonnes during the quarter, which the WGC blamed largely on unseasonal rains that damaged crops and hurt rural gold demand. Meanwhile, gold jewelry demand in China fell 5 percent to 174.4 tonnes, caused by the economic slowdown in the Mainland.
In contrast, jewelry demand by volume increased in the U.S. and Western Europe. U.S. demand rose 2 percent to 25.5 tonnes, while demand from Western Europe grew 1 percent to 14.6 tonnes.
Total gold demand, including jewelry, investment, industrial and central bank demand, slipped 18 percent to 35.1 billion during the quarter by value and fell 12 percent to 914.9 tonnes by volume.
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Tags:
China, demand, gold, Gold jewelry, India, Rapaport News, World Gold Council
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