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Gold Demand Steady in 2015 amid Second-Half Recovery
Feb 15, 2016 2:06 AM
By Rapaport News
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RAPAPORT... Global
gold demand in 2015 was virtually flat compared to 2014 at 4,212 tonnes as a
strong second half compensated for a challenging start to the year, according
to the World Gold Council (WGC). Sustained buying from central banks and a
strong second half from China and India caused demand to rebound in the last
six months.
Overall jewelry demand for the year fell 3
percent to 2,415 tonnes, according to a WGC statement February 11. While the
year started slowly, the third and fourth quarters combined showed the
strongest second-half total for gold jewelry in 11 years. Jewelry demand was
steady in the fourth quarter at 671 tonnes, compared with 677 tonnes in the
same period a year ago, as retailers reported an increase in sales around the
Diwali period.
Gold demand was positive in the fourth
quarter, with jewelry demand in India rising 6 percent year on year to 173
tonnes, boosted by the festival season, the WGC said. Gold demand kept up well
in China despite economic turmoil.
“In a year that saw
global economic and stock market turmoil, the first US interest rate rise in
nine years and falling oil prices, demand for gold remained resilient,” said Alistair
Hewitt, head of market intelligence at the WGC. “Official sector
purchases, combined with strength in the Asian markets and continuing momentum
in the US and Europe, reinforced gold’s credentials as a portfolio diversifier,
a wealth preservation tool and a hedge against a range of risks.”
“Looking ahead, physical demand will continue to be supported
by strong central bank purchases, and continued buying of jewelry, bars and
coins by households across the world, led by India and China.”
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Tags:
China, gold, Gold demand, India, Jewelry, Jewelry demand, Rapaport News, World Gold Council
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