Last Updated : 16 August 2012 at 17:05 IST
Global gold demand falls 7% to 990 tons in Q2, 2012
Source :Commodity Online
Global gold demand has fallen in Q2 2012 reflecting the difficult and challenging economic conditions. A softness in demand in India and China who account for 45% of total second quarter jewellery and investment demand has impacted the figures
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MUMBAI (Commodity Online): Global gold demand has fallen 7% in Q2, 2012 to 990 tons from 1065.8 tons in Q2, 2011, according to the latest report of World Gold Council.
This dip in demand was partly due to the comparison with exceptional demand last year, and also reflects the challenging global economic climate. In this context, gold performed as expected, acting as both a store of value and a source of liquidity.
In value terms gold demand remained relatively stable year on year at US$51.2 billion, compared to US$51.6 billion in Q2 2011. During the quarter, the average price of gold was US$1609.49 per ounce, 7% higher than the average for Q2 2011.
Gold demand and supply statistics for Q2 2012:
-Second quarter gold demand of 990.0t was down 7% in comparison to Q2 2011.
-The value measure of gold demand was 1% lower year-on-year at US$51.2bn.
-The average gold price of US$1,609.49/oz was 7% above the average Q2 2011 price.
-Demand in the jewellery sector of 418.3t was 15% lower than 490.6t in Q2 2011, excluding India and China jewellery demand was down by 4%.
Marcus Grubb, Managing Director, Investment at the World Gold Council said:
“Gold’s performance reflects the continuing challenging economic climate. A softness in India and China, who between them represent over 45% of the total second quarter jewellery and investment demand accounts for much of the slowing of global gold demand.
However, through all the uncertainty, it is clear that gold’s fundamental properties as a vehicle for capital preservation and a source of liquidity continue to endure. This is evident from the activity of central banks, the ultimate long term investors, which continue to increase their gold holdings to diversify reserves and protect against reliance on one or more foreign currencies."
