voda schreef op 26 augustus 2013 16:35:
Gold demand drops by 23pct in Q2 - World Gold Council
According to World Gold Council, net global gold demand in the Q2 totaled USD 39 billion a 23% fall YoY. Physical demand for gold in Q2 was 856 tonnes down 12% on a year ago.
Outflows from ETFs were the principal drivers of the decline which was partially offset by record demand for gold bars and coins prompted by the lower price. The average gold price for the quarter was USD 1,415 per oz, a drop of 12% over the same period last year.
Jewelry demand was up 37% in the Q2 to 576 tonnes from 421 tonnes in the same quarter last year and reaching its highest level since Q3 2008. Bar and coin investment grew by 78% globally to a quarterly record of 508 tonnes.
The WGC said that taking jewelry demand and bar and coin investment together, global consumer demand totaled 1,083 tonnes in the quarter,
53% higher than a year ago.
Central banks remained net buyers of gold for the tenth consecutive quarter with purchases of 71 tonnes. Demand in the technology sector was stable at 104 tonnes a rise of 1% on last year.
Meanwhile, gold backed ETFs, which represented 6% of global demand in 2012, fell by just over 400 tonnes, driven by hedge funds and other speculative investors continuing to exit their positions, predominantly in the US. The net outflow from ETFs was 402 tonnes. Total investment demand including OTC investment, was 257 tonnes.
In China, demand for gold bars and coins jumped 157% compared with the same quarter last year, while in India it rose 116% to a record 122 tonnes. Jewelry demand in China was 153 tonnes, up
54% on the same quarter last year, while Indian jewelry demand
rose by 51%. The WGC also reported
significant increases in demand for gold jewelry in the Middle East and Turkey.
Supply declined by 6% in Q2 mainly due to
a fall in recycling. Mine production increased 4% to 732 tonnes while recycling fell 21%.
Global gold demand in the Q1 of this year fell 13% YoY to 963t. In value terms, gold demand in Q1 2013 was USD 50.5 billion down 16% YoY and a drop of 23% compared to Q4 2012.
Source - Business News Americas.com