Global gold sales rise on India, China demand
REUTERS
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LONDON GOLD demand is being lifted this year by a recovery in jewellery buying in the key Indian market, and robust growth in Chinese gold consumption, the World Gold Council said on Wednesday.
Releasing its third-quarter Gold Demand Trends report, which showed a 12 percent yearon- year rise in gold demand in the third quarter, the WGC said jewellery consumption in particular looked set to improve on last year's level.
"The main drivers for this year are the impact of the Indian and Chinese markets," said the WGC's research manager Eily Ong.
"In 2010 in total, jewellery demand could actually exceed that of 2009." Concerns over the global economic outlook and currency market stability have supported investment in gold this year, helping it to a record $1,424.10 an ounce last week.
But identifiable investment levels are below 2009's stellar levels.
Investment demand almost halved in the third quarter from the previous three months, during which concerns over euro zone sovereign debt levels fuelled a surge in investment in bullion.
But Ong said jitters remain in the wider financial markets, caused by measures such as the United States' quantitative easing policy announced earlier this month, which could still lead to another jump in investment.
"If there is continuing uncertainty over the impact of QE2 and uncertainty over what is happening with the Asian market — whether they will continue to tighten policy, or whether whatever they are doing now will succeed in curbing inflation — we could probably see what we saw in Q2 again," said Ong.
"There could be more investors allocating their assets into gold as a store of value, and for capital preservation." Demand for investment products such as gold exchange-traded funds softened in the third quarter.
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ETF demand was down 7 percent year-on-year to 38.7 tonnes, less than a seventh of the 'exceptional' flows seen in the second quarter.
But other forms of demand rose.
Jewellery buying climbed 8 percent to 529.8 tonnes in the last quarter, accounting for 57 percent of total demand.
In the second quarter jewellery buying accounted for just 40 percent of overall consumption.
go to
https://sites.google.com/site/goldandsilver2012/latest-articles/xz
REUTERS
go to
https://sites.google.com/site/goldandsilver2012/latest-articles/xz
LONDON GOLD demand is being lifted this year by a recovery in jewellery buying in the key Indian market, and robust growth in Chinese gold consumption, the World Gold Council said on Wednesday.
Releasing its third-quarter Gold Demand Trends report, which showed a 12 percent yearon- year rise in gold demand in the third quarter, the WGC said jewellery consumption in particular looked set to improve on last year's level.
"The main drivers for this year are the impact of the Indian and Chinese markets," said the WGC's research manager Eily Ong.
"In 2010 in total, jewellery demand could actually exceed that of 2009." Concerns over the global economic outlook and currency market stability have supported investment in gold this year, helping it to a record $1,424.10 an ounce last week.
But identifiable investment levels are below 2009's stellar levels.
Investment demand almost halved in the third quarter from the previous three months, during which concerns over euro zone sovereign debt levels fuelled a surge in investment in bullion.
But Ong said jitters remain in the wider financial markets, caused by measures such as the United States' quantitative easing policy announced earlier this month, which could still lead to another jump in investment.
"If there is continuing uncertainty over the impact of QE2 and uncertainty over what is happening with the Asian market — whether they will continue to tighten policy, or whether whatever they are doing now will succeed in curbing inflation — we could probably see what we saw in Q2 again," said Ong.
"There could be more investors allocating their assets into gold as a store of value, and for capital preservation." Demand for investment products such as gold exchange-traded funds softened in the third quarter.
go to
https://sites.google.com/site/goldandsilver2012/latest-articles/xz
ETF demand was down 7 percent year-on-year to 38.7 tonnes, less than a seventh of the 'exceptional' flows seen in the second quarter.
But other forms of demand rose.
Jewellery buying climbed 8 percent to 529.8 tonnes in the last quarter, accounting for 57 percent of total demand.
In the second quarter jewellery buying accounted for just 40 percent of overall consumption.
go to
https://sites.google.com/site/goldandsilver2012/latest-articles/xz
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