Global Gold Demand Down 25% In The First Quarter
World Gold Council express recently:Gold demand may turn off a strong quarter.
World Gold Council (WGC) said yesterday, the first quarter of global gold demand fell 25% compared with the same time last yearand has already getting to 760.2 tons, but it may be strong demand for the next quarter this year.
WGC said that China and India's demand for gold and jewelry may continue to grow, while the volatile market and worried about sovereign debt risk, should support the composition of investors demand. WGC said global gold demand this year, is expected to rebound in the financial markets because investors buy gold to hedge under turbulence, jewelry buyers were used to the rising price of gold.
India gold demand increased six-fold up to 193.5 tons in the first quarter; the first quarter gold demand continues to remain strong growth got to 105.2 tons, rising up 11% compared with last year. The total global demand for gold, jewelry was 470.70 tons in first quarter, up 43% over the same period last year.
WGC is a marketing organization supported by the capital of gold mining company, aiming at promote the use of gold. While the WGC published the first quarter's gold demand trends report, the investment research manager of the Association Eily Ong said , she expects the demand for gold will be good supported, although 25% demand reduced in the first quarter. She said: "Since the second quarter of this year, buying momentum has now been heating up is expected to help boost investment demand during the year ."
First quarter demand for gold exchange-traded fund (ETF) has been significantly reduce, dropped by nearly 100% to 3.8 tons, compared with 465.1 tons in the first quarter of 2009. However, WGC said the demand for these funds rebounded sharply in April and May, due to the scale of economic turmoil and fears impact of government debt, investors rushed to buy gold hedge.
The world's largest gold exchange-traded funds (ETF) - SPDR Gold Trust in the second quarter of the gold open interest increased by 9.5% or 107 tons on May 24, a decrease of 3.8 tons in the previous quarter.
Eily Ong said: "The rise in gold prices, consumers appear to have adjusted to the expected price of gold, which is essential, especially on Indian market which taking the maximum demand for global gold and jewelery industry."
Spot gold refresh a high of 1248.95 U.S. dollars per troy ounce earlier this month, while kept in 1200 dollars currently.
Copyright (c) 2010 Steven Jiang
by: Steven Jiang
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