Q1 gold demand down 7%

GOLD demand of 973.5 tonnes was the lowest first quarter since 2008, the World Gold Council reports.
Q1 gold demand down 7% Q1 gold demand down 7% Q1 gold demand down 7% Q1 gold demand down 7% Q1 gold demand down 7%

Staff Reporter

The WGC says the main cause was a fall in investment demand for gold bars and gold-backed exchange-traded funds, partly due to range-bound gold prices.
 
"Jewellery demand was steady at 487.7t, as growth in China and the US compensated for weaker Indian demand. Central banks bought 116.5t of gold (above 42% year on year).
 
"Technology demand extended its recent upward trend, growing 4% year on year to 82.1t. The total supply of gold increased by 3% to 1063.5t, primarily due to a modest increase in producer hedging. Mine production was fractionally higher at 770t," the WGC said.
 
Overnight, the gold price was fixed at $1310.60.
 
The WTI crude oil price was slightly up overnight at $68.48 per barrel.
 
In softer commodities, cocoa increased $28 per tonne or 0.99% to $2863/t yesterday from the $2835 in the previous trading session, tradingeconomics.com reported. Historically, cocoa reached an all-time high of $4361.58/t in July of 1977 and a record low of $211/t in July of 1965.
 
Coffee increased 0.85c per pound or 0.70% to 122.45c/lb yesterday from 121.60c/lb in the previous trading session, tradingeconomics.com reported. Historically, coffee reached an all-time high of 339.86c/lb in April of 1977 and a record low of 42.50c/lb in October of 2001.

 

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