Gold demand drops during second quarter
- Published: Aug 29, 2018, 6 AM
Although gold demand continues to fall worldwide, the drop during the second quarter of 2018 was considerably less than the drop in demand during the same period in 2017.
The second quarter of 2018 witnessed only a 4 percent drop in overall gold demand compared to the second quarter of 2017, primarily attributed to lower contributions to exchange-traded funds, reports the World Gold Council. The WGC reports that ETF contributions were down 46 percent from the same period in 2017.
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Gold bar and coin investment worldwide was relatively unchanged at 248 tonnes.
The tonne, according to the Weights and Measures Act of 1985, commonly referred to as the metric ton in the United States, is equal to 1,000 kilograms, or approximately 2,204.6 pounds, 1.102 short tons (U.S.) or 0.984 long ton(imperial).
The WGC reports stronger demand from China and Iran, two nations faced with geopolitical tensions with the United States, with lowered demand in Turkey, India and Europe.
Gold jewelry demand remained stable during the second quarter 2018 at 1,031 tonnes, according to the WGC findings.
The key findings included in the Gold Demand Trends Q2 2018 report are as follows:
• Overall demand was 964t, a decrease of 4 percent compared with 1,008t in Q2 2017.
• Total consumer demand fell by 1% to 758t, from 767t in the same period last year.
• Total investment demand was down 9% to 281t compared with 310t in Q2 2017.
• Global jewelery demand fell 2% to 510t, from 519t in the same period in 2017.
• Central bank demand decreased by 7% to 89t compared with 96t in Q2 2017.
• Demand in the technology sector increased 2% to 83t compared with 81t in Q2 2017.
• Total supply was up 3% to 1,120t, from 1,086t in the same period last year
• Recycling was up 4 percent to 295t, compared with 283t in Q2 2017.
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