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Gold demand slumped to its lowest value for eight years during the last quarter. It’s because jewelry buying edged down, while inflows into bullion-backed exchange traded funds dipped too, as data from the World Gold Council revealed on Thursday.
Overall demand sank 9% hitting 915 tons. It appears to be the weakest outcome since the third quarter of 2009, as the WGC informed.
The given pattern will probably feed through to the whole year, with the WGC predicting annual demand of about 3,900-4,000 tons, versus 4,347 tons last year. By the way, on an annual basis gold demand hasn’t stood below 4,000 tons since 2009.
India that along with China appears to be the world’s number one gold consumer, faced quite soft gold demand because of the introduction of the fresh goods as well as services tax from the beginning of July, as the WGC stressed. It generated a lot of purchases.
The WGC actually expects Indian demand to keep to approximately 650-750 tons, which is in line with a dismal 2016. As for Chinese demand, it will most likely show 850-950 tons.
Anxiety over the US-China trade conflict and Brexit is keeping the yellow metal’s $1,200 perch alive, notwithstanding the evergreen buck trying to gain leverage against gold on the same fears…
On Monday, gold slipped a bit because the USD index rallied to its highest value for more than 17 months, thus affecting gold’s demand…
On Friday, gold edged down due to the fact that inflation data indicated steady interest rate lifts by the primary US financial institution…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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