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World Gold Council reports that consumer demand for gold jewelry has surged in the second quarter, most likely a response to the sharp drop in price of the precious medal.
Consumer demand for gold rose 53 percent in April, May and June with especially strong growth in China and India.
The report notes that jewelry demand is influenced by many factors including economic growth, consumer sentiment and disposable income. Still, the drop in the price of gold outweighed the rest.
“The second quarter continued the trend that we saw in the first, of a rebalancing in the market, as gold coming onto the market from ETF sales met with a wave of demand for bars and coins, as well as jewelry,” commented Marcus Grubb, managing director of investment at the World Gold Council.
Grubb added, “this quarter again demonstrates the unique diversity of global gold demand, as the self-balancing nature of the market apparent in the previous quarter was even more clearly in evidence. Across the decades, different sectors in the gold market have risen in prominence at different points in the global economic cycle and the current shifts are just part of the normal ebb and flow of what is an extremely liquid market.”
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