you're reading...

Global gold demand powered this year by China, India: WGC

LONDON (AFP) – World gold demand will be powered for the rest of 2010 by emerging market giants India and China, and increased investment buying, the World Gold Council said.

“Gold will remain robust during 2010 as a result of accelerating demand from India and China, as well as increasing global investment demand driven by continuing uncertainty over public debt and economic recovery,” the WGC said in a report released late Wednesday.

The precious metal hit a record 1,265.30 dollars per ounce on June 21, propelled partly by concerns over the poor economic climate.

Gold, whose two main drivers are jewellery and investment buyers, is viewed as a safe-haven investment in times of economic uncertainty.

Total gold demand jumped 36 percent from a year earlier to 1,050 tonnes in the second quarter, the London-based WGC added on Thursday.

This was largely because of an enormous 118-percent increase in investment demand during the three months to June.

“Economic uncertainties and the ongoing search for less volatile and more diversified assets such as gold will underpin investment demand for gold in the immediate future,” said Marcus Grubb, WGC managing director of investment.

“Further, in light of lingering concerns over public debt levels and the euro, European retail investor demand has increased significantly.”

In dollar terms, world gold demand soared 77 percent to 40.4 billion dollars in the second quarter, according to the WGC.

“India and China will continue to provide the main thrust of overall growth in demand, particularly for gold jewellery, for the remainder of 2010,” it said.

In Thursday afternoon trading on the London Bullion Market, the price of gold rose to 1,244.30 dollars an ounce from 1,237.50 dollars an ounce on Wednesday.



8 thoughts on “Global gold demand powered this year by China, India: WGC

  1. Excelent post thank you for sharing such wonderful information!

    Posted by hd wallpaper | September 2, 2010, 6:51 pm
  2. Great post! Thank you for the heads up.

    Posted by Wallpaper HD | September 6, 2010, 11:51 am
  3. im feeling it

    Posted by custom chrome rims | September 11, 2010, 3:07 pm
  4. ok how is this supposedto mean?

    Posted by link | September 14, 2010, 10:50 am
  5. mFd

    Posted by weight | September 18, 2010, 10:15 pm
  6. first post

    Posted by fsffgf | September 24, 2010, 5:09 pm
  7. Hi. Just wanted to thank you for sharing this. It worked just perfect for me. Many many thanx for the article. It was really informative and easy to understand.

    Posted by Steve Cameron | May 18, 2011, 1:48 pm

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

  • 26,507 hits

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 117 other followers

Contact Email



Twitter Updates

Error: Twitter did not respond. Please wait a few minutes and refresh this page.

%d bloggers like this: