[miningmx.com] – GLOBAL gold demand fell 16% in the second quarter owing to the lowest purchases of jewellery since the fourth quarter of 2012, said Bloomberg News citing data from the World Gold Council.
Global demand slipped to 963.8 tons from 1,148.3 tons a year earlier as China fell behind India as the largest consumer, with global jewellery buying dropping 30% and bar and coin demand down 56%, the council said.
“Buyers in China and India were waiting to see a price trend develop,’ Marcus Grubb, managing director of investment strategy at the council told Bloomberg News. “It’s a market still returning to its fundamentals,” he said.
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