Consumer gold demand hit a record high in 2013, says World Gold Council
New Delhi-India (Feb 18) It is now proved that Gold is favourite amongst savers in not just India. Most people prefer Gold when it comes to hedging against inflation. 2013, a year that witnessed unprecedented inflation, witnessed record high gold demand, as reported by World Gold Council.
The World Gold Council has published Gold Demand Trends (GDT): Full year 2013 review. According to the report, ‘2013 proved to be the year of the consumer, with gold jewellery demand close to pre-crisis levels and investment in small bars and coins hitting a record high’.
‘The result was annual gold demand of 3,756.1 tonnes (tn), valued at US$170 bn. However, outweighing the impressive consumer demand were the effects of ETF outflows and lower central bank buying, resulting in 2013 demand 15% below the strong volumes recorded in 2012’, the report read.
‘The gold market became polarised in 2013 as 21% growth in demand from consumers and value-seeking investors contrasted with large-scale outflows from ETFs. The net result was a 15% decline in full-year gold demand in a year where jewellery, bar and coin demand reached an all-time high.
‘Chinese consumers set a new annual record, while India was resilient in the face of import restrictions. The sharp fall in the gold price in the second quarter elicited a strong and swift response from consumers in Asia and the Middle East, an effect that extended out to western markets in the final quarter of the year’.
(Source: Daily Bhaskar)
