Record Global Gold Jewelry Demand in Q2
August 20, 07Global gold jewelry demand in the second quarter rose to a record $14.5 billion, 37 percent higher than the same period in 2006, according to figures released by the World Gold Council (WGC). Identifiable demand rose 19 percent in weight and 27 percent in value to $19.8 billion year-over-year, reaching 922 tons.
Net retail investment increased by 51 percent in weight to 132.9 tons and 60 percent in value to $2.9 billion, compared to 2006. Industrial demand was up slightly, rising 2 percent in weight to 116.5 tons and 9 percent in value to 2.5 billion, a new quarterly record.
Overall gold demand in the Middle East region (
Consumer demand in the UAE rose 15 percent while jewelry demand increased 18 percent. Total gold demand in the UAE was 29.8 tons for this period.
In
According to WGC’s managing director, Moaz Barakat, “A reduction in price volatility in 2007 has resulted in increased consumer confidence and, coupled with greater industry marketing activity, led to record levels of gold jewelry purchased in the region and globally in dollar terms.”
The numbers were compiled independently for the WGC by Gold Fields Mineral Services Limited (GFMS) and show total identifiable demand recovering substantially from the impact of volatile prices in 2006.