Total demand for gold recorded a year-on-year fall by 12 percent in Q2 2015 mainly due to a decline in demand from consumers in India and China, said the Gold Demand Trends report from the World Gold Council (WGC). In Europe and the United States, however, witnessed growth driven by a mixture of increasingly confident jewellery buyers and strong demand for bars and coins, the report said.
In India, jewellery demand was down 3 percent to 268.8 tons over the first half of 2015. The United States remained steady, with jewellery demand up for the sixth consecutive quarter by 2 percent (or 26 tons). In Europe, demand was also increased, with Germany up by 7 percent, and the UK and Spain both growing by 6 percent.
“It has been a challenging market for gold this quarter, particularly in Asia, on the back of falls in India and China. The reverse is true for western jewellery markets, as increase economic confidence led to continued growth in consumer demand,” said Alistair Hewitt, head of market intelligence at WGC.
According to the report, global jewellery demand in Q1 2015 was 513 tons, down 14 percent compared to Q1 2014, due to falls in China (down 5 percent to 174 tons) and India (down 23 percent to 118 tons). The United States and Europe saw continued growth with the former up 2 percent to 26 tons and the latter up 1 percent by 15 tons.
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