Q1 gold demand down 7%

GOLD demand of 973.5 tonnes was the lowest first quarter since 2008, the World Gold Council reports.

  • Staff Reporter
  • 04 May 2018
  • 04:46
  • News
Q1 gold demand down 7%

Related Content

The WGC says the main cause was a fall in investment demand for gold bars and gold-backed exchange-traded funds, partly due to range-bound gold prices.
 
"Jewellery demand was steady at 487.7t, as growth in China and the US compensated for weaker Indian demand. Central banks bought 116.5t of gold (above 42% year on year).
 
"Technology demand extended its recent upward trend, growing 4% year on year to 82.1t. The total supply of gold increased by 3% to 1063.5t, primarily due to a modest increase in producer hedging. Mine production was fractionally higher at 770t," the WGC said.
 
Overnight, the gold price was fixed at $1310.60.
 
The WTI crude oil price was slightly up overnight at $68.48 per barrel.
 
In softer commodities, cocoa increased $28 per tonne or 0.99% to $2863/t yesterday from the $2835 in the previous trading session, tradingeconomics.com reported. Historically, cocoa reached an all-time high of $4361.58/t in July of 1977 and a record low of $211/t in July of 1965.
 
Coffee increased 0.85c per pound or 0.70% to 122.45c/lb yesterday from 121.60c/lb in the previous trading session, tradingeconomics.com reported. Historically, coffee reached an all-time high of 339.86c/lb in April of 1977 and a record low of 42.50c/lb in October of 2001.

 

PNGIndustry newsletter

Mining

Mayur set to drill Feni Island

Mayur set to drill Feni Island

Mapping, sampling completed

LNG

Why LNG is set to soar

Why LNG is set to soar

China on a buying spree

Community

'Women talk money' video released

'Women talk money' video released

Inspiration for financial management

Company Profiles

Upcoming Events