Global gold demand slipped 10% to 953 tons in the second quarter of 2017 over a significant downturn in Exchange Traded Funds’ inflows, a World Gold Council report said. Investment demands fell 34% to 297 tons between April and June.
According to the Financial Express, Q2 2017 saw central bank demands jump by 20% to 94 tons, compared to 78 tons in Q2 2016. Central bank purchases dropped 3%, to 177 tons, in the first half of 2017.
According to the data, global jewelry demand rose by 8% to 481 tons, mainly driven by India.
“Demand for H1 2017 was down compared to last year, but in some respects, the market was in better shape,” WGC executive Alistair Hewitt said. “So far this year, we have seen steady ETF inflows in Europe and the U.S.; jewelry demand has recovered in India, and retail investment and technology demand is up too.”
