The World Gold Council (WGC) has reported that global demand for gold slipped 9% year-on-year to 915 tonnes during Q3 2017 – an eight-year low. According to Art of Jewelry, which quoted the report, demand for gold has dipped 12% so far in 2017.
The WGC, which released the report last Thursday (November 9), said that the fall was due to “weak demand in the jewellery sector and significantly lower inflows into exchange-traded funds”.
“A weak quarter in India was the main reason for year-on-year decline in global demand. The new goods and service tax regime deterred consumers, as did new anti-money laundering regulations governing jewellery retail transactions”, said the report. Demand for gold in India for the three months ending September was at 145.9 tonnes – down 24% year-on-year. After three consecutive quarters of growth, demand for gold jewellery fell by 25% year-on-year to 114.9 tonnes in Q3.
