Gold Jewellery Demand +6% in Q3 2015: WGC

Mumbai: Demand for gold jewellery increased 6 percent in the third quarter of 2015 according to the World Gold Council’s (WGC) Gold Demand Trends report. Demand hit 632 tons compared to 594 tons in the third quarter of 2014.

According to the WGC, consumers in India, China, the US and the Middle East took advantage of lower prices in July and August. This was especially the case in India, partly as festival purchases were brought forward, resulting in a 15-percent increase in jewelry demand to 211 tons over the period.

In China, demand increased 4 percent to 188 tons. The US and the Middle East also saw gains, up 2 percent to 26 tons and 8 percent to 56 tons, respectively.

Total gold demand in the third quarter stood at 1,121 tons, an increase of 8 percent.

“China and India remain the dominant figures in the global gold market, accounting for close to 45 percent of total demand,” said Alistair Hewitt, head of Market Intelligence at the WGC.

“But what was particularly noticeable this quarter is that the consumer response to the price dip was a truly global occurrence. There were significant gains in bar and coin demand in China and across Europe, but it was in the US where we saw the most dramatic growth, with US Mint Eagle sales reaching their highest level since Q2 2010. Global jewelry demand also picked up, in what is traditionally a quiet time of the year for jewelry demand.”