Global gold demand slides to 6-year low in second quarter: WGC

London

GOLD demand hit a six-year low in the second quarter, a World Gold Council (WGC) report showed on Thursday, as sluggish price movement and the prospect of better returns in equities curbed interest in the metal.

Demand fell 12 per cent to 914.9 tonnes, with declines in China and India accounting for nearly half of the drop, the WGC said. Globally, jewellery buying fell 14 per cent, investment slid 11 per cent, and central bank buying was 13 per cent lower. "Jewellery demand came under pressure from negative consumer sentiment, while investment was a casualty of directionless prices and stock market gains," the WGC said.