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Global gold demand falls 6% in Q2 2024 amid weak buying of jewellery
The Business Guardian
|August 04, 2024
Global gold demand in Q2 2024, excluding over-the-counter (OTC) transactions declined by 6 per cent year-on-year (y/y) to 929 tonnes, primarily due to a sharp fall in jewellery consumption according to the latest report of World Gold Council.
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However, when including OTC investment, total gold demand increased by 4 per cent y/y to 1,258 tonnes, marking the highest Q2 figure since data collection began in 2000. The record-high gold prices took a significant toll on jewellery consumption. Volumes fell 19 per cent y/y to 391 tonnes, the lowest in four years. The report reveals a mixed picture for the Indian market in the second quarter of 2024. While overall gold demand showed a modest increase due to investment in OTC markets and central bank purchases, India witnessed trends that reflect broader market shifts. This decline reflects the impact of elevated gold prices on consumer purchasing behaviour, particularly in markets sensitive to price fluctuations, including India. Central banks continued to be sign
This story is from the August 04, 2024 edition of The Business Guardian.
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