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Gold jewelry demand inches up in Q3
Demand for gold jewelry in the United States rose 2 percent in the third quarter, as consumers continue to buy 10-karat and 14-karat pieces against the backdrop of a “hesitant economic recovery.”
London--Gold jewelry demand in the United States continues to make “creeping gains,” the World Gold Council stated in its most recent Gold Demand Trends report.
According to the report, which was released last week, U.S. gold jewelry demand in volume terms increased from 25.6 tons in the third quarter 2014 to 26.2 tons in the third quarter 2015, a 2 percent increase. Consumers continued to buy 10-karat and 14-karat pieces against the backdrop of a “hesitant economic recovery” in the U.S.
Imports outpaced demand, as retailers stocked up on inventory ahead of the holiday season in anticipation of further strength in sales.
Price wise, gold averaged $1,124.30 an ounce in the third quarter, down 12 percent from a year ago and down nearly 6 percent from the second quarter.
Globally, gold jewelry demand in volume terms grew 6 percent year-over-year, the strongest third quarter for jewelry demand since 2008. The World Gold Council said the drop in the gold price gave jewelry demand a “shot in the arm” following a difficult second quarter.
Demand in China was up 4 percent and rose 15 percent in India, also reignited in mid-July by the drop in price.
Overall demand for gold rose 8 percent year-over-year in the third quarter. Investment demand was up 33 percent, as bar and coin demand rose sharply over the summer.
Total supply increased as well, though only slightly at 1 percent to 1,100.1 tons. Mine production dropped 1 percent in the third quarter, but was more than offset by fresh producer hedging, the World Gold Council said, and consequently total supply was marginally higher year-over-year.
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