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US demand for gold jewelry inches up 2 percent
The market remains a “slow and steady engine” for jewelry demand, the World Gold Council said its second quarter report.
London--U.S. consumers continue to buy just a little bit more gold jewelry than they have in the past few years.
The World Gold Council’s most recent Gold Demand Trends report states that gold jewelry demand in the United States rose from 25 tons in the second quarter 2014 to 25.5 tons in the second quarter 2015, an increase of 2 percent.
The report states that lower prices helped spur the slight increase in demand. Gold averaged $1,192.40 an ounce in the second quarter, down 7 percent from a year ago and down 2 percent from the first quarter.
Also likely buoying demand was the popularity of yellow gold for fashion jewelry and, more recently, a bit for bridal too.
The World Gold Council said it expects gold demand in the U.S. to continue to rise, as lower gold prices trickle down to consumers. It also noted that the rolling four-quarter total of U.S. jewelry demand, 117.6 tons, is at its highest level since the third quarter 2011.
Globally, meanwhile, gold jewelry demand fell 14 percent year-over-year. Gains in the U.S. and Europe were not enough to override the drop in demand in the world’s two biggest markets for gold jewelry, India and China.
Demand in China was down 5 percent and dropped 23 percent in India due to weather conditions impacting demand in rural areas and a lack of auspicious days for weddings.
Overall demand dropped 12 percent year-over-year in the second quarter, from 1,038 tons to 915 tons. In addition to the global decrease in demand for gold jewelry, investment demand was down 11 percent.
Total supply also was in the negative, falling 5 percent to 1,033 tons. Mine production rose 3 percent but was offset by the 8 percent decline in recycling levels. The World Gold Council said it expects mine production to slow in the second half of the year, as gold miners work to manage costs in the face of “challenging markets.”
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