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The market was buoyed by “supportive economic conditions,” the World Gold Council said.
According to the World Gold Council, U.S. consumers were eager to buy gold jewelry in the first quarter. Pictured here is Lika Behar’s 22-karat gold “Lea” choker necklace with fancy and full-cut diamonds ($5,830).
London—Demand for gold jewelry in the U.S. was up 2 percent to 23.3 tons in the first quarter, marking the highest Q1 since 2009, according to the World Gold Council’s Gold Demand Trends report.
The market was buoyed by “supportive economic conditions,” it said, building on the upward trend that started in 2013 and reflecting the positive effect income growth has on demand.
The council also noted the strength of online sales, a trend that’s expected to continue.
The average per-ounce price during the quarter rose 9 percent from the year-earlier period to $1,329.3.
Meanwhile, global gold jewelry demand was basically flat at 487.7 tons, with the U.S.’s growth as well as China’s compensating for weaker demand in India, WGC said.
It added that relatively stable gold prices across the board and a “broadly supportive economic environment” sustained demand levels, even though the market still remains weak compared with historical averages--the five-year quarterly average is 592.1 tons and the 10-year quarterly average is 556.3 tons.
Jewelry demand in China was up 7 percent to 187.8 tons, representing a three-year high for the region.
Demand was buoyed by jewelry themed around the Year of the Dog, appealing to consumers buying for the Lunar New Year holiday. The start of the holiday also aligned with Valentine’s Day, further boosting consumer demand.
European gold jewelry demand was up slightly, increasing 1 percent to 12.9 tons.
Demand in the U.K., challenged by Brexit concerns in the past, stabilized, while consumers in other countries appeared to feel better about improving economic conditions.
The exception in the region was Italy; demand was down 2 percent to 2.7 tons as the market remains unsettled by political turmoil from the March election.
Turkey recorded the strongest growth of all markets in the first quarter, WGC said, with gold jewelry demand increasing 19 percent to 9.9 tons, but many Middle Eastern markets saw double-digit declines after being hit with tax changes, economic pressures and geopolitical concerns.
In India, the strongest fourth quarter on record for gold jewelry demand was followed by a sharp downturn, with a 12 percent decline year-over-year to 87.7 tons due to rising local gold prices that were exaggerated by a depreciating rupee.
There also were fewer auspicious wedding days during the quarter: only seven, compared with 22 in the year-earlier period, presenting a major obstacle in a jewelry market that
relies so heavily on wedding-related demand.
Globally, gold demand was 973.5 tons in the first quarter, a 7 percent decrease and the lowest it’s been since 2008. The WGC attributed this to a fall in investment demand for gold bars and gold-backed exchange-traded funds.
The total gold supply increased by 3 percent to 1,063.5 tons in Q1, while the recycled gold sector was steady.
Globally, gold demand was 973.5 tons in the first quarter, a 7 percent decrease and the lowest it’s been since 2008. The WGC attributed this to a fall in investment demand for gold bars and gold-backed exchange-traded funds.
The total gold supply increased by 3 percent to 1,063.5 tons in Q1, while the recycled gold sector was steady.
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