World gold demand decreased by 13 percent and set to 963 tonnes in the first quarter of this year. Yale Fishman Associates reports that this sum of gold is worth $ 50.5 billion. This World Gold Council reports on this and Fishman ESQ brings it to its audience.
The history of gold demand
The Fishman reports document points out that 62 percent of the world’s consumption of this precious metal falls into two key markets – one is China and the other is India. Fishman expects both countries to continue facing a turbulent rise.
For the mainland part of China (excluding Hong Kong, Macao, and Taiwan) demand has increased by 20 percent – to 294.3 tonnes. At the same time, the sales of gold jewelry reached a record level of 185 tons of gold sold (an increase of 19 percent).
The current state of the gold market
At the same time, Fishman NY reports that India registered a 27 percent growth in the demand for gold – to 256.5 tonnes.
However, in Europe, consumption was reduced by 26 percent. Between January and March this year, global gold mining increased by 4 percent, up to 688 tonnes. The average price per ounce of gold has decreased by 3 percent to $ 1,632. This is presented by Yale Fishman in a video interview uploaded on Dailymotion.
Gold demand forecast for the future
Now, that is a particularly interesting situation if you know some statistics. The fact is that more people are planning their weddings for the warmer months of the year – from March to November generally. But people tend to buy gold wedding rings and other golden jewelry in the Winter months. In winter the price of gold is lower.
This year it seems that people have been hibernating deeply and that the demand for gold will be at the season’s peak. Naturally, the prices will be higher at that time giving the people less gold for the same money. In the end, who is to blame other than the people themselves?