Tuesday, 23 April, 2019

Gold production record but demand dropped: WGC

Gold production record but demand dropped: WGC Gold production record but demand dropped: WGC
Russell Knight | 07 February, 2018, 08:35

The overall demand in 2016 was 4,362 tonne, said in its latest Trends report.

Exchange-Traded Funds (ETFs) made nearly one-third of the previous year's inflow, adding 202.8 tons to the demand.

Global demand for gold bars and coins also decreased by 2 percent to 1,029 tonnes last year as US retail investment plummeted to a 10-year low, said the WGC report. The overall demand in 2016 was 4,362 tonnes, WGC said in its latest Gold Demand Trends report.

The report also stated a recovery in both jewellery and technology demand by 4% and 3% respectively on a year-on-year basis. Bar investment was broadly stable, while coin investment slid by 10 per cent. Past year saw the first annual increase in since 2013, but the sector remained weak in a historical context, it said.

Official gold reserves swelled by 371 tonnes in 2017, 5% down on 2016 levels.

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Globally demand for gold jewellery gained momentum in the final quarter of 2017, growing 3% year on year to a 2-year high of 648.9t. The volume of gold used in electronics and other industrial applications grew steadily throughout the year, thanks to the increasing prevalence of new-generation features in smartphones, vehicles and laptops.

The value of jewellery demand in 2017 was Rs 148,100 crore, up by 9 percent from 2016 that was Rs 136,290 crore.

"This increase in demand was driven by a number of events, including lower gold prices coinciding with Dhanteras, a positive economic backdrop and improved consumer sentiment, particularly in the rural areas, as the effect of demonetisation wore off", said Somasundaram PR, Managing Director, World Gold Council India.

"Certainly the higher equities and rising interest rates will have prompted some investors to think about their allocation to gold (last year)", the WGC´s head of market intelligence Alistair Hewitt said.

Tanzanian production was down 15% year-on-year in the fourth quarter due to the ongoing concentrate export bans which have impacted Acacia Mining (LN:ACA) operations.

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