The growth in H1 jewellery demand was largely the product of a more positive environment for Indian consumers, according to WGC
's Q2 Gold Demand Trends report.
Aside from the 247 tonnes of gold purchased directly by central banks through May, market expectation that the US Federal Reserve will cut interest rates two or three times later this year is also a factor," the WGC
Some 4,345.1 tons of gold was bought worldwide in 2018, up from 4,159.9 tons in 2017, the WGC
Investment demand fell by nearly a quarter, driven by reduced inflows into bullion-backed exchange traded funds, the WGC
Another advantage of gold is that the sources of demand for gold are very different from cryptocurrencies, according to WGC
India Managing Director Somasundaram P R said: "The gold industry in India is at the cusp of transformation, as transparency, standards and infrastructure begin to define the next phase of reforms.
"Falls in the gold price have historically triggered buying in price sensitive markets and we are already seeing early indications of this across Asia and the Middle East," said Alistair Hewitt, Head of Market Intelligence at the WGC
"Jewelry demand came under pressure from negative consumer sentiment, while investment was a casualty of directionless prices and stock market gains," the WGC
provides a full suite of resources for companies and organizations planning to take part in the festivities.
The note published by the WGC
, however, indicates that the list includes only countries that have reported their gold holdings over the past six months.
Days after a report by the World Gold Council, or WGC
, disclosed Russia increased its gold reserves in November, the country's Central Bank disclosed it had divested some of its precious safe have yellow metal gold to help keep the economy afloat.
Kaymer's 66 was the lowest round of a cold, damp day, while Iwata birdied two of the last three holes for a 68 in his first appearance in a WGC