Gold demand fell 7.1% on weak jewellery purchases in Asia

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Gold Jewellery Demand Falls on Weak INR , Asians

Gold traded near $1,600 on Thursday, as investors waited for more clues on the timing and extent of any further stimulus from central banks after U.S. data painted a mixed picture on the health of the world’s largest economy.

Spot gold had inched up 0.1 % to $1,605.14 off a 1-1/2 week low of $1,589.69 in the previous session.

Gold demand fell 7.1 % in the second quarter as investment slid and Asian jewellery purchases declined amid higher local prices and concern about economic growth, the World Gold Council said.

Global demand dropped to 990 metric tons in the quarter compared with 1,065.8 tons a year earlier, as investment slid 23 % and jewellery fell 15 %.

Gold fell 4.3 % in London in the second quarter Investors are still holding a near-record amount in gold-backed ETP and central banks will buy close to 500 tons this year after adding the most to reserves since becoming net buyers in 2009.

Gold was expensive for Indian customers, because of the weak INR that has reduced demand.

Total Indian demand was 181.3 tons in the latest quarter, 25 percent more than China ’s, the biggest buyer the previous two quarters. The council reiterated its prediction that China will become the top consumer this year on an annual basis, with demand reaching almost 850 tons versus about 700 tons for India.

Mine output rose 0.4 percent to 706.4 tons in the second quarter from a year earlier. Scrap supply declined 12 percent to 363.7 tons in the period, the lowest level since the first quarter last year.

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