Gold Demand Up 53% Boosted By Asia
Global consumer demand for gold grew by 53% in the second quarter of the year, boosted by China and India.
According to the World Gold Council's latest report there is renewed interest in gold because the price has fallen.
Jewellery demand reached its highest level in 5 years, increasing by 37% to 576 tonnes.
In China, demand was up 54% compared to a year ago, while in India it increased by 51%.
Bar and coin investment grew by a significant 78% across the world and topped 500 tonnes in a quarter for the first time.
Appetite for gold bars and coins in China surged by 157% compared with the same period last year, while in India it jumped by 116% to a record 122 tonnes.
It comes as the Indian government tries to curb gold purchases because it is the most costly non-essential item that the country imports.
With India's deficit hitting a record high this year, the government has introduced a series of measures to ease gold imports.
Though buying slowed in June, it picked up again last month as India spent $2.9 billion on gold imports.
Despite the overall rise in demand in the second quarter, gold trade is still down 12% compared to last year.
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