Wednesday August 18, 7:00 am Eastern Time
Company Press Release
Strongest Quarter Ever for Gold Demand
NEW YORK--(BUSINESS WIRE)--Aug. 18, 1999--Gold demand continued to grow in the second quarter of 1999, rising 16% from the corresponding period of last year. Demand in the countries monitored by the World Gold Council was 809 tonnes, a record for the second quarter and a new all-time high for any three-month period, just above the previous peak set in the fourth quarter of 1998.
The strong performance in the second quarter resulted from a combination of a gain of 13% in worldwide jewellery demand and a 32% increase in investment over the same period of last year. Gold demand set new records for the second quarter in India, the world's largest consumer, and in the USA, the Arabian Gulf States and Mexico.
These are the main findings of the latest issue of the World Gold Council's quarterly survey Gold Demand Trends, published today. George Milling-Stanley, Manager of Gold Market Analysis, commented:
``These numbers for the second quarter are very strong, and they helped to lift gold demand for the first half of 1999 to a record 1,598 tonnes. That was no less than 35% higher than in the opening six months of last year, when the demand statistics were hit by dishoarding in several countries in Asia as a result of the economic and currency crisis. The growth of more than one-third in worldwide gold demand in the first half of this year is a clear demonstration that the recovery continues.
``The story of the second quarter of 1999 was of continued growth in jewellery demand, coupled with a broader appreciation worldwide for the role of gold as a monetary asset. That brought further strong gains in the demand for gold as an investment in countries as diverse as the USA, Japan, Brazil, Indonesia, Thailand and Vietnam.'
Highlights of the second quarter of 1999 include:
There was continued recovery in South-east Asia and South Korea, with demand rising to over 90% of the levels seen before the economic and currency crisis. A strong performance in Taiwan brought an encouraging increase in North Asia. Demand was also higher in the Middle East, while Japan showed continuing recovery.
The World Gold Council is an international organisation formed and funded by leading gold mining companies from around the world to increase the demand for gold. The 27 countries monitored in Gold Demand Trends account for approximately 80% of global gold demand.
For further information, please contact George Milling-Stanley in New York at Tel. 212 317 3848, Fax 212 688 0410, E-mail george.milling_stanley@wgcny.gold.org.
Gold Demand Trends No. 28 is also available from the day of publication on the Council's website (www.gold.org).
--------------------------------------------------------------------------------
Contact:
George Milling-Stanley, New York
212/317-3848
Fax: 212/688-0410
E-mail: george.milling_stanley@wgcny.gold.org. |
