Of interest>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Wednesday May 21 6:59 AM EDT
Company Press Release
Gold demand at record high level in first quarter 1997
NEW YORK--(BUSINESS WIRE)--May 21, 1997--Gold demand in the markets
monitored by
the World Gold Council -- accounting for about 80% of the global total -- reached a
record 771
tons in the first quarter of 1997.
That represents a 17% increase over the first quarter of 1996 and the highest quarterly
figure for
gold demand ever recorded. Demand in the developing countries of Asia, the Middle
East and
Latin America rose 22% to a new record for any quarter; while in the developed
markets, demand
was 2% above the year-ago level.
These are the main findings in the latest issue of the World Gold Council's quarterly
survey Gold
Demand Trends, published today. Commenting on the findings, a spokesperson said:
``Jewelry demand was the mainstay of this sparkling performance, with a gain of 17%
to 641 tons.
In addition, the recovery in bar and coin demand after four consecutive quarters of
decline also played an important role, with bars and coins rising 20% to 113 ton.
``Gold demand has remained strong into the beginning of the second quarter. While it
may be too
much to expect the market to maintain this record-breaking performance for the
remainder of the
year, this excellent start provides grounds for optimism about the prospects for 1997
as a whole.
Continued income growth in the key consuming areas, coupled with increasing efforts
to deregulate
and liberalize the international trade in gold, should ensure another good performance
for physical
demand in 1997.''
Demand highlights in the first quarter of 1997 included:
In the developing markets, there was broad-based growth throughout the Middle East,
India, Asia and Latin America. The strongest performers among the leading consuming
countries included Indonesia (+45%), Saudi Arabia (+44%), Turkey (+44%), and
India
(+38%).
In the developed markets, overall demand rose 2% as a recovery in bar and coin
demand in
Japan and the U.S. offset softer jewelry demand in Japan. Bar and coin demand
increased
35%.
Demand in India, Saudi Arabia and Indonesia reached the highest levels on record for
any
quarter.
First quarter demand records were set in the U.S., Turkey, South Korea and Thailand.
The World Gold Council is an association of gold producers with offices in the major
markets
around the world. The countries monitored by the Council account for approximately
80% of
global gold demand.
Gold Demand Trends No. 19 will also be available as of midday May 21st London
time on the
Council's web-site (http://www.gold.org) . |
