didn't we recently hear something completely different? latest gold demand trends:
Updated: Wed, Feb 14 10:11 AM EST
NEW YORK ( BUSINESS WIRE ) - Gold demand in the world's leading
gold-consuming countries was 11% higher in the fourth quarter of 2000
than a year earlier, according to figures published by the World Gold
Council today.
At 894 tonnes, this set a new quarterly record for the world's 27 major
markets, topping the previous record, in Q3'99, by 2%. The strong
growth in Q4 offset a weaker performance in the first three quarters so
that demand for the year as a whole, at 3,281 tonnes, was essentially
unchanged from 1999.
Jewellery consumption for Q4 reached 793 tonnes, 12% higher than a
year earlier and 5% higher than the previous record in Q3'99. Annual
consumption of jewellery was also a record at 2,902 tonnes, 4% higher
than the previous record in 1999.
In contrast to jewellery, investment demand throughout 2000 was
subdued, falling 21% from the 1999 level. In 1999 investment demand
was exceptionally high, particularly in the US, due to fears of
widespread Y2K disruption. When the disruption failed to materialise
demand fell sharply in 2000, a fall exacerbated by some of the gold
acquired being sold back to the market. However, by Q4 there were
signs that investment was shaking off the effects of the fallout, with
demand higher, by 4%, than a year earlier for the first time in the year.
Demand reached new records in several countries. In India, the world's
largest market, demand edged above the previous record in 1999,
despite an abnormally low number of auspicious days in the Hindu
calendar for weddings and a patchy monsoon hitting rural incomes in
some areas. In Turkey demand rose a massive 49% over 1999 enabling
the country to regain its place among the world's top five consumers.
Records were also set in the Gulf States, Mexico and Vietnam. Also of
note is the 10th successive annual record for gold jewellery
consumption in the United States.
Haruko Fukuda, Chief Executive Officer, World Gold Council,
commented:
"I am encouraged by the all-time record achieved in the fourth quarter.
Despite the effect of Y2K fallout on investment demand, which
depressed the figures for 2000 as a whole, the trend in consumption
has been strongly upwards in the last few months. We are determined
to build on this performance and I look forward to seeing good progress
in 2001."
Gold Demand Trends No. 34 is available from the day of publication on
the Council's website ( www.gold.org ) . Hard copies of the GDT
document can be obtained from the World Gold Council, 444 Madison
Ave., New York, NY 10022. ( Tel: 212-317-3800 Fax: 212-688-0410 ) or
a PDF file can be downloaded from the website or obtained by e-mail
from george.milling_Stanley@wgcny.gold.org. |
