Gold Demand Soars in Asia: WGC Expects Positive Trends to Continue

0
3128
turkey gold
Extraction and production of the precious yellow metal gold by Turkey has increased by 43% to 24.4 tonnes in 2011 compared from a year ago. Photo - Reuters
Spread the love

Gold – the yellow metal that’s as priceless as the word can imply. Everyone wants to own gold, wants to buy it as an investment for the future. But not many do manage to invest in gold thanks to its ever-increasing prices. And the ones who do are quite careful to not boast about it much lest it attracts any unwanted attention towards their investment.

But whether or not anyone wants to – or has – spoken about their investment in gold voluntarily, there has emerged a set of statistic which has cast the whole worldwide demand paradigm of the yellow metal for 2013 under brighter yellowish limelight.

SEE ALSO:  Value of Gold lies in the Eye of the Beholder

SEE ALSO: Dubai launches “Your Weight in Gold” contest

Infographic: World Gold Demand Trends (click on the infographic to enlarge the image)

Gold demand trends Infographic
Gold demand trends Infographic. Image courtesy- World Gold Council

 

The data procured and released by the World Gold Council is also quite significant in terms of the transition of demand for gold from countries in the western part of the globe to the east and far-east. Some of the salient features of the gold trends seen in 2013 can be emphasised as under:

  • In China, the demand for gold surged quite emphatically going over 1,000 tonnes (totalling around 1,065.8 tonnes) in jewellery, coins and bars
  • In terms of percentages as far as the Chinese bullion market is concerned, this translated to a surge of about 29% in terms of  jewellery demand and about 38% in terms of coins and gold bars
  • Aside of China, India and Middle-eastern countries saw a phenomenal boom in the demand for the yellow metal in 2013
  • Demand for gold decreased in Europe by about 11% recording steep reductions in demand in mainly three countries – France, United Kingdom and Switzerland

SEE ALSO:  Counting the Cost of Gold

The main reason for the demand for gold surging in the eastern parts of the globe is cited to be due to the initial slump of the global economy at the start of the previous year. It was also seen in 2013 that in terms of imports, China overtook India as leading importer of the yellow metal on account of the Indian government’s policy decision to levy customs duty on import of gold.

It is also expected by the World Gold Council that such surging on gold investment will continue in Asia with reduced prices making its cost-based availability more economical.

Facebook Comments