Free Newsletters - Space - Defense - Environment - Energy - Solar - Nuclear
..
. Energy News .




TRADE WARS
Global gold demand down to a four-year-low
by Staff Writers
Mumbai (AFP) Aug 15, 2013


Global demand for gold fell to a four-year-low in the second quarter despite a surge in demand from India and China as the metal became cheaper, the World Gold Council (WGC) said Thursday.

Gold demand slid 12 percent to 856.3 tonnes, from 974.3 tonnes a year earlier, as investors quit bullion funds and central banks reduced their purchases, its report said.

But India and China, the world's main gold-consuming nations, saw a jump in demand as global prices fell on fears of a sooner-than-expected tapering of the US stimulus as the American economy recovers.

Global gold prices fell by around a fifth this year to near three-year-lows in June, of $1,180.71 an ounce.

"Some investors saw their key rationale for seeking a safe haven in gold fade," the report said.

This resulted in a 400-tonne drop in gold-backed investment funds in the quarter, after international gold prices slid sharply this year.

In value terms, gold demand in the April-June quarter fell 23 percent to $39 billion as international gold prices slumped.

Buying by global central banks also eased, dropping 57 percent year-on-year to 71.1 tonnes, the council said.

But India, the largest buyer of gold, showed a 71 percent jump in demand to 310 tonnes -- a decade-high level. And China's gold demand surged 87 percent to 257.5 tonnes as gold became cheaper.

India and China dominate the global stage, accounting for 60 percent of jewellery demand, the council says.

Indians bought more gold even as their government raised gold import duties three times this year to try to narrow a record trade gap and stabilise a sharply depreciating rupee.

Gold is hugely popular in India, especially during religious festivals and wedding seasons, and is the second biggest contributor after oil to the current account deficit -- the broadest measure of trade.

Marcus Grubb, managing director (investment) at the WGC, said the second quarter saw "a rebalancing in the market" amid investment sales and a sharp rise in demand for gold bars, coins and jewellery.

.


Related Links
Global Trade News






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





TRADE WARS
US senator heads to Asia to meet top leaders
Washington, District Of Columbia (AFP) Aug 12, 2013
A top US senator headed Monday to meet senior leaders in China, Japan, South Korea and Taiwan as Congress looks for new security and trade moves in Asia. Robert Menendez, chairman of the Senate Foreign Relations Committee, will meet Japanese Prime Minister Shinzo Abe and South Korean President Park Geun-Hye, along with officials in China and Taiwan, his office said. His trip comes at a t ... read more


TRADE WARS
Russia's Lavrov: EU energy market reforms hindering closer ties

China aims to boost green sector

Air conditioners off as S. Korea faces power crisis

S. Korea facing power crisis

TRADE WARS
Nigeria navy chief says oil law will curb theft, sabotage

US energy companies eye Brazil shale gas: US official

Ecuador drops hold on Amazon oil drilling

Energy company scales back UK drilling over protests

TRADE WARS
Localized wind power blowing more near homes, farms and factories

Price of Wind Energy in the United States Is Near an All-Time Low

GDF Suez sells half-share of Portuguese renewable, thermal holdings

SOWITEC Mexico - strengthening its permitted project pipeline

TRADE WARS
Empa scientists boost CdTe solar cell efficiency

New Program Delivers Solar Power to Low-Income Families

NREL Report Firms Up Land-Use Requirements of Solar

Schneider Electric Champions Solar Energy in Thailand

TRADE WARS
Japan to go nuclear-free during safety checks

BWRPLUS Formed to Leverage Synergy between Westinghouse and Toshiba

SMRs Won't Revive Failed 'Nuclear Renaissance'

Smoke causes incident at closed French nuclear plant

TRADE WARS
Microbial Who-Done-It For Biofuels

Microorganisms found in salt flats could offer new path to green hydrogen fuel

CSU researchers explore creating biofuels through photosynthesis

Drought response identified in potential biofuel plant

TRADE WARS
China launches three experimental satellites

Medical quarantine over for Shenzhou-10 astronauts

China's astronauts ready for longer missions

Chinese probe reaches record height in space travel

TRADE WARS
Climate change seen behind ancient civilizations' fall

Scientists look into Earth's "Deep Time" to predict future effects of climate change

Climate benefit for cutting soot, methane smaller than previous estimates

Carbon emissions to impact climate beyond the day after tomorrow




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement