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Quarterly demand for gold rises to $14.5bn
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Thursday, 16 August 2007

The global demand for gold jewellery increased by 37 per cent at $14.5 billion in the second quarter of financial year 2007-08 as compared to the demand in the second quarter of fiscal year2006.
The trend was particularly strong across key gold markets like China, India, Middle East and Turkey.

According to the gold demand trends released by the World Gold Council (WGC), factors like return to the normal level to the gold price volatility, growing acceptance by the consumers of a price that averaged six per cent above the gold price in the same period of a year and a strong economic performance in the key consuming regions helped the metals to set records in the second d quarter of the current fiscal.

In tonnage terms, India achieved all time all-time records in gold jewellery and its retail investment.

Turkey noted a demand for both the categories in the quarter while Russia recorded its highest ever increase in the jewellery demand.

The global demand for the gold in the same quarter increased by 19 per cent at 922 tonnes, a 27 per cent increase in the value at $19.8 billion on year-on-year basis.
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According to the World Gold Council chief executive officer James Burton, “India’s total demand for gold of 317 tonnes in the second quarter of financial year 2007 was equivalent to half of the gold mine output in the same quarter key factors like stable gold prices, a booming economy and Akshay Thritiya festival have contributed to demand for gold despite its high price of $600 per oz in the second quarter.”

“The dollar value of the gold demand has more than doubled in the country with a span of four years,” the World Gold Council chief executive told this corresponding adding that India is the world’s largest gold importing country 

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