- Global gold demand fell heavily in the March quarter, recording the weakest start to a year in a decade.
- Demand dipped by 7% over the year, driven by a sharp decline in investment demand.
- Total supply grew by 3% over the year to 1,063.5 tonnes.
Global gold demand fell heavily in the March quarter, recording the weakest start to a year in a decade.
According to the World Gold Council (WGC), demand totaled 973.5 tonnes, down from 1,105.9 tonnes in the December quarter.
From a year earlier, demand dipped by 7%, driven lower by a sharp decline in investment demand which fell 27% to 287.3 tonnes.
Demand for bars and coins slid 15% over the year to 254.9 tonnes while inflows into gold-backed exchange traded funds (ETFs) tumbled 66% to 32.4 tonnes.
Jewellery demand, the largest source in dollar terms, fell by 1% from a year earlier to 487.7 tonnes. Within that total, Chinese demand increased by 7% to 187.8 tonnes, offsetting a 12% decline in demand from India which fell to 87.7 tonnes.
Elsewhere, demand from central banks rose solidly, increasing 42% to 116.5 tonnes over the year, while technology demand inched up by 4% to 82.1 tonnes.
Total supply grew by 3% over the year to 1,063.5 tonnes.
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