World Gold Council said investors in Europe accounted for more than half the drop in bar and coin demand but added that investors were still continuing to buy at historically high levels.
LONDON(BullionStreet): "Less aggressive buying by European investors remained the major cause for the dip in gold bar and coin demand during the third quarter this year, WGC said.
"Latest report by the London based World Gold Council said investors in Europe accounted for more than half the drop in bar and coin demand but added that investors were still continuing to buy at historically high levels.
"The results also looked poor because they were being compared with "extraordinary levels of demand" in the previous year, when investors flocked to the safety of gold because of the worsening European debt crisis, weak U.S. dollar and rising inflation,WGC said.
"Gold demand in China, the world's second biggest market, "lost further momentum" in the quarter, with demand falling 8 percent to 176.8 tons as the country's painful economic slowdown hurt consumer sentiment.
"This was particularly noticeable among the middle classes whose purchases of 18-carat gold jewelry were among the worst casualties," the report said. ..."
Your new post is loading...
