In its ‘Gold Demand Trends’ report, the World Gold Council (WGC) said identifiable global demand declined to 3385.8 tonnes last year compared to 2008 levels.
Dollar demand remained above $100 billion (all figures US) for the second year in a row, while average gold prices increased by 12 per cent over 2008 to $972.35 per ounce.
“2009 was a year that provided a clear illustration of the diversity inherent in the global gold market,” said WGC chief executive officer (CEO) Aram Shishmanian. “As the year progressed a rebalancing of gold market fundamentals occurred, ensuring that as investment demand came off from the exceptional levels seen in the first quarter, total demand for the year remained robust thanks to a rebound in jewellery and industrial demand.”
Jewellery demand increased by 49 per cent from the first quarter to the last, driven mainly by the Indian market, which experienced a rebound. However, at six per cent, China was the only market to see growth.
GFMS Ltd., compiled the report.
