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Gold August 02, 2019 08:30:25 AM

Gold Jewellery Demand Hit Four-Year Peak in H1 2019

Paul Ploumis
ScrapMonster Author
The gold jewellery consumption totaled 531.7t in Q2 this year, higher by 2% when matched with Q2 last year.

Gold Jewellery Demand Hit Four-Year Peak in H1 2019

SEATTLE (Scrap Monster): The global gold jewellery demand reported modest growth in Q2 this year, primarily driven by boosted Indian demand on account of heightened wedding season demand and festival buying. The demand during H1 this year touched the highest level in four years, said the Q2 Gold Demand Trends Report recently published by the World Gold Council (WGC).

The gold jewellery consumption totaled 531.7t in Q2 this year, higher by 2% when matched with Q2 last year. The H1 demand totaled 1,061.9t, which was marginally higher b y1% from 1,048.2t in the initial six-month period in 2018.

ALSO READ: Gold Demand Surged to Hit Three-Year Peak in H1 2019

The Indian jewellery demand surged higher by 12% from 149.9t in Q2 last year to 168.6t in Q2 2019. Two factors contributed to the boosted demand, noted WGC. Firstly, the quarter had higher number of auspicious wedding days compared with 2018. Also, the comparatively lower local gold prices as compared with the previous quarter too contributed to the uptick in jewellery demand.

Meantime, Chinese jewellery demand witnessed third consecutive year-on-year decline. The demand dropped by 4% over the previous year quarter to total 137.8t in Q2 this year. The H1 demand at 321.4t was down by 3%. Europe witnessed marginal drop in Q2 demand. The Middle Eastern demand recorded marginal growth. The U.S. jewellery demand reported tenth consecutive quarter of growth. The H1 demand by the country hit the highest level in almost a decade. 

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