Precious Metals

World Gold Council announced today that gold demand in 2010 reached an outstanding ten year high, with demand surging throughout all sectors.

World Gold Council announced today that gold demand in 2010 reached an outstanding ten year high, with demand surging throughout all sectors.

The press release is quoted as saying:

The Gold Demand Trends report sets out the key factors that drove gold demand in 2010, together with an outlook for 2011:

    - The jewellery sector enjoyed a strong recovery in 2010, with annual
    demand 17% higher than in 2009. Asian consumers drove jewellery demand,
    particularly in China and India. Chinese demand is expected to continue
    to increase rapidly during 2011 as economic growth in China remains
    strong, while Indian gold jewellery demand is likely to remain resilient
    and grow.
    - Asian consumers led demand with the revival of the Indian market and
    strong momentum in Chinese gold demand, which together constituted 51% of
    total jewellery and investment demand during the year.
    - A structural shift in central bank policy towards gold meant that in
    2010 central banks became net buyers of gold for the first time in 21
    years, removing a significant source of supply to the market.
    - Investment demand was down 2% compared with 2009, but was the second
    highest year on record at 1,333 tonnes, which equated to US$52 billion.
    Investment demand for gold as a foundation asset in portfolios is likely
    to remain strong, fuelled by ongoing uncertainty surrounding global
    economic recovery and fiscal imbalances, as well as fear of impending
    inflationary pressures and currency tensions.

To view the complete press release from the World Gold Council, click here.

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