Gold Stuck In The Same Range For Ten Weeks

Mineweb reported that gold prices closed at approximately $1600 per ounce, trading within the same range as the previous two and a half months, reflecting international economic challenges.

As quoted in the report:

Indian demand in the three months to June was down 38% compared to the same period last year, although India reclaimed its traditional position as the world’s biggest gold buying nation with demand at 181.3 tonnes. Rupee gold prices hit record highs in Q2 as the Rupee fell against the Dollar.

Demand from China meantime fell 7% year-on-year to 144.9 tonnes.

Marcus Grubb, the WGC’s managing director of investments, commented:

Gold’s performance reflects the continuing challenging economic climate. A softness in India and China, who between them represent over 45% of the total second quarter jewelry and investment demand accounts for much of the slowing of global gold demand.

Click here to read the full Mineweb report.