Gold may be losing its shine with investors, but the price drop has led to a spike in gold jewellery sales, which hit a record in the first quarter, according to the World Gold Council’s latest global demand trends report.
Jewellery demand was driven by countries such as China and India, but there was also a surprise showing from the United States, where buying increased for the first time since 2005.
There was a “widespread resurgence” of jewellery buying, the report says. Gold jewellery demand reached a record high value of US$28.9 billion in the first quarter, up 12 per cent from the same quarter last year.
“Consumers across the globe made their presence felt,” says the report.
If you weren’t one of the lucky ones get a gold watch or necklace in the first three months of the year, you weren’t part of the buying blitz. That said, there’s always the second quarter, which is expected to be equally brisk for buying, given the correction between higher jewellery sales and lower gold prices.Read More »from Gold slump sparks jewellery sales