AFP, London :
Gold consumption fell slightly in the third quarter as sliding jewellery demand in China offset strong growth in India, sector data showed Thursday.
Overall demand dropped by 2.0 percent in the three months ending September 30 to 929.3 tonnes compared with the third quarter in 2013, the World Gold Council said.
“This quarter the market continued to find its feet after an exceptional 2013, with China catching its breath and buying in the build-up to Diwali driving Indian jewellery purchases,” said Marcus Grubb, managing director of investment strategy at the World Gold Council.
India’s jewellery demand surged 60 percent year-on-year to 183 tonnes, which was the second highest third-quarter on record for the country.
“While the increase is partly reflective of the weakness in Q3 in India last year when the government introduced import curbs and raised import duties, it also demonstrates the resilience of the country’s appetite for gold jewellery,” the WGC said.
“Improved consumer confidence in both the domestic economy and the new government added to the positive sentiment, with strong levels of purchasing being seen in the build up to Diwali”-the popular Hindu ‘festival of lights’.
Gold consumption fell slightly in the third quarter as sliding jewellery demand in China offset strong growth in India, sector data showed Thursday.
Overall demand dropped by 2.0 percent in the three months ending September 30 to 929.3 tonnes compared with the third quarter in 2013, the World Gold Council said.
“This quarter the market continued to find its feet after an exceptional 2013, with China catching its breath and buying in the build-up to Diwali driving Indian jewellery purchases,” said Marcus Grubb, managing director of investment strategy at the World Gold Council.
India’s jewellery demand surged 60 percent year-on-year to 183 tonnes, which was the second highest third-quarter on record for the country.
“While the increase is partly reflective of the weakness in Q3 in India last year when the government introduced import curbs and raised import duties, it also demonstrates the resilience of the country’s appetite for gold jewellery,” the WGC said.
“Improved consumer confidence in both the domestic economy and the new government added to the positive sentiment, with strong levels of purchasing being seen in the build up to Diwali”-the popular Hindu ‘festival of lights’.
