Friday, May 5, 2017

As gold demand comes down 18% globally for Q1, China and India are still buying like crazy

On May 4 the World Gold Council reported their year over year Q1 numbers for gold demand and saw a huge global decline of 18% from the prior first quarter in 2016.  However, this drop only appears to be primarily in the West as both China and India saw large spikes in buying during the same period.

A slower pace of central bank buying helped push gold demand down 18% year-on-year in the first quarter, according to the World Gold Council
Gold Demand Trends quarterly report showed global gold demand was 1,034.5 tonnes, with the year-on-year decline reflecting the strength of the first quarter of 2016 (which was the strongest ever first quarter). - Barrons
Chinese Q1 numbers:

China's demand for gold bars and coins soared 30 percent year-on-year to 105.9 metric tons in the first quarter of this year, the fourth strongest quarter on record, according to a report released by the World Gold Council on Thursday. 
Overall demand for gold in the Chinese market grew 8 percent year-on-year to 282.4 tons, making China the world's top gold consumer, according to WGC data.
Global demand for gold in the quarter was 1,034.5 tons, an 18 percent year-on-year decrease from the record high level recorded for the first quarter of 2016. - China Post
Indian Q1 numbers:
Gold demand in India increased by 15 per cent during the first quarter of 2017 to 123.5 tonne, signalling a return of optimism in the industry, according to World Gold Council (WGC). 
The total gold demand in the country stood at 107.3 tonne in the January-March of 2016, impacted by jewellers' strike over excise duty introduction. - India Times

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