ANKARA: Global demand for gold dropped to its lowest level in five years last year. Consumer demand for gold fell 4 percent from the previous year, as slow economic growth in Asia dampened sales of jewelry.
The council, a London-based non-profit association of the world’s leading gold mining companies, reported that sales of gold in Europe were also affected by the reduced value of the euro, and the price of gold in the region rose 14 percent.
In Russia, where the price of gold surged as the value of the ruble plunged, sales of jewelry and physical gold fell off as well.The average gold price of $1,266 per ounce was down 10.3 percent compare with $1411 per ounce in 2013.
Global jewelry demand, which represents more than half of total global gold demand, was down year-on-year to 2,153 tons — a decrease of 10 percent.
India, the largest consumer of gold in the world, saw jewelry demand surge 8 percent to 662 tons, the best year for jewelry since records began in 1995.
This was “in spite of government measures designed to restrict gold imports being in place for much of the year,” the council said. In the U.S., where the economic recovery is well underway, demand for gold rose to highest for five years to 132.4 tons, an increase of nine percent from the previous year.
