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Global Demand For Gold Soars 38 Per Cent

Brisbane Times [1]
Tuesday, July 21, 2009

Global demand for gold soared 38 per cent in the March quarter compared with the same period in 2008, as investors banked on the metal’s safe-haven role amid tough economic conditions.

Strong investor appetite for gold countered a fall in demand for the precious metal in jewellery and industrial uses, World Gold Council investment research manager Rozanna Wozniak told a teleconference on Tuesday.

“Jewellery demand weakened, which isn’t surprising given the extreme economic conditions that consumers face: rising unemployment, falling house prices and low levels of consumer confidence,” Ms Wozniak said.

“Industrial demand also weakened. Once again, this is hardly surprising given the economic conditions.

Full article here [1]