World Gold Council figures seal status
21/07/2009 4:03:19 PM

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

Strong investor appetite for gold countered a fall in demand for the precious metal for 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.

“The biggest driver in that sector was electronics demand.

“However, investment demand easily offset weakness in the other two sectors.

“It literally boomed.”

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