Iran gold demand surges 20pc during Israel conflict, hits six-year high
Despite high prices, the overall volume of gold sales rose 20 percent compared to the same period last year, the council said, adding that demand for gold coins and bars is now at its highest level in six years.
Worldwide demand for gold coins and bars fell six percent in the second quarter over the previous three months, the report said.
'Iran was the outlier—consumers bought gold jewellery as a proxy investment, pushing demand in the quarter up 12 percent year on year,' said council analyst Louise Street.
Worldwide demand for jewellery fell 14 percent over the same period though the value of the purchases rose 21 percent. Street said consumers were 'pushing their budgets' as they seek a safe investment in the global economic uncertainty.
The showdown over US tariff demands and geopolitical tensions that maintained gold prices, especially for gold-backed investment funds, in the first quarter kept up the metal's value as an investment into the April-June quarter, Street said. — AFP
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