Latest news with #WorldGoldCouncil
Malay Mail
an hour ago
- Business
- Malay Mail
Iran gold demand surges 20pc during Israel conflict, hits six-year high
LONDON, Aug 1— Gold purchases surged in Iran during the second quarter of the year, marked by the country's 12-day conflict with Israel, the World Gold Council said in a report released Thursday. 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
Fashion Network
3 hours ago
- Business
- Fashion Network
Global gold demand up 3% in second quarter as investment jumps, WGC says
Global gold demand including over-the-counter (OTC) trading rose by 3% year-on-year to 1,248.8 metric tons in the second quarter of 2025 as investment jumped 78%, the World Gold Council said on Thursday. Spot gold prices are up 26% so far this year after hitting a record $3,500 per troy ounce in April as uncertain global trade policy and geopolitical turbulence fuelled inflows into safe-haven assets. Demand for gold bars rose 21% in the second quarter, offsetting a continuing slump in demand for coins, said the WGC, an industry body whose members are global gold miners. Physically backed gold exchange-traded funds recorded their largest semi-annual inflow since the first half of 2020 from January to June, the WGC said earlier in July. Global gold jewellery consumption, the main category of physical demand, fell 14% to 341.0 tons, the lowest level since the pandemic-swept third quarter of 2020, as the high prices deterred buyers. "Much of the decline came from China and India, whose combined market share fell below 50% for only the third time in the last five years," the WGC said. Central banks, another major source of gold demand, reduced purchases by 21% to 166.5 tons in the second quarter, the WGC calculated, based on reported purchases and an estimate of unreported buying. On the supply front, recycling added 4% to 347.2 tons in the second quarter, but remained relatively subdued despite record prices, as Indian consumers opted to exchange old jewellery for new, or to pledge it as collateral against loans. The WGC downgraded its estimate of this year's gold purchases by central banks, adding that the longer-term trend of central banks reallocating from the U.S. assets to gold remains intact. Gold ETFs have further upside potential in the second half of this year with retail investment due to soften modestly, the WGC added.
Fashion Network
3 hours ago
- Business
- Fashion Network
Global gold demand up 3% in second quarter as investment jumps, WGC says
Global gold demand including over-the-counter (OTC) trading rose by 3% year-on-year to 1,248.8 metric tons in the second quarter of 2025 as investment jumped 78%, the World Gold Council said on Thursday. Spot gold prices are up 26% so far this year after hitting a record $3,500 per troy ounce in April as uncertain global trade policy and geopolitical turbulence fuelled inflows into safe-haven assets. Demand for gold bars rose 21% in the second quarter, offsetting a continuing slump in demand for coins, said the WGC, an industry body whose members are global gold miners. Physically backed gold exchange-traded funds recorded their largest semi-annual inflow since the first half of 2020 from January to June, the WGC said earlier in July. Global gold jewellery consumption, the main category of physical demand, fell 14% to 341.0 tons, the lowest level since the pandemic-swept third quarter of 2020, as the high prices deterred buyers. "Much of the decline came from China and India, whose combined market share fell below 50% for only the third time in the last five years," the WGC said. Central banks, another major source of gold demand, reduced purchases by 21% to 166.5 tons in the second quarter, the WGC calculated, based on reported purchases and an estimate of unreported buying. On the supply front, recycling added 4% to 347.2 tons in the second quarter, but remained relatively subdued despite record prices, as Indian consumers opted to exchange old jewellery for new, or to pledge it as collateral against loans. The WGC downgraded its estimate of this year's gold purchases by central banks, adding that the longer-term trend of central banks reallocating from the U.S. assets to gold remains intact. Gold ETFs have further upside potential in the second half of this year with retail investment due to soften modestly, the WGC added.
Fashion Network
5 hours ago
- Business
- Fashion Network
Global gold demand up 3% in second quarter as investment jumps, WGC says
Global gold demand including over-the-counter (OTC) trading rose by 3% year-on-year to 1,248.8 metric tons in the second quarter of 2025 as investment jumped 78%, the World Gold Council said on Thursday. Spot gold prices are up 26% so far this year after hitting a record $3,500 per troy ounce in April as uncertain global trade policy and geopolitical turbulence fuelled inflows into safe-haven assets. Demand for gold bars rose 21% in the second quarter, offsetting a continuing slump in demand for coins, said the WGC, an industry body whose members are global gold miners. Physically backed gold exchange-traded funds recorded their largest semi-annual inflow since the first half of 2020 from January to June, the WGC said earlier in July. Global gold jewellery consumption, the main category of physical demand, fell 14% to 341.0 tons, the lowest level since the pandemic-swept third quarter of 2020, as the high prices deterred buyers. "Much of the decline came from China and India, whose combined market share fell below 50% for only the third time in the last five years," the WGC said. Central banks, another major source of gold demand, reduced purchases by 21% to 166.5 tons in the second quarter, the WGC calculated, based on reported purchases and an estimate of unreported buying. On the supply front, recycling added 4% to 347.2 tons in the second quarter, but remained relatively subdued despite record prices, as Indian consumers opted to exchange old jewellery for new, or to pledge it as collateral against loans. The WGC downgraded its estimate of this year's gold purchases by central banks, adding that the longer-term trend of central banks reallocating from the U.S. assets to gold remains intact. Gold ETFs have further upside potential in the second half of this year with retail investment due to soften modestly, the WGC added.
Fashion Network
5 hours ago
- Business
- Fashion Network
Global gold demand up 3% in second quarter as investment jumps, WGC says
Global gold demand including over-the-counter (OTC) trading rose by 3% year-on-year to 1,248.8 metric tons in the second quarter of 2025 as investment jumped 78%, the World Gold Council said on Thursday. Spot gold prices are up 26% so far this year after hitting a record $3,500 per troy ounce in April as uncertain global trade policy and geopolitical turbulence fuelled inflows into safe-haven assets. Demand for gold bars rose 21% in the second quarter, offsetting a continuing slump in demand for coins, said the WGC, an industry body whose members are global gold miners. Physically backed gold exchange-traded funds recorded their largest semi-annual inflow since the first half of 2020 from January to June, the WGC said earlier in July. Global gold jewellery consumption, the main category of physical demand, fell 14% to 341.0 tons, the lowest level since the pandemic-swept third quarter of 2020, as the high prices deterred buyers. "Much of the decline came from China and India, whose combined market share fell below 50% for only the third time in the last five years," the WGC said. Central banks, another major source of gold demand, reduced purchases by 21% to 166.5 tons in the second quarter, the WGC calculated, based on reported purchases and an estimate of unreported buying. On the supply front, recycling added 4% to 347.2 tons in the second quarter, but remained relatively subdued despite record prices, as Indian consumers opted to exchange old jewellery for new, or to pledge it as collateral against loans. The WGC downgraded its estimate of this year's gold purchases by central banks, adding that the longer-term trend of central banks reallocating from the U.S. assets to gold remains intact. Gold ETFs have further upside potential in the second half of this year with retail investment due to soften modestly, the WGC added.
