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- Central banks boost gold demand amid geopolitical worries: WGC
Central banks boost gold demand amid geopolitical worries: WGC
The world's demand for gold rose in the first three months of 2019 as central banks diversified away from the dollar amid concern over geopolitical instability, the World Gold Council industry body said.
Global demand increased by 7% to 1,053.3 tonnes in the first quarter compared to a year earlier, the WGC said in a quarterly report on the precious metal.
Purchases by central banks hit 145.5 tonnes of gold, up 68%. That was the best performance for that period since 2013. Gold demand from exchange-traded funds (ETFs) meanwhile jumped 49% to 40.3 tonnes. ETFs witnessed the biggest inflows in the United States and also in Europe. ETF demand for gold was "underpinned by continued geopolitical instability" in Europe, the WGC said.
In the first quarter, jewellery demand rose 1% to 530.3 tonnes on particularly keen demand from India. Bar and coin investment demand however fell 1% to 257.8 tonnes from a year earlier, hit by profit taking in Japan.
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