Egypt's FRA subsidiaries provide EGP 69.5b in Jan '24    US business activity drops in April    Swiss freeze on Russian assets dwindles to $6.36b in '23    World Bank pauses $150m funding for Tanzanian tourism project    China's '40 coal cutback falls short, threatens climate    European stocks reach week-high levels    China obtains banned Nvidia AI chips through resellers    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Russia to focus on multipolar world, business dialogues with key partners at SPIEF 2024    African Hidden Champions to host soirée celebrating rising business stars    Ministers of Health, Education launch 'Partnership for Healthy Cities' initiative in schools    Egypt explores new Chinese investment opportunities for New Alamein's planned free zone    Amstone Egypt unveils groundbreaking "Hydra B5" Patrol Boat, bolstering domestic defence production    Egyptian President and Spanish PM discuss Middle East tensions, bilateral relations in phone call    Climate change risks 70% of global workforce – ILO    Health Ministry, EADP establish cooperation protocol for African initiatives    Health Ministry collaborates with ECS to boost medical tourism, global outreach    Prime Minister Madbouly reviews cooperation with South Sudan    Ramses II statue head returns to Egypt after repatriation from Switzerland    EU, G7 leaders urge de-escalation amid heightened Middle East tensions    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    EU pledges €3.5b for oceans, environment    Egypt forms supreme committee to revive historic Ahl Al-Bayt Trail    Debt swaps could unlock $100b for climate action    Acts of goodness: Transforming companies, people, communities    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egypt starts construction of groundwater drinking water stations in South Sudan    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Gold demand up 8% in Q2 of 2019, jumps to three-year high in H1: WGC report
Doaa A Moneim Published in Ahram Online on 29 - 08 - 2019

Central banks all over the world bought 224.4 tonnes of gold in the second quarter of 2019, which brought the first half of 2019 to 374.1 tonnes, representing the largest net H1 increase in global gold reserves in three years.
According to the World Gold Council's (WGC) recent report “Gold Demand Trends Q2 2019”, buying was again spread across a diverse range of countries, especially in emerging markets.
“Holdings of gold-backed ETFs grew 67.2 tonnes in the second quarter to a six-year high of 2,548 tonnes. The main factors driving inflows into the sector were continued geopolitical instability, expectation of lower interest rates, and the rallying gold price in June,” reads the report.
It said that strong recovery in India's jewellery market pushed demand in Q2 up by 12 percent to reach 168.8 tonnes.
In addition, a busy wedding season and healthy festival sales boosted demand, before the June price rise brought it to a virtual standstill. Indian demand drove global jewellery demand 2 percent higher YoY to 531.7 tonnes.
On the other hand, bar and coin investment in the second quarter fell by 12 percent to record 218.6 tonnes, according to the report.
“Combined with the soft first quarter of 2019 number, the first half total ended at a 10-year low of 476.9 tonnes. At the same time, a 29 percent YoY drop in China accounted for much of the global second quarter decline,” reads the report.
It added that gold supply grew by 6 percent in the second quarter, recording 1,186.7 tonnes.
“A record 882.6 tonnes for the second quarter gold mine production and a 9 percent jump in recycling to 314.6 tonnes boosted by the sharp June gold price rally, in addition, led the growth in supply, as the first half of 2019 supply reached 2,323.9 tonnes, which is the highest since 2016,” the report said.
It also showed that the gold price broke through $1,400/oz for the first time since 2013. Among the factors driving this rally were expectations of lower interest rates and political uncertainty, with further support coming from strong central bank buying.

Clic here to read the story from its source.